Fernando González Urbaneja| The procedure adopted by the acting president Pedro Sánchez to impose an amnesty in favour of the Catalan independence movement is the culmination of “trágala” as a form of government that has little to do with the formalities of democracy. The dictionary defines trágala as “an act by which someone is forced to accept or endure something by force”. The amnesty that is so much talked about…
Bankinter: Preliminary CPI for October repeats at +3.5% year-on-year (vs. +3.8% expected and from +3.5% previously). The Underlying figure slackens to +5.2% year-on-year (compared to +5.6% expected and from +5.8% previously). On a month-on-month basis, the headline rate rebounds +0.3% and the core +0.4%. More details are available in the press release from the National Statistics Institute linked here. According to Bankinter experts, “the figure is better than expected. Headline…
Norbolsa: The Government is preparing to take a stake of close to 5% in Telefónica led by SEPI in coordination with other national investors in order to balance the entry of Saudi Arabia. Given the high amount of the acquisition of this 5%, which would be around €1,000 million, the Moncloa is working to bring together the interest of several Spanish business people to join this initiative, which would mean…
The number 3 of the PSOE, Santos Cerdán met yesterday in Brussels with Carles Puigdemont – a fugitive from Spanish justice whom he called “president” – to try to obtain the seven votes of his party, Junts per Catalunya, to ensure the re-election of Pedro Sánchez as President of the Government. The Spanish press speaks of “embarrassment”, “felony”, “betrayal” while the leader of the PP claims that “the PSOE has…
Luis Alcaide| The value of Spanish exports in August has repeated the pattern of the last ten years, albeit with less vigour. Exports fell by 14% year-on-year compared with July and by 10% year-on-year. The evolution of imports follows the same pattern, down both year-on-year and year-on-year. The trade deficit, €4,435.1 billion in August, is down substantially compared to €7,937.2 billion in August 2022. The lower trade deficit together with…
Link Securities| Repsol issued a note yesterday in which it pointed out that the possibility of maintaining a tax on energy companies, which was conceived as temporary and extraordinary, punishes companies that, like REP, invest in industrial assets, generate employment and guarantee the country’s energy independence, the daily Expansión reported. Instead, it favours importers that do not generate employment or relevant economic activity in Spain. Consequently, the company adds that…
This year, the self-employed suffered the worst summer in history. Between July and September, 60,200 self-employed workers were lost, an unprecedented figure for a third quarter in at least the last 36 years. With the data published this Thursday by the National Statistics Institute (INE) through the Economically Active Population Survey (EPA), five years of destruction of self-employment in the summer period have been linked.Until this year, the sharpest decline…
In the first nine months of the year, core revenues were up 34.3% year-on-year to €11.13 billion, driven by net interest income, which stood at €7.36 billion, up 60.7% on the same period of 2022. The growth in NII, compounded by the improvement in insurance service result (+21.2%) and equity accounted income from bancassurance stakes (+47.6%), offset the 5.3% decline in net fees. Specifically, recurring banking fees dropped by 9.1%…
Santiago Martínez (Ibercaja)| The number of mortgages granted in Spain fell by -22.7% year-on-year in August, the average amount by -4.9% (to €138,171) and the total amount granted by -26.2%. As can be seen in the evolution of both sales and mortgages granted, the correction of the real estate market continues its course from transaction levels that seemed unsustainable if we take into account recent demographic trends and those expected…
Bankinter| The unemployment rate deteriorated in 3Q2023 to 11.84% from 11.60% previously and vs. 11.45% expected. The number of unemployed rose to 2.85m (vs. 2.76m at June 2023). The Activity Rate increased to 59.41% (vs. 58.57% previously). See full information in this link. Assessment: We believe that the expected slowdown in economic growth in the second half of the year will be reflected in a certain deterioration of the Unemployment…