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heathrow arrivals

In Europe 30th January 2025

Ferrovial: British government supports third runway at Heathrow to compete with other major hubs and invites proposals

Link Securities | The United Kingdom Chancellor, Rachel Reeves, gave a speech yesterday in Oxford in which she emphasised the importance of political and economic stability and the stability of public finances; she proposed reforms to promote trade and the construction of all kinds of projects, and wants to incentivise public and private investment, according to Expansión. The most important announcement concerns the third runway at London Heathrow Airport, the…

Talgo diferente

In Europe 30th January 2025

Polish railway manufacturer controlled by PFR determined to take joint control of Talgo

Link Securities | Pesa, the Polish railway manufacturer controlled by Polish Development Fund (PFR), equivalent to the Spanish ICO, is determined to take joint control of the Spanish company Talgo (TLGO), respecting the conditions imposed by the Spanish government in terms of respecting the Spanish nature of the train manufacturer and protecting the local industrial fabric, according to the newspaper Expansión. Thus, the Polish state investor is willing to agree…

ArcelorMittal

In Europe 29th January 2025

ArcelorMittal, among best-positioned companies to take advantage of improving business environment

Morgan Stanley | Alain Gabriel summarises the various changes in the European market environment that we could see during the year. Starting with the review of import quotas, which expire in June 2026, and whose review ends on 31 March 2025. Alain believes there is potential for a reduction in quotas, implementation of quotas on an individual level and/or tariff increases. An anti-dumping investigation of HRCs from Egypt, India, Japan…

Ferrovial construcción

European economy 29th January 2025

Ferrovial completes sale of 50% stake in AGS for €535 million

Intermoney | Ferrovial (FER) (Hold, PO €35) announced on Tuesday after the market closed that it has completed the sale of its 50% stake in AGS, which groups a number of airports in the UK, to AviAlliance UK Limited for £450 million, around €535 million. Macquarie, owner of the other 50%, has also sold this position for the same amount. Ferrovial confirms that in its Q1 25 results it will…

Aena nuevo

In Europe 28th January 2025

Aena calls Ryanair’s elimination of 12 routes and 800,000 seats at regional airports by summer 2025 “blackmail”

Norbolsa | Aena’s conflict with Ryanair over airport charges continues. The airline has reduced regional flights in Spain and is demanding incentives to expand. Aena, backed by the government, rejects its demands, accusing it of blackmail, while the airline defends its low-fare model as key to tourism and connectivity. Last week, Aena president Maurici Lucena and the Irish airline’s CEO Eddie Wilson clashed in a debate organised by Hotusa. Lucena…

IAG nuevita

In Europe 27th January 2025

As UK equities bottom out, IAG stands out as stock with upside potential

Morgan Stanley’s Bruna Sarika, our UK macroeconomist, estimates GDP growth of 0.9% for the UK (consensus is 1.3%) and expects five rate cuts this year. Marina Zavolock, despite the country’s macroeconomic challenges, believes that UK equities have bottomed and sees several stocks with local exposure with upside potential: Barratt Redrow, Tesco, British Land, Severn Trent, National Grid, and Barclays and with global exposure: Experian, IAG, and Reckitt; plus Next.

BanqueFrance

In Europe 25th January 2025

Bank of France says country needs to save €15-20 billion a year to bring deficit down to 3% by 2029

Banca March | The governor of the Bank of France, François Villeroy, confirms that the plan to reduce the deficit to 5.4% this year is going in the right direction. Last week the new French prime minister set the deficit target for 2025 at 5.4%, compared to the 5% set by his predecessor. Villeroy had previously warned of the need to reduce the fiscal imbalance to below 5.5% and bring…

Acciona

In Europe 24th January 2025

Acciona to build 87-km motorway in Poland for €71.3 million

Intermoney | Acciona (Buy, PO €185) announced yesterday, while the market was open, that it had been awarded, through its Polish subsidiary to Mostostal Warszawa, the 7.94 km section between Niemcza and Ząbkowice Śląskie. This section forms part of the S8 motorway between Wrocław and Kłodzko, which runs for 87 km along the western fringe of the country. The contract is worth PLN305.7 million (€71.3 million). The Group has been…

Repsol nueva

In Europe 23rd January 2025

Repsol and Italian EVO Auto to jointly promote use of LPG as alternative and ecological fuel

Link Securities | The Spanish company and EVO Auto, the car brand of the Italian group DR Automobiles, have signed a framework collaboration agreement in Spain to promote the use of liquefied petroleum gas (LPG), as reported by both companies through a joint statement, Expansión reported yesterday. Thanks to this alliance, Repsol and EVO Auto are committed to promote the use of LPG as an alternative and environmentally friendly fuel,…

CAF factory

In Europe 22nd January 2025

CAF participates in tender for largest train order in UK history

Link Securities | CAF is among the major international manufacturers invited by Northern Trains, the UK’s second largest rail operator, to participate in the supply and maintenance of more than 450 new public service train units, the largest order in the UK’s history, valued at around €9 billion, Expansión reports today. The British company wants to make the purchases in different phases, although a third of the fleet must be…