Bankinter | The UK’s Civil Aviation Authority (CAA) has proposed that the landing fees at Heathrow be cut from 30.19 pounds per passenger to 26.31 pounds in 2026. This would imply a 2.6% annual decline over the next five years. The CAA believes this will allow for a balance between allowing the aiport to invest in infraestructure and maintaining fees at levels which customers can afford. Bankinter analysts team’s opinion:…
The ECB confirms that it will remain present in the primary via re-investments. Also that the ESG strategy of the CSPP will arrive by the end of the year. In an explanatory note, the ECB confirms one of the doubts that continued to circulate among investors with the end of the CSPP’s net purchases (today): what its role would be after taking on a leading role in the primary market…
Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6%…
Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant…
Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…
Fernando González Urbaneja | Uncertainty, volatility, acceleration… these are common concepts, clichés in any economic presentation that abound these days. We have seen it all in real time over the last few hours. Inflation rates soaring to almost double-digit levels over the last few months have put the (independent and competent) central banks and their monetary strategies on the spot. Inflation is a monetary issue, therefore the responsibility of the…
The ECB will abruptly reduce gross purchases of corporate debt from July, from a monthly average of €8 billion of gross purchases in the first five months of 2022 to just €1.8 billion for reinvestments. With the ECB’s announcement yesterday of the end of net APP purchases as of July, a six-year period of corporate QE comes to an end (since 2016 and with the exception of 2019) and has…
The candidates of Macron’s centrist grouping and the left-wing candidates of Mélenchon’s “New Popular Ecological and Social Union” (NUPES) obtained around 25% of the vote each in the first round of the French legislative elections, which ended with a record abstention rate in France’s recent history. More than half of the electorate (around 53%) stayed away from the polls. All will be decided in the second round next Sunday. The…
Peter Allen Goves (MFS Investment) | The June ECB meeting had several new and meaningful policy announcements compared with the last meeting. In general, policy decisions were in line with Lagarde’s previously announced roadmap, but there were various hawkish twists and adjustments. In our view, the policy statement further justified curve flattening and affirmed the bear market status for euro rates, not least given the inflationary backdrop. Much of this…
The European Commission yesterday authorised as State aid the so-called Iberian derogation, which consists of setting a cap of 48.8 euros/MWh in Spain and Portugal on average for one year on gas offers in the wholesale electricity market. According to a European Commission communiqué, the measure involves state aid of 8.4 billion euros (6.3 billion for Spain and 2.1 billion for Portugal) “aimed at reducing wholesale electricity prices in the…