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red electrica cableado

In Europe 18th October 2023

European agreement on electricity market leaves essentials untouched: gas to continue to set prices with same marginalist system

There are no major surprises with the agreement reached yesterday by the EU energy ministers on the reform of the common electricity market. It follows in the wake of the European Commission’s proposal, with hardly any changes, maintaining the marginalist system and leaving gas to move prices according to the vagaries of the international context. The ministers have broken the months-long stalemate between France and Germany over disagreements on the…

Alemania Exportaciones

In Europe 18th October 2023

Eurozone generates €6.7 billion trade surplus in August compared with €54.4 billion deficit in same month last year

Link Securities | According to Eurostat yesterday, the Eurozone generated a trade surplus of €6.7 billion in August compared to a deficit of €54.4 billion in the same month last year. In August, imports in the euro zone fell by 24.6% to €214.9 billion, while exports fell by 3.9% to €221.6 billion. Between January and August (8M2023) the Eurozone’s trade surplus was €8.1 billion, compared to a deficit of €242.9…

poor

In Europe 17th October 2023

Germany calls for EU-wide “Universal Basic Income” to be approved

The German Permanent Secretary of State for Labour and Social Affairs, Rolf Schmachtenberg, yesterday called for the EU-27 to pool their social protection policy, in order to improve its reception and cover the shortcomings of the European labour market. And the representatives of Spain and Belgium (which will hold the next rotating presidency of the EU) showed their support for the idea. Spain, Germany, Belgium and the EU are committed…

alemania industria2

In Europe 15th October 2023

Aggregate industrial production in Germany falls -0.2% in August and -2% year-on-year, fourth consecutive decline

Banca March: Weakness in German manufacturing sector continues in August. This is the fourth consecutive month of declines in industrial production in the face of high energy prices, weak global demand and worsening financial conditions. Aggregate production is down -0.2% in the month and -2% on a year-on-year basis. The main drag is energy production and the construction sector, with monthly declines of -6.6% and -2.4% respectively.

Luton

In Europe 12th October 2023

Operations temporarily suspended at AENA-run London Luton after massive car park blaze

Banco Sabadell: Luton Airport (about 4% of AENA’s EBITDA) suffered a fire early on Thursday morning in the Terminal 2 car park, which forced it to suspend all flights until the situation is under control. Assessment: Negative news, but with a very limited impact insofar as Luton’s weight in AENA is not significant, moreover, at a time of year when activity is lower. It would be normal for flights to…

comisioneuropeaTC

In Europe 11th October 2023

EU adds steelmakers to list of anti-subsidy investigations into Chinese products

Banca March : The European Union adds steel manufacturers to its list of anti-subsidy investigations into Chinese products. On 4 October, the EU began this process on electric vehicles from China; three days ago, it considered the study on windmills; and since yesterday, on steel mills. Washington has asked to create a common front with the European bloc, which would implement greater scrutiny on China, in exchange for avoiding the…

Sacyr2

In Europe 10th October 2023

Italian court confirms Sacyr’s concession for motorways near Turin, project will generate more than €2.9 over 12 years

Intermoney | As reported yesterday by the company, the Italian Council of State has confirmed to the SIS consortium, formed by Fininc and Sacyr (Buy, PO, €), the award of the operation of a series of motorways in the vicinity of Turin; these assets, already in operation, total 320 kilometres. This contract, awarded by the Italian Ministry of Infrastructure and Transport in June 2021, has now been confirmed by the…

Leverage loans. The next trigger?

In Europe 10th October 2023

€738 billion: record euro issuance in 12 months

Santander : Issuance of €738 billion YTD (year to date) continues to set an all-time record for the last few years, thanks to record financial issuance. This year’s financial issuance of €434 billion surpassed the previous record of €379 billion in 2022 YTD. Within these, the €183 billion of covered bond issuance was also above the previous record of €176 billion last year. This year’s corporate issuance of €303mm exceeds…

SantanderUK

In Europe 10th October 2023

Santander UK potentially interested in buying up to £3bn of residential mortgages from Metro Bank

Norbolsa | Metro Bank announced on Sunday a £325m capital increase and a £600m debt refinancing, following a weekend of urgent talks to strengthen its balance sheet and improve its capital ratios. This deal would hand majority control to its largest investor, Jaime Gilinski (53% when the transaction is completed). The debt restructuring will extend the maturity of its loans and holders of the £250m bond due June 28 will…

Logista

In Europe 7th October 2023

Logista shares hit by UK tobacco ban; tobacco business accounts for 57% of sales

Banc Sabadell: Shares fell -1.7% in Thursday’s session after British Prime Minister Rishi Sunak suggested the possibility of a vote on a total ban on the sale of tobacco in the UK to new generations. This would raise the legal age for buying tobacco by one year every year, so that those born after a certain year would not be able to buy tobacco legally for the rest of their…