CdM | Inflation rose four tenths of a point in July, when the Consumer Price Index (CPI) stood at 2.7% year-on-year, mainly due to higher electricity and fuel prices, according to final data published by the National Statistics Institute (INE). In detail, the groups that stood out most for their influence on the increase in the annual rate were housing and transport. In the case of housing, the annual rate…
Link Securities | The National Court has agreed to close the proceedings brought by the Public Prosecutor’s Office in June 2024 against Naturgy Generación (Naturgy (NTGY)) for an alleged offence relating to the market and consumers for increasing energy production prices at its combined cycle thermal power plant in Sabon 3 (A Coruña) from March 2019 to December 2020, according to Expansión newspaper. According to the group’s half-yearly report submitted…
Link Securities | The Galician Regional Government has granted Integrated Environmental Authorisation (AAI) to the bleached recycled fibre bioplanta of Ence (ENC) in As Pontes (A Coruña), as detailed in the Official Gazette of Galicia and reported by the Bolsamania website. This is a strategic step for the company in promoting this initiative, which was declared a strategic industrial project by the regional government in 2023. With the IEA, ENC…
Bankinter | The number of unemployed fell by 1,357 in July, from 48,900 in June. Unemployment stands at 2.40 million people (down 0.06% month-on-month and 5.71% year-on-year). Seasonally adjusted Social Security enrolment stands at 21.6 million people (up by 31,080 workers, 0.14% month-on-month and 2.24% year-on-year). Bankinter analysis team’s view: The number of unemployed fell slightly in July, compared to the slight upturns in August in recent years. The number…
Renta 4 | On Friday, the ECB released the results of the stress test. This exercise, we recall, does not establish a pass/fail threshold, but is designed to provide additional information for the supervisory review and evaluation process. The adverse stress scenario has been designed by the EBA/JERS for a three-year time horizon (2025-2027) and assumes a hypothetical worsening of geopolitical tensions, with very negative and persistent trade and confidence…
Bankinter | The CNMC (National Markets and Competition Commission) has published its remuneration proposal for Redeia’s electricity transmission network business for the next regulatory period 2026-2031. The proposed financial remuneration rate is 6.46% (against 5.58% previously) and includes significant investments in the network for this period. As a result, Redeia’s regulated income would grow from €1.217 billion forecast for 2025 to €1.858 billion in 2031, representing an average annual growth…
Link Securities | Hotel revenues continue to rise, driven by positive tourism data—which continues to break records—and higher rates, according to the newspaper Expansión. According to the Hotel Sector Barometer, compiled by STR and Cushman & Wakefield, Spanish hotels increased their revenue by 6.9% in 1H2025, at a time when occupancy stabilised at peak levels. Specifically, during the period, hotel occupancy stood at 73.1%, which translates into 0.4% more than…
CdM | In the first half of the year, coinciding with the blackout on 28 April, gas consumption for electricity generation in Spain rose by 41.2%, as the country relied heavily on fossil fuels to stabilise its electricity grid. As Enagás pointed out in a statement on its results, the growth in demand for gas for electricity generation was due to the ‘increased share of combined cycles after the blackout,…
Singular Bank | According to the Ministry of Economy, Trade and Business, in May, Spanish exports increased by 2.7% year-on-year, reaching €34.999 billion, with capital goods sales (24%) and lower energy exports (down 32.7%) standing out. At the same time, imports rose by 3.1% to €37.5423 billion, with the largest increases in purchases of capital goods (14.8%), cars and parts (4.9%) and raw materials (10.7%). Given this development, the Spanish…
Alphavalue /Divacons | Spain received more than 52 million international air passengers in the first half of 2025. This figure represents an increase of 6.4% compared to the same period last year, according to data from Turespaña released on Friday by the Ministry of Industry and Tourism. According to Turespaña, Spain has broken records with more than 100 million international air passenger arrivals in 2024 and expects to strengthen its…