Fernando González Urbaneja | The “alcaldada” of the Congress that must be approved this Monday to allow ERC and Junts to form their own parliamentary group, with the economic and parliamentary advantages it entails, will use on this occasion a cruder formula than the previous ones. On other occasions, the number of deputies of the pretender was completed in order to reach the number of deputies foreseen in the regulations…
The European Union is receiving with a certain scepticism the Spanish government’s intention to make Catalan, Galician and Basque official languages within the institutions. Although most countries do not yet have a fixed position, especially because the situation has arisen during the holiday period – Brussels is closed in August – many hope that Spain’s political problems do not end up spilling over into the EU-27 club. This is the…
Fernando González Urbaneja| An “alcaldada” is an “imprudent or inconsiderate action executed by a mayor (or any authority) abusing the authority he or she exercises”. A more demanding reading of such an action might consider the hypothesis that an alcaldada can reach the character of prevarication (knowingly unjust resolution) or even embezzlement (misuse or abuse of resources of others). What the Bureau of Congress may resolve next week takes the…
Renta 4| European markets open flat (Eurostoxx futures +0.2%, S&P futures +0.3%), with the focus today on August PMIs and Nvidia’s results and awaiting tomorrow’s central bankers’ meeting in Jackson Hole. On the macroeconomic front, the focus will be on the preliminary PMIs for August. This morning in Japan, the data shows weakness in industry and resilience in services: manufacturing 49.7 (49.6 previously) and services 54.3 (53.8 previously). The same…
Link Securities | BlackRock has downgraded its stake in Banco Sabadell from the 4.460% it held since 14 February to 3.964%, according to the notification sent on Monday to the Comisión Nacional del Mercado de Valores (CNMV), reported Europa Press. Taking into account the current share price of the Catalan bank, BlackRock’s stake is valued at around €215 million. With this reduction, the fund’s stake in the bank is the…
Link Securities| The Norwegian Pension Fund, considered the world’s largest sovereign wealth fund, has in recent months strengthened its holdings in some of Spain’s listed companies. Last week, Norges Bank announced a 5.03% position in Repsol, a position valued at current prices at €908.7 million, after starting the year with 3.21% of the share capital. A few days earlier, it acquired a new package of shares in Solaria, going from…
Alphavalue / Divacons| The company has taken a 3.01% stake in Inmobiliaria Colonial, according to CNMV data. Thus, at current prices, the almost 16.3 million shares have a value of €85.9 million. On the other hand, our analysts have upgraded their EPS estimates for the Spanish holding company. We improve our 2023 EPS forecast by +24% (€3.56/share vs. €2.87/share previously expected) and for 2024 EPS by +22% ( €4.04/share vs….
BancaMarch: Spain’s public debt continues to grow. Public debt closed June at €1.569 trillion, reaching record highs, above the levels seen during the pandemic, according to data published by the Bank of Spain. The increase in debt is a consequence of lower revenues and higher expenses derived from the war in Ukraine and the pandemic. The difference with respect to the previous month amounts to €26.93 billion. If we compare…
Renta 4| Traffic figures for July exceed the figures recorded in 2019, after a month of June which for the first time in 2023 were below pre-pandemic levels, although these levels are below our forecasts, thus complicating the possibility of reaching the forecasts of 3% above 2019 for the year as a whole. Specifically, 29.76 million passengers were reached, equivalent to 101.2% compared to the same month in 2019, thanks…
Link Securities| The real disposable income of Spanish households registered an increase of 1.3% in 1Q2023 over the previous three months, an increase above the 0.9% average for the Organisation for Economic Co-operation and Development (OECD) as a whole, the think tank for advanced economies has reported, according to Europa Press. The increase in real disposable income per capita in Spain in 1Q2023 represents the second consecutive increase, after the…