The People’s Bank of China pumps 1.2tn yuan into the financial system to protect the economy from the coronavirus Global stocks extended their rally last week despite concerns that the coronavirus will slow global growth. Experts at Julius Baer continue to argue that stocks are susceptible to a short-term correction and consider any weakness as an entry opportunity for long-term investors.
Danish state railways company DSB confirmed it has chosen Talgo to supply eight standard coach formations as a result of an international competitive tendering process. The train is an iteration of the Talgo 230 conventional intercity platform, the same already chosen by the rail transport giant Deutsche Bahn only some months ago.
Bankia’s results were much better than market expectations, however, there are some uncertainties about its share price. The bank has achieved a profit of € 542 million, 23% less, with experts expecting a greater adjustment due to the bank’s efforts to get rid of unproductive assets.
Spanish banks, represented by 8 entities (Santander, BBVA, Caixabank, Sabadell, Bankia, Bankinter, Kutxabank and Abanca) occupy the seventh place worldwide by brand value and account for 4% of the total brand value of the banking sector, according to Brand Finance Banking 500 ranking of Brand Finance, the leading global independent brand valuation consultant.
As investors are still struggling to properly price the impact of the coronavirus, volatility in financial markets remains elevated. Risk-on sentiment returned to the markets yesterday, putting pressure on gold. Barring a longer-lasting impact on Chinese growth, we do not expect much more fundamental short-term support from the virus for gold. However, on a longer-term horizon we still see upside and maintain a Constructive view.
Elecnor was awarded the contract in a joint venture agreement with Omani company, Target. The new infrastructure will double the water transportation capacity from desalination plants located in Barka and Sohar (in the north of the country) to the drinking water network, bolstering the supply in the Al Batinah region, one of the Sultanate’s most populous areas.
Iberdrola is selling its entire stake in German turbine manufacturer Siemens Gamesa, representing 8.07 % of its share capital. The price for the transaction is €1.1 Bn, which equals to €20 per share, plus a premium of 32%.
MásMóvil remains the exception in a sector marked by low growth rates and high competition. In fact, the company has begun 2020 with two positive pieces of news. On the one hand, the telecoms company is anticipating strong cash generation in 2021, which will allow it to reconsider shareholder remuneration policy. On the other hand, the company has once again been the leader, in January, in terms of client portability in both fixed and mobile phone markets.
The five main integrated utilities operating in the Spanish electricity sector (EDP, Endesa, Iberdrola, Naturgy and Viesgo) invested over 11 billion euros in their activities in this market between 2016 and 2018, according to a report prepared by Deloitte. Of this total investment figure, €1.15 Bn corresponded to R&D&I in those three years, of which almost a third was allocated to electricity in Spain over the period.
The supermarket chain DIA and the unions representing their staff have just signed the new collective bargaining agreement for the period January 1, 2019 to December 31, 2021. This includes salary increases for the company’s 16,000 employees.Under the terms of the new agreement, modules A and B have been combined into one. This will have a salary of 13,700 euros for 2020 and 14,000 euros for 2021.