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congreso diputados1

Spanish Politics 24th August 2023

The XV legislature will start with an “alcaldada”

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…

Feijoo Rey

Spanish Politics 23rd August 2023

Felipe VI commissions Núñez Feijoo to try to form a government, despite still falling short of the 176 needed to reach a majority

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…

banco sabadell palmeras

Companies, In Spain, Relevant News Item 22nd August 2023

Blackrock reduces stake in Banco Sabadell but remains largest significant shareholder

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…

norges bank

Companies, In Spain, Relevant News Item 22nd August 2023

Norges Bank strengthens its holdings in Repsol, Solaria, Unicaja and BBVA this summer

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…

Corporacion alba

Companies, In Spain, Relevant News Item 22nd August 2023

Corporación Financiera Alba takes a 3% stake in Inmobiliaria Colonial

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….

espana europa billete

Relevant News Item, Spanish economy 21st August 2023

Spanish public debt closed June at €1.569 trillion, reaching record highs

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…

Aena

Companies, In Spain, Relevant News Item 16th August 2023

Aena figures again exceed 2019 figures in July: 29.76 million passengers

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…

españabilleteCM

Relevant News Item, Spanish economy 14th August 2023

Real incomes of Spaniards grow by 1.3%, above OECD average

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…

urbas cartel obra

Companies, In Spain, Relevant News Item 11th August 2023

Urbas sells two blocks of new rental housing in Bilbao for €98 million

Alphavalue/DIVACONS | Urbas (UBS) announced to the CNMV the signing of a sale and purchase agreement whereby it has agreed to promote turnkey, to transfer on completion, to a European institutional fund specialising in residential, two blocks of new build rental housing on Isla Zorrotzaurre, Bilbao’s new Manhattan, the most important area of urban development and urban regeneration in the city in recent years, a development consisting of 314 homes,…

españa inflacion alimentos

Relevant News Item, Spanish economy 11th August 2023

Inflation rises to 2.3% in July, food up 10.8%, core climbs to 6.2%

CdM | Prices resumed their upward trend in July. The National Statistics Institute (INE) has confirmed that inflation rose in the seventh month of the year to 2.3%, which is two tenths of a percentage point more than the previous month and four tenths of a percentage point in the year-on-year rate. For its part, core inflation rose by three tenths of a percentage point to 6.2%. The rise in…