Bankinter | Political crisis as Bayrou’s government falls. He loses the vote of confidence in the National Assembly by 194 votes in favour and 364 against. This outcome forces President Macron to dismiss Bayrou and seek a new prime minister, the fourth in less than a year, or call elections. His comment that he will appoint a new prime minister within a few days reduces the likelihood of new elections….
Bankinter | Eurozone CPI was 2.1% year-on-year in August, while core CPI remained at 2.3% for the fourth consecutive month. The data was in line with expectations and reflects inflation virtually on target. Analysis team’s view: Although it rose by one tenth of a percentage point compared to the previous month, the important thing is that inflation has been stable for six months at levels close to the ECB’s target…
Severe material and social deprivation continues to affect a significant portion of the Spanish population and keeps Spain in a comparatively unfavorable position within the European Union. The improvement seen between 2023 and 2024, when the percentage of the Spanish population in this situation dropped from 9% (the highest figure since this indicator has been measured) to 8.3%, is modest in both a temporal and comparative perspective, according to Eurostat…
Bankinter | Car sales increased in July by 7.4% (year-on-year) compared to a drop of 7.3% in June. For the year as a whole, sales fell by 0.7%. Of particular note is the drop in sales of combustion vehicles (15.2% diesel and 12.0% petrol), while electric vehicles led the way (electric up by 39.1%, non-plug-in hybrids by 14.3% and plug-in hybrids by 56.9%). Analysis team’s view: Slightly positive news reflecting…
Link Securities | The company has begun adapting Building D at its facilities in Tablada (Seville) to support the Eurodrone programme, according to a report today in the newspaper elEconomista.es. Airbus had selected its plants in Sevilla and Cádiz for this project, in which Germany, France, Italy and Spain are participating alongside the company itself, Dassault Aviation and Leonardo (LDO-IT), and which plans to build 20 systems with three drones…
Intermoney | Not everything in Germany is a problem of US commercial aggression. According to the Bundesbank, the German economy could have grown by 50% more between 2021 and 2024 if its export industries had not been held back by problems such as labour shortages and bureaucracy. The central bank’s simulation suggests that German GDP would have expanded by 2.4 percentage points more during the period if exports had kept…
Alphavalue / Divacons | The Spanish biopharmaceutical company has received authorisation from the European Medicines Agency (EMA) to initiate a Phase Ib clinical trial of iadademstat in sickle cell anaemia (SCA). This is the first clinical trial to investigate iadademstat in a non-malignant haematological indication. The study, called “Restore”, will be conducted at several centres in Spain and will recruit 40 adult patients. The main objectives of the trial are…
Link Securities | According to the final reading of the data released by the German Federal Statistical Office, Destatis, Germany’s gross domestic product (GDP) contracted by 0.3% in 2Q25 compared to the previous quarter, more than the 0.1% contraction initially estimated, which was in line with the consensus of FactSet analysts. In 1Q25, Germany’s GDP had grown by 0.3% in quarterly terms. The decline in 2Q25 is the sharpest quarterly…
Bankinter | Lagarde in Jackson Hole. The main messages from the ECB President were: (i) Growth and inflation. She was optimistic about a ‘soft landing’ for the economy thanks to the strength of the labour market and the relaxation of monetary policy conditions. On inflation, she noted that upward pressures still exist, although she expects it to remain anchored close to its inflation target, mainly due to wage moderation in…
Norbolsa | Alstom is again appealing the tender for the Belgian SNBC contract despite the operator’s decision to continue with the process (still unsigned). The Council of State (administrative court) has set a hearing for 29 August, at which Alstom will face SNBC. The appointment of CAF to renew the Belgian fleet, a project with an assessed value of between €1.7 billion and €3.5 billion, prompted Alstom, which has two…