Renta 4 | The company has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with FlixTrain, a subsidiary of the global travel technology company Flix SE, for the supply and maintenance for 15 years of up to 65 Talgo 230 trainsets. The contract value amounts to €2.4 billion, with the scope of the first order being 30 trains and maintenance for 15 years for…
Alphavalue/DIVACONS | EUR/USD continues to signal investor concern over US debt, but no widespread reallocation of European assets is expected. Considering Donald Trump’s tariff threat against the EU, it would not make sense. The EU would be hit hard if tariffs of 50% were imposed.
Link Securities | Caixabank (CABK) is considering a takeover bid for Portuguese bank Novo Banco. There are other interested entities, such as the French group BPCE and the Portuguese Caixa Geral de Depósitos, as reported on Friday by elEconomista. Novo Banco was created in August 2014 after the Bank of Portugal intervened to rescue Banco Espírito Santo (BES), which at the time was one of the country’s largest and most…
Renta 4 | CAF has announced its intention to invest in France. Specifically, the company will invest €50 million in its factories in France over the next five years with the aim of tripling its capacity in the country. With this investment, CAF will reinforce its presence in the French market through its two plants in Reichshoffen and Bagneres-de-Bigorre. Assessment: Positive news as it fits within the company’s organic strategy…
Morgan Stanley: The analyst team provides an overview of its model for energy demand, prices and GDP evolution. Gas and power curves have normalised in the short term, and imply prices aligned with the team’s estimates. They see less downside risk in these prices and, therefore, less risk of downward EPS revisions, especially attractive for companies trading at low multiples. On the other hand, Rob Pulleyn reiterates the data centre…
Link Securities | Eurostat reported that Eurozone construction output, in seasonally adjusted data, rose 0.1% in March from February. In the month under review, output increased by 0.9% in building construction; by 4.1% in civil engineering construction; and by 0.1% in specialised construction activities. On a year-on-year basis, construction output decreased by 1.1% in March in the Eurozone (-0.6% in February). By sector of activity and at a year-on-year rate,…
CdM| The year-on-year inflation rate in the Eurozone remained stable in April at 2.2%, while in the European Union as a whole the rate moderated by one tenth of a percentage point compared to March, to 2.4% year-on-year, according to the second reading published on Monday by Eurostat and reported by Europa Press. According to data from the statistical office for the Eurozone, in April the price of energy recorded…
Link Securities | Eurostat reports that, according to its first estimate of the data, the Eurozone’s trade surplus stood at €36.8 billion in March compared to €22.8 billion in March 2024. In March, exports of goods from the Eurozone to the rest of the world amounted to €279.8 billion, an increase of 13.6% year-on-year. On the other hand, imports from the rest of the world amounted to €243.0 billion, an…
CdM | Economic sentiment has improved again in Germany. In the May survey, the ZEW indicator shows that, at 25.2 points, it is 39.2 points higher than in the previous month, thus clearly in positive territory. ‘With the arrival of the new government, some progress in the tariff disputes and a stabilising inflation rate, optimism has increased.’ This is according to ZEW President Professor Achim Wambach, who adds that ‘expectations…
Morgan Stanley | Although April deliveries (56) represent a slowdown in annual delivery growth (192, down 5%), if we take into account the 25 aircraft that management pointed out at the AGM in mid-April, production totals 217 units, representing 7% growth year-on-year and in line with guidance for the full year. Regarding tariffs, management’s message that the current guidance may already be reflecting the direct impact of tariffs (i.e., returning…