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Banco Santander Fachada 720x320 1

In Europe 20th January 2025

Banco Santander reviews strategic positioning of UK franchise

Bankinter | Banco Santander (SAN) is reviewing the strategic positioning of its UK franchise. According to the British press, Santander could sell its subsidiary and points to Barclays as a possible interested party. Opinion of Bankinter’s analysis team: Positive impact. It is normal for Banco Santander to explore alternatives to improve the profitability and/or risk profile of its UK franchise, but we see a corporate transaction as unlikely. Santander UK…

eurozona superavit comercial

European economy 18th January 2025

Eurozone generates €16.4-billion goods trade surplus with rest of world in November, down from €18.2 billion one year ago

Link Securities | According to the first estimate of the data, released yesterday by Eurostat, the Eurozone economy generated a trade surplus in goods with the rest of the world of €16.4bn in November, compared to a surplus of €18.2bn generated in the same month in 2023 and up from €8.6bn in October. The FactSet consensus of analysts expected a lower reading of €9.0 billion. Eurozone exports of goods to…

NH Hotels

European economy 16th January 2025

Minor Hotels (formerly NH) plans to increase hotel portfolio by 15% by 2025 and expand into UK, France and Nordic countries

Alphavalue / Divacons | The hotel chain expects to close 2024 with a revenue increase of close to 10% and an increase in recurring EBITDA of between 15% and 20%. This was announced yesterday by its new CEO, Gonzalo Aguilar. At a meeting with the press in Madrid, the executive stressed that the company is moving towards an “Asset light” model, based on management and franchising, balanced with ownership, with…

reino unido starmer

In Europe 15th January 2025

UK faces a gilt crisis

Juan Pedro Marín Arrese | The markets have been battering the UK gilts since Rachel Reeves delivered a disappointing budget in October. A sizeable increase in taxes but proving unable to fill the gap inherited from the last Conservative government did not seem like the best recipe to address the looming stagflation. Fears that ongoing deterioration might force the Chancellor to tap into taxpayers’ money again in a couple of…

Talgo

In Europe 14th January 2025

Talgo among Richard Branson’s candidates to order 12 trains to operate Eurotunnel

Link Securities | Virgin Group, Richard Branson’s group, is analysing models from Talgo and three other companies (Alstom, Siemens and Hitachi) to incorporate a dozen trains to start operating on the cross-Channel rail link, the Eurotunnel, Expansión newspaper reports today. The British company is leading a project that foresees an investment of €1.2 billion. The British regulator has yet to decide how much space there is for new operators. Virgin…

airbus A320

European economy 14th January 2025

Airbus 2024 deliveries reach 766, practically meeting target of 770

Banc Sabadell: Airbus published last week that it delivered 123 aircraft during the month of December (versus 84 in November ’24 and 112 in December ’23), bringing total deliveries in 2024 to 766 (versus 735 in 2023, up 4%), practically meeting the target of delivering 770 aircraft this year (the company considers plus/minus 20 aircraft to be within the guidance range). In addition, a total of 99 new orders and…

cellnex novisimo

In Europe 10th January 2025

Cellnex considers sale of stake in Swiss subsidiary, worth over €1.1 billion

Norbolsa | Cellnex (CLNX) has hired JP Morgan as an advisor to explore the potential sale of its stake in the telecommunications group’s subsidiary in Switzerland. It currently holds a 72% stake which, according to press reports, could have a market value of around €1.1 billion. This would imply valuing 100% of the subsidiary at €1.5 billion. This divestment would be the fourth in a row after sales in Austria,…

IPC varios Eurozona.

In Europe 9th January 2025

Industrial producer prices rise by 1.6% in euro area; 1.2% decline in annual comparison

CdM | Industrial producer prices rose by 1.6% in the euro area and by 1.7% across the European Union (EU) in November compared with the previous month, according to first estimates from Eurostat, the EU’s statistical office. Compared with November 2023, industrial producer prices declined by 1.2 per cent in the euro area and 1.1 per cent in the EU. In the monthly comparison, in the euro area, industrial producer…

Colonial Paris

In Europe 9th January 2025

Real estate transactions in Paris recover but with concerns about leverage: Equalweight on Colonial

Morgan Stanley: Real estate transactions recorded in Paris office space were down 9% and in Centre West Paris 8%, implying that the pace of decline is moderating. However, volumes remain low even though they have recovered from lows. On the other hand, vacancies continue to rise and available supply increased in all regions in the quarter. Rental growth was up 6% year-on-year, sustained over previous levels. While remaining positive on…

IAG

European economy 9th January 2025

IAG launches two invitations to buy back bonds for total of €1.2 billion

Link Securities | IAG (IAG) announced on Tuesday separate invitations to holders of its (i) bonds in the aggregate nominal amount of €500,000,000, issued at 1.50 per cent and maturing in 2027 (the 2027 Bonds) and (ii) bonds in the aggregate nominal amount of €700,000,000, issued at 3.75 per cent. and maturing in 2029 (the 2029 Bonds) offering the purchase of the Bonds by IAG in exchange for a cash…