Sabadell: According to press reports, the sale of 49% of a portfolio of 1,200MW of renewable assets could be closed in January. Norges would be the most likely buyer, although Pontegadea could also be in the final stages of the bidding process. The intention to sell this stake was announced in September and IBE’s goal is to find a strategic partner to help it boost its renewables in Spain. The…
Bankinter | According to data from the Internet real estate portal Idealista, rental prices rose a little more than 8.4% in December compared to the same month in 2021. This compares to an increase of 7.3% year-on-year in November. On a month-on-month basis, it was up 1.1% in December. Analysis team’s view: The increase in rental prices is in line with the CPI we estimate for 2022 (8.4% on average),…
Unemployment registered in the offices of public employment services in 2022 recorded a decrease of 268,252 people (-8.6%), to a total of 2,837,635 unemployed, the lowest figure in a year-end since 2007, according to figures released by the Ministry of Labour and Social Economy on Tuesday, and reported by the Europa Press agency. With the decline recorded in 2022, unemployment has now dropped for the second year in a row…
The Council of State has had enough of Pedro Sánchez’s Government’s way of legislating and has issued a harsh judgement in which it warns of “unjustified urgencies” that affect the quality of laws and the “control of legality and constitutionality” and warns of “guarantees” that “suffer”. The highest advisory body demands “respect” for its function and the legal framework, in the face of an “absurdity” that comes close to being…
Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros.
CdM | Spain CPI dropped one percentage point to 5.8% in December from a year earlier, thanks to the fall in electricity and fuel prices. However food prices remained through the roof, according to preliminary data from the National Statistics Institute (INE) on Friday. Core inflation, which strips out volatile fresh food and energy prices, stood at 6.9% year-on-year in December, up from 6.3% in November, INE said. Consumer prices…
As of 30 November 2022, the latest date recorded, so far, by the Intervención General de la Administración del Estado (IGAE), the Spanish government had only paid out 29% of the Next Generation funds – most of them transfers between administrations and money that goes to public investment. However, it is estimated that the payments made will be around 40% by end-December this year. The IGAE report specifically points out…
Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…
The government has taken advantage of the decree approved yesterday with anti-crisis measures to introduce new regulations, such as the one on business shields and others with respect to energy. One very relevant one is that, to avoid “speculation”, says the decree, a moratorium of 18 months has been imposed on all those projects that are processing renewable permits but without the most basic one: access to the electricity backbone,…
Ofelia Marín-Lozano | We started 2022 with inflation significantly higher than it had been since the 2008 financial crisis. We began to spend the savings accumulated during the pandemic, as a result of the fall in consumption due to activity restrictions. As an indication, the average American over the last ten years used to spend 93% of his or her salary each month; during the pandemic, he or she spent…