Caixabank | Housing sales remain elevated (649,000 units in 2022, the highest since 2008) but there are emerging signs of deceleration of housing demand: in December housing sales declined by 10.2% year-on-year and new credit for house purchases declined by 14.2% year-on-year. We expect housing sales to decline sharply in 2023 (-24% to 480,000) mainly due to the impact of the increase in interest rates and the impact of higher…
Norbolsa | Repsol has decided not to develop the Liquefied Natural Gas terminal it had projected on the east coast of Canada for European supply, as it would not be profitable due to transport costs. To reach the terminal, the gas would have to be transported thousands of kilometres from western Canada, which would require a new pipeline network through Canadian provinces and northeastern US states that have resisted fossil…
The Ministry of Industry, Trade and Tourism published yesterday that Spain’s trade deficit stood at €3,955.8 million in January, 39.4% lower than in the same month of 2022 (€6,522.8 million). In the month analysed, the energy deficit reached €2,849.1 million, also significantly lower than the €3,358.6 million generated in January 2022, while the non-energy deficit stood at €1,106.6 million compared to €3,164.2 million in the same month of the previous…
Renta 4 : Credit Suisse has asked the Swiss National Bank to lend it 50 billion Swiss francs (€50.6 billion) of liquidity to strengthen it pre-emptively. In addition, the bank has announced a senior debt offering. This aid comes after the bank announced a review of its 2021 and 2022 accounts after finding flaws in risk measurement, and its main shareholder with a 9.8% stake said it will not inject…
In a “revolutionary” ruling dated 11 January 2023, and “as well-intentioned as it is erroneous, and with serious consequences”, the Supreme Court has not limited itself to declaring the nullity, as abusive, of the resolution challenged by the minority shareholder of a company – not to distribute dividends – but also considers – as an effect of the ruling – a corporate resolution in the opposite direction to the one…
Capital Madrid | There is no respite in the battle over the large print of the Housing Law or, more specifically, over the 3% cap on the annual rent increase in contracts. Unidos Podemos wants the bill to be permanent, while the PSOE only wants to extend it for the next year. The political deadlock is causing growing discontent among funds and companies in the sector. Meanwhile, the government complains…
ITX sales reached €32,569 million in 2022, up 17.5% year-on-year (+18.0% at constant rates; +0.1% FactSet consensus), with growth in all geographic areas where ITX operates, and in both physical and online shops. In-store sales increased 23% year-on-year, due to higher commercial traffic, while online sales rose 4% year-on-year, reaching a record €7,806 million, 23.97% of the total. Broken down by geographic area, 47.5% of sales came from Europe (excluding…
The Fundación de Estudios de Economía Aplicada (Fedea) warned on Monday that the pension reform that is under way “condemns the contributory component of the public pension system to a basic deficit (before transfers) that will be “high and rapidly increasing over the coming decades”. After analysing the pension reforms as a whole (those already approved and the final phase that is now being negotiated), Fedea calculates that around 2050…
The Consumer Price Index (CPI) rose by 0.9% in February compared to the previous month and raised its year-on-year rate by one tenth of a percentage point, to 6%, due to the increase in electricity, package holidays and food, which saw their prices rise by 16.6% compared to February 2022 despite the measures taken by the government, according to the final data published on Tuesday by the National Statistics Institute…
The Government and social partners will meet again today at 4.30 p.m. to discuss the pending issues of the second phase of the pension reform following the proposal presented last Friday by the Ministry of Inclusion, Social Security and Migration, with the backing of the European Commission and Unidas Podemos. This is a reform that the employers’ association opposes head-on because it is “populist” and means “voracious tax collection”, given…