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.
This long term and strategic partnership includes the acquisition by Amundi of 100% of Sabadell Asset Management, which has €21.8bn of assets under management, of which €16.1bn is in Spanish-domiciled funds. The transaction value, financed via Amundi’s existing cash resources, is €430m.
Morgan Stanley | Looking ahead to 4Q, we expect modest growth in NII (+ 0.5% QoQ) and by 2020 we have -2% (Caixabank -1% and Bankia -3.5% YoY). The growth in commissions will improve by comparable easy and inflows (we expect + 4% YoY on average).
Santander Corporate & Investment | The strong funds outflow from European equities in recent years and the severe relative bad behavior of European markets vis-à-vis American ones has begun to attract the attention of some non-European investors.
Olivia Álvarez (Monex Europe) | The ECB will host its first 2020 monetary policy meeting next Thursday 23rd. The event is unlikely to bring any changes over policy tools after the accommodative package introduced in September, but rather, it could turn the attention towards any changes in the economic outlook facing the Eurozone and the strategic review vowed by new chief Christine Lagarde.