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Aena

Spanish economy 13th December 2023

Aena’s November traffic up 8% compared to pre-pandemic; company could achieve 2023 Ebitda of €2,800m

Intermoney| Aena (AENA) (Hold, €150/share) announced on Tuesday, with the market open, the passenger and freight traffic figures for the month of November. Over the entire month, the number of passengers, 19.7 million, represented an increase of almost 8% compared to the same period in 2019. On this occasion, both Barajas and El Prat returned to growth compared to pre-pandemic, with increases of 1% and 4%, respectively. Malaga, Spain’s third…

factura luz

In Spain 13th December 2023

If Spain does not extend energy aid, electricity and gas prices to rise 20% and 30% from January onwards

Banco Sabadell: According to the press, if the government does not extend by the end of the year, by means of a decree, some of the tax measures adopted after the Ukraine crisis (such as VAT on electricity and gas bills of 5% as opposed to 21% previously; 0.5% excise tax on electricity against 5% previously or the 15% cap on quarterly gas reviews), electricity and gas prices would rise…

Inditex Junta 2023

Spanish economy 13th December 2023

Inditex profits up 32%, earnings for first 9 months of 2023 reach €4,102 million

Inditex (ITX) today reported its results for the first nine months of the fiscal year (9M2023), covering the period from February to October: Net sales rose 11.1% year-on-year (+14.9% at constant exchange rates) in 9M2023 to €25,609 million. ITX highlighted the satisfactory evolution of its online shop revenue, which was positive in all geographies and in all formats. Gross margin rebounded at a faster pace than sales, 12.3% year-on-year to…

Spanish banks and housing market

Spanish economy 12th December 2023

Mortgages in Spain fall 22% year-on-year in October

According to preliminary data, released yesterday by the Association of Registrars, 44,454 home sales and purchases were signed in October, representing a decrease of 11.4% year-on-year. In the same month, and according to the same source, the decline in the number of mortgages on homes was more pronounced, falling 22.4% year-on-year, to 30,850 transactions. Moreover, in October the total number of sales and purchases (including all types of property) fell…

Montero

In Spain 11th December 2023

Fiscal Policy Council meets today without Catalan minister, absent because she already has a “singular negotiation” with the State

This Monday marks the first meeting of the Fiscal and Financial Policy Council. This is the first meeting of this body in nearly a year and a half, and it had been frequently requested by the autonomous regions governed by the Partido Popular, which after this year’s regional elections are in the majority. Natàlia Mas, the minister responsible for these policies in Catalonia, will not attend, and in her place…

iberdrolaTC

Spanish economy 8th December 2023

Iberdrola wins five-year, €395-million renewables contract with Metro de Madrid

Alphavalue / Divacons| The utility has been awarded the supply of electricity with guaranteed origin from renewable energy sources for Metro de Madrid for a total amount of around €395 million over the next five years. Specifically, the energy company has been awarded the five lots put up for grabs by the Community of Madrid for the high and low voltage supply points of the metro network for the period…

telefonica logo nuevo

In Spain 8th December 2023

Telefónica prepares to replace Huawei in mobile network, in line with Western veto of Chinese companies

Link Securities | Telefónica is finalising the tender to hire a new technology provider for part of its core 5G mobile network in Spain. The decision will mean the definitive exit of Huawei from its network, in line with the Western veto of Chinese companies. The newspaper notes that Ericsson or Nokia are the favourites to win the new contract worth many tens of millions. US government restrictions, as well…

Repsol's plan of acquisitions

In Spain 7th December 2023

Government to consider withdrawing windfall tax on energy companies

Banco Sabadell : According to the press, the vice-president for Ecological Transition (Teresa Ribera) said in a statement that it is necessary to see if energy companies continue to make these extraordinary profits and to take into account the large investments required for the energy transition, in the context of the application of the current windfall tax on these companies. These statements come after the European Commission declared last week…

bancos espanoles

Spanish economy 7th December 2023

Household deposits now pay 2.4% in Spain, versus 3.3% in eurozone

The interest rate paid on European deposits has risen to its highest level in 14 years, but is still well below the ECB deposit rate and with significant divergence by country. The shift from overnight deposits to time deposits and money markets continues. The ECB has also published the interest rates paid on bank deposits in the eurozone, with the rate paid on household term deposits rising by two tenths…

barrio salamanca

In Spain 7th December 2023

Spanish house prices rise 4.5% in 3Q2023 supported by strong labour market

Bankinter: House prices rise +4.5% in 3Q2023 (year-on-year). The Housing Price Index, compiled by the INE, points to a price increase of +4.5% in 3Q 2023 (year-on-year), even accelerating from +3.6% previously. In quarter-on-quarter terms +2.5% versus +2.1% previously. Second Hand Housing rises +2.2% year-on-year, while New Housing +4.1% year-on-year. Analysis: House prices surprise positively and will probably exceed our forecast of +1% by 2023. They are supported by a…