Banca March : The ECB has announced that the preparation phase is to begin on 1 November and will last for two years. The digital currency would be equivalent to cash, playing a complementary and not a substitute role. In this way, euro area citizens will be able to make payments while maintaining the anonymity of cash, but making it more difficult to counterfeit and more convenient to store. This…
Luton, the London airport in which AENA has a 51% stake, has received authorisation from the British Department for Transport and the Department for Communities to increase its capacity to 19 million passengers per year, compared to the current limit of 18 million. This expansion does not require any new construction or investment. Assessment: Good news for Aena, which will allow it to increase Luton’s capacity by 5% without the…
Kim Fournais (CEO and founder of Saxo Bank)|In the labyrinthine world of banking and investment, where opacity tends to masquerade as tradition, few are aware that, amid the ebb and flow of financial markets, a significant number of banks and intermediaries choose to retain the benefits of central bank rate hikes, rather than pass them on to their clients. This is reflected in banks’ quarterly results, where some even seem…
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…
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…
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…
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.
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…
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…
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…