Alphavalue | The magnitude of the downward revisions to the sectors should not come as a big surprise. In a very negative case (“worst case scenario”), the luxury sector could lose 34% and may come as an unpleasant surprise. The Stoxx600 would drop by 15% if fundamentals are threatened again. Although they were not a problem 10 days ago, it seems that sensitivity has increased now.
Holvi, the digital banking startup for freelancers acquired in 2016 by BBVA, has announced its entry into the United Kingdom, the third largest market it has broken into after Germany and Finland. Its aim is to become the financial partner of British SMEs and freelancers, thanks to its range of digital accounting tools.
Norges Bank has raised its stake in Sacyr to 3.56% from the 2.9% it currently held, once again exceeding 3 pct of the construction and concessions group’s capital. The move coincided with the group’s decision to refocus its strategy on expanding its concession business outside Spain.
The bond has a nominal amount of 500 million euros and will pay a fixed interest rate of 2,025% per year until May 5, 2027 (redemption date). As of this date, the bond will carry a fixed rate equivalent to a 7-year swap plus a margin of 2,663% until February 5, 2030. From this date until May 5, 2047 the margin will be 2,913% and from then it will be 3,663%.
According to articles in the press, the decision of Jordi Sevilla, president of REE (Red Eléctrica de España) responds to his growing disagreements with Teresa Ribera, one of four vice presidents of the Government and Minister for Ecological Transition.
The launch of a cheap AVE, together with digitalization and internationalization, is one of the pillars of the strategy which Renfe is developing to prepare for competition from operators such as France’s SNCF, which plans to introduce its low cost AVE ‘Ouigo’ in Spain.
The aim of the move would be to obtain government approval for the operation, a necessary condition for it to be successful. SIX’s purchase proposal includes the commitment to maintaining BME’s current brands, headquarters, business lines and offices. It also upholds the company’s strategy in Spain for four years, which could now be extended.
The Hong Kong Water Supplies Department has selected a consortium including Acciona to design, build, operate and maintain the first phase of the Tseung Kwan O desalination plant. The project, worth HKD9.018 billion (€1.042 billion), includes the construction and operation of the plant for a duration of ten years. The facility will equip the city to face the challenges of climate change and the low level of rainfall in the area.
Christian Gattiker (Julius Baer) | Investors seeking protections may consider stocks in the healthcare and internet space, which are less exposed. However, more importantly, the recent outbreak does not change our medium- and long-term constructive view on Chinese equities. We are inclined to buy on weakness in the equity market at this stage.
ACS delivered mixed news on Thursday. On the one hand, it announced the agreement it reached with Galp to sell it solar photovoltaic projects in Spain totalling 2.9 GW. On the other hand, CIMIC, owned by ACS and Australia’s biggest construction company, reported a $1.8 billion write-down after leaving MiddleEast.