DWS| Zero percent. According to recently released data for May 2023, retail sales in Germany have grown by exactly 0% in real terms since the last month before the pandemic, February 2020. In nominal terms, by contrast, thanks to inflation, sales have grown considerably, by an impressive 17%. However, this is not a sign that consumers are buying more: the amount of goods they received remains unchanged. Despite this, it…
Santander Corporate & Investment| July’s issuance already exceeds that of the whole of July 2022, as the latter was an atypically inactive month, particularly on the corporate issuers’ side. In the first two weeks of July, €18 billion has been issued, surpassing the €16 billion for the entire month of July 2022, which was a record low in recent years and well below the €42 billion average for the months…
Banca March: The European Union’s legislative chamber has finally approved the European Chip Law, with which the EU aims to double semiconductor production to 20% of its global production and thus reduce the trend of Taiwan and South Korea with respect to this technological component. The law is organised in three pillars and aims, in addition to increasing Europe’s chip manufacturing capacity, to consolidate its leadership in semiconductor research and…
In monthly terms +0.3% month-on-month vs. preliminary +0.3% month-on-month and from -0.1% previously. Underlying inflation ( excluding energy and unprocessed food) +5.8% year-on-year vs. preliminary +5.9% and up from 5.4% previously. Analysis team’s view: Inflation confirms the rebound in June, after three months of moderation. Although food prices are the main cause of the increase, the underlying rate also rises due to services prices. It highlights the persistence of inflationary…
Banc Sabadell : The Supreme Court has urged the MITECO (Ministry for Ecological Transition and Demographic Challenge) to pay the main distributors €320 million euros owed to them after declaring the social bonus inapplicable (Endesa €152.2 million, Naturgy €64 million, Iberdrola €103 million). In other related matters, the European Parliament has reached an agreement for the vote on the proposal on the reform of the electricity market, among which it…
Link Securities | Ferrovial (FER) is making progress in its bid to become a major player in the booming air taxi business, according to elEconomista. Ferrovial has just sealed an alliance with British firm Milligan to boost this activity in the UK with the development of its first vertiports in the country. The group’s initial road map includes venturing into this area in the United States, the United Kingdom and…
BancaMarch: The German Council of Ministers on Wednesday approved the draft budget for 2024, in which it plans to return to the path of fiscal consolidation and which envisages an increase in defence spending and cuts in all other departments, among which the most affected are transport, science and the family. Spending will thus have to fall by 6.4%, from €476.3 billion in 2023 to €445.7 billion the following year….
Link Securities| Getnet, Banco Santander’s payments solution, is accelerating its expansion in Europe, where it already has licences to operate in 33 countries, in 300,000 European businesses, Expansión reports today. In the last five years, Getnet has tripled its customer base and increased its transaction volume by 2.5 times. This growth in activity has allowed it to increase its market share by 4.15%.
Intermoney| The INE published the data on tourist arrivals in Spain during the month of May yesterday, with more than 8.2 million international tourists, 17% more than the same month of 2022 and 4% more than the same month of 2019. The United Kingdom is positioned as the main country of origin of tourists, representing 22% of the total and an increase of 10% over May ́’22. France and Germany…
Santander Corporate & Investment | Cellnex (BB+ p, BBB- e) has announced the acquisition from Iliad of its 30% stake in OnTower Poland, the Polish telecommunications infrastructure company controlled by Cellnex. The transaction costs around €510mn and brings Cellnex’s stake in OnTower Poland to 100%. According to the press release, OnTower Poland currently operates a total of 8,500 sites in Poland, plans to deploy up to 3,400 new sites by…