Bankinter | Prime Minister Bayrou proposes a €43.8 billion adjustment to the 2026 budget. The aim is to reduce the deficit, which stands at -5.8% in 2024 (as opposed to -3.1% in the EMU, -2.8% in Germany, -3.4% in Italy and -3.2% in Spain) to -4.6% in 2026, with a commitment to reach -3% in 2029. The government’s projections point to a figure of -5.4% in 2025. The measures presented…
Bankinter | The German Senate (Bundesrat) has definitively approved the €46 billion tax exemption package (approximately 1.1% of GDP). The stimulus measures include a reduction in corporate tax of 1% per year from 2028 (from the current 15% to 10%, not including the extra local tax, which varies between 14% and 17%) and deductions for the purchase of new machinery and other equipment. Bankinter analysis team’s view: Good news. These…
Intermoney | The company will manufacture trains and trams for France after being awarded two new contracts worth a total of €300 million. In consortium with Alstom, the Basque group will supply 14 trains from the Coradia Polyvalent platform to the Burgundy region. The shared contract stems from agreements between the two companies following CAF’s purchase of Alstom’s Reichshoffen plant three years ago, after the French company was forced to…
Bankinter | The Portuguese government is putting 49.9% of TAP Portugal up for sale. 44.9% will go to investors and 5% to employees. The details of the operation are not yet known. Analysis team’s view: This news was expected, and there was even the possibility that 100% would be put up for sale. Remember that TAP was nationalised during the pandemic (at a cost of €3.2 billion). This news is…
Singular Bank | According to Destatis, in May, German exports fell by 1.4% compared to the previous month (versus -1.6% in April), standing at €129.4 billion. At the same time, imports contracted by 3.8% compared to the previous month (versus +2.2% in April), reaching a value of €111.1 billion. Given this development, Germany’s trade balance in May recorded a surplus of €18.4 billion, exceeding analysts’ consensus estimates (€15.7 billion). On…
Link Securities | Eurostat reported that Eurozone production prices (PPI) fell by 0.6% in May compared to April, significantly more than the 0.3% expected by FactSet consensus analysts. In May, compared to April, prices for non-durable consumer goods rose by 0.2%; durable consumer goods by 0.3%; capital goods remained stable (0.0%); while prices for intermediate goods (-0.1%) and energy (-2.1%) fell. Year-on-year, the Eurozone PPI rose 0.3% (0.7% in April),…
Norbolsa | The aerospace company announced that it had delivered around 60 aircraft in June, bringing the total for the first half of 2025 to just over 300. This figure is below the pace needed to reach its annual target of 820 deliveries. The company would have needed to deliver 410 aircraft by June to be on track to meet its annual target. In this regard, the company announced that…
Alphavalue/ Divacons | The European Commission yesterday presented an ambitious proposal for the European Union to reduce its net greenhouse gas emissions by 90% by 2040, compared to 1990 levels. The proposal includes new flexibilities designed to ease the burden on domestic industries. Under the plan, the EU could purchase carbon credits from developing countries, which could account for up to three percentage points of the overall 90% reduction target.
Bankinter | The European Central Bank (ECB) has announced an update to its monetary policy strategy, adopting a more rigorous and agile approach to major inflationary shocks in a context of growing global uncertainty. The main new feature is the commitment to act ‘especially forcefully or persistently’ whenever inflation deviates significantly and persistently from the 2% target, regardless of the origin of the shock, whether temporary or structural. The aim…
Renta 4 | VMO2 UK, Telefónica’s 50% subsidiary in the United Kingdom, has invested £343 million, approximately €400 million, to purchase 78.8 MHz of spectrum from Vodafone. This purchase is part of the conditions imposed by Ofcom, the British telecommunications regulator, on Vodafone for the acquisition of Three UK. Under this agreement, the three British operators, VMO2, Vodafone and British Telecom, will each have a third of the UK’s mobile…