Luis Alcaide | In the first nine months of 2021 the trade surplus with the EU amounted to €18.855 billion (12.554 billion in the same period of 2020). With the eurozone, the positive balance rose to €20.658 billion. Spanish exports to the rest of the world have grown in these first nine months of the year at a year-on-year rate of 22.1%, to 230 billion euros, while those of the…
Intermoney | HAH, the holding company of Heathrow Airport, in which Ferrovial has a 25% stake (Hold, TP 24 euros/share) published its investor report for December last Friday. The main news was perhaps the guidelines given for 2022, that the operator expects to manage passenger traffic of 45.5 million, which would still imply a 44% drop compared with 2019 (81 million passengers). For this year, it expects the decline to…
Antoinette Tyrrel (European Views) | The European Commission has adopted the decision to reserve €920.4 million in funding for Ireland as part of the Brexit Adjustment Reserve. Ireland is set to be the biggest beneficiary of the Brexit Adjustment Reserve and the first Member State to receive its pre-financing. The Brexit Adjustment Reserve totals €5.4 billion and has been put in place to support all Member States while ensuring a…
BBVA Reseacrh | Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth. The quarter-on-quarter growth rate accelerated to 2.7% after growing by 1.5% in 2Q21. Domestic…
Luis Alcaide | Angela Merkel’s departure from the German chancellery raises the question of the attitude of the Symaphoric coalition (Social Democrats, Greens and Liberals) towards the European integration process. In the meantime, Italian Prime Minister Mario Draghi and French President Emmanuel Macron signed an extensive bilateral agreement in Rome (60 pages, including both foreign policy and defence policy and a series of concrete economic agreements). This strengthens the role…
Two months after the elections, the “traffic light” coalition – formed by social democrats, ecologists and liberals – has reached an agreement to govern the country, with Olaf Scholz, Merkel’s former finance minister, as chancellor. The agreement leaves seven ministries to the SPD, including defence and housing, as well as the power to appoint the next president of the Bundesbank. This post could go to Isabel Schnabel, currently on the…
Renta 4 |The five main European telecommunication operators ((Telefónica, Orange, Vodafone, Deutsche Telekom and Telecom Italia) would be trying to establish an alliance which would allow the sharing of the open radio access network (Open RAN). This is an architecture which prioritises the interoperability of infrastructures allowing for the development of more efficient mobile communications. In a report, the operators given five recommendations for this development: these include guaranteeing political…
Nick Ottens (Atlantic Sentinel) | A deal between two of the four parties negotiating to form a government in the Netherlands has leaked. Prime Minister Mark Rutte’s liberal VVD (of which I am a member) and the Christian democratic CDA wrote the outlines of a coalition agreement for review by the social-liberal D66 and the smaller Christian Union. Christian Union leader Gert-Jan Segers forgot a copy of the document on…
BancaMarch |The Spanish power company, via its UK affiliate Scottish Power, is to sign up to a consortium with other groups to analyse future opportunities to export green hydrogen from Scotland to Germany. The project is called Scot2Ger and has been commissioned by Scotland’s business association Scottish Enterprise. It also has the backing of the Scottish government and other public bodies. Scottish Power will specifically take charge of creating a…
More than 3 million passengers used Heathrow airport in October, encouraged by the easing of UK travel restrictions prior to the Autumn half-term holiday. Spanish infrastructure group Ferrovial is the largest stakeholder in Heathrow, with 25 percent.