Public debt has risen from €1.20 to €1.54 trillion during the last five years of socialist government. It has risen by €332,768 million, 27.5% from the €1.2 trillion at which it closed in 2018. According to data from the Bank of Spain (BdE), which was reported yesterday by Europa Press, in absolute terms the debt of all public administrations in Spain reached €1.541 trillion in May, which represents a new…
Alphavalue / Divacons| The sale and purchase of homes recorded a -6.4% drop in May compared to the same month last year, to a total of 56,137 operations, according to the National Statistics Institute (INE) on Friday. With this annual decline, which is almost two points lower than that recorded in April (-8.1%), the sale and purchase of homes has now been negative for four months. By segment, it is…
Judit Montoriol Garriga (Caixabank Research) | The Spanish real estate market began to slow down in mid-2022 with the shift of direction of monetary policy. Although the ECB has raised benchmark interest rates by 4 pps for the moment, the pace of the slowdown has been gentler than anticipated, leading us to improve the sector’s outlook for 2023. Nevertheless, we continue to expect a significant slowdown in the Spanish real…
According to the CEPYME Barometer #LaPymeHabla of July, corresponding to the first half of 2023, 59.12% of SMEs are unable to recover their sales. Cepyme describes a scenario of economic recovery with an uneven impact on companies, which responds both to accumulated inflation and rising labour and tax costs and to the weakening of consumption in the final stretch of 2022 and early 2023, on the basis of an incomplete…
F.R. “There have been specific cases in the last year that have had a very negative impact on the perception of the quality of governance of some large Spanish listed companies. And I don’t want to beat around the bush: I am referring, among others, to Indra, Unicaja and NH. With different nuances and peculiarities, these are cases where independent directors have been the adjustment variable for shareholder changes, changes…
The European Commission is warning Spain for not having yet published the list of the 100 largest final beneficiaries of Next Generation EU funds, an obligation for all Member States as of this year. Half of the countries have already made their lists public, but 13 countries – including Spain – have yet to do so. “We are addressing the Member States that have not yet sent the list, asking…
Link Securities| Enagás (ENG) has awarded Endesa (ELE) the logistics services for the El Musel liquefied natural gas (LNG) plant in Gijón, according to Europa Press. This step marks the end of the binding phase of the capacity allocation process (Open Season). A total of 13 bids were received between 5 and 30 June, the period during which this final part of the process took place. The logistics services offered…
The CNMV has published its new guidelines for the marketing, distribution or sale of CFDs and other leveraged instruments to retailers, which were approved this week by the CNMV’s Executive Committee. The new measures, which will be published in the BOE in the coming days, include “the prohibition of CFD advertising aimed at retailers or the general public, the sponsorship of events (including sporting events), as well as brand advertising…
Funcas| The CPI rose by 0.6% in June, well below the 1.9% increase recorded in the same month last year, which has cut the year-on-year inflation rate by 1.3 percentage points to 1.9%. Inflation remains below 2% for the first time since March 2021. Core inflation moderated to 5.9%. The decline in the headline inflation rate was mainly due to the pass-through effect in energy products. Recent months have also…
In the first quarter of this year, non-financial companies as a whole have just recovered the figure for dividends paid out prior to the pandemic: almost €84,000 million in dividends, taking the cumulative figure for the last four quarters. This is only 750 million less than in 2019, according to El País newspaper, based on data provided by the Bank of Spain. However, if only the amounts for the first…