Alphavalue/DIVACONS | The Supreme Court ruled in favour of the trade unions on the start of paid leave at Telefónica (TEF), a battle that began in 2018 over the interpretation of the group’s first collective agreement for related companies and in which the Court ruled that paid leave must begin on the first working day following the event causing it. On the other hand, the European Commission gave its approval…
“The history of Spain is always associated with public debt crises. You can always stumble over the same stone, but you should not fall in love with it”, says economist José Carlos Díez – always identified as a “progressive” economist – at the end of a talk with Lorenzo Bernaldo de Quirós, always identified as a liberal economist. At the end of the talk, Bernaldo de Quirós asked Díez what…
Intermoney | Aena (AENA) (Hold, Target Price €150/share) released last Friday, with the market open, the Spanish passenger traffic data for September. Some 27.5 million passengers transited through Aena’s airports last month, +1.5% above 2019 levels. The dichotomy was again observed between Madrid and Barcelona on the one hand, which remain below pre-pandemic levels, -3% and -10%, respectively, and the rest, which exceed this threshold, highlighting Valencia (+20%) and Malaga…
CdM| The government has updated its macroeconomic picture for the next two years, and now expects the Spanish economy to grow by 2.4% this year – compared to the 2.1% estimated in spring – and by 2% the following year – compared to the 2.4% first estimated. This is included in the 2024 Budget Plan that the Executive sent yesterday to the European Commission, which stresses that the Spanish economy…
J. P. Marín-Arrese | The only thing that seems to matter is the investiture. An understandable priority when opening the key to power and its corollary of favours, perks and positions. It is no coincidence that in politics one is there to get into the official car, a vocation that is consubstantial to this profession, since the purpose of all training lies in holding command of the office. Everything suggests,…
The National Statistics Institute (INE) published on Friday that, according to the final estimate of the data, the consumer price index (CPI) rose in September by 0.2% compared to August. In year-on-year terms, the CPI rose by 3.5% in September (2.6% in August). In the month and in year-on-year terms, the groups that most pushed up inflation were Housing, which increased its variation by almost five points, to -13.1%, mainly…
Link Securities | Naturgy and the European Investment Bank (EIB) have agreed a €700 million loan to adapt and digitise the energy provider’s electricity distribution networks in Spain, bolsamania.com reported yesterday. Naturgy points out that this operation with the EIB will provide it with additional financial resources to improve its operational flexibility and efficiency. The loan will also enable it to “modernise and improve the efficiency of the grid and…
Oriol Aspachs (Caixabank Research) The environment is undoubtedly complex and globally adverse. However, the Spanish economy weathered it better than expected during the first half of the year. It maintained growth that was by no means negligible and, above all, it surprised by accelerating the pace of job creation. The latest revision by the INE (National Statistics Institute) of its historical series has reaffirmed this positive assessment, with figures that…
Link Securities | In a statement, the world’s largest sovereign wealth fund, the Norwegian Norges Bank, details that in the session of 9 October, it reached 5.102% of the capital of the Spanish oil company Repsol (REP). Until now it had controlled 4.899% of the capital of the Ibex-35 company. On the other hand, the newspaper Expansión reports in its Wednesday edition that Repsol is going to extend its commercial…
BancoSabadell: At the beginning of the week, the aeronautical company announced the delivery of 55 aircraft in September (compared to 52 in August ’23 and 55 in September ’22), bringing total deliveries in 2023 to 488 (against 437 in August ’22; +12%). On the other hand, a total of 23 new orders and no cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders…