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Spanish economy 15th October 2022

September CPI rate falls to 8.9% vs 10.8% in July

CdM | In September, prices eased once again and moved away from double-digit figures. The CPI rate fell 1,6 points year-on-year, more than estimated, according to the final figures released by the National Statistics Institute (INE). Underlying inflation also declined, to 6.2%, after 14 months of continued increases. We should recall that the headline inflation rate reached its highest peak since September 1984 in the month of July, when prices rose 10.8%….

Spanish economy 14th October 2022

Spain: The Last Advanced Economy To Recover Pre-Covid Levels, In 2026, According To The IMF

It will take us Spaniards six years to get back to where we were in 2019. After the latest slowdown in growth, the International Monetary Fund (IMF) has revised its forecasts for world GDP per capita. And the result is that, of the 24 countries that make up what the organisation calls ‘advanced economies’, 23 are going to recover their pre-covid-19 standard of living before Spain. Some, such as the…

Spanish economy 14th October 2022

IAG earns 1.2 billion euros in September and rises 9% on the stock market

IAG, the airline consortium with Qatari capital, has beat all expectations and clocked up operating profit in the first nine months of the year of 1.2 billion euros. The initial estimate was that the group, led by Luis Gallego as CEO, would maintain earnings at around 800 million euros. So these results mean the company has raised its (operating) profitability by 50% over the forecast. This made IAG the real…

Spanish economy 13th October 2022

Spain To Follow Italy And Poland And Leave The Energy Charter

Spain has initiated proceedings to withdraw from the Energy Charter Treaty (ETC), signed by 53 countries and in force since 1998, designed to protect foreign investment in energy infrastructure, according to Politico. Investors have invoked the treaty to litigate against Spain in more than 50 cases over renewable energy cuts. The third vice-president of the government and minister for Ecological Transition, Teresa Ribera, had already pointed out on numerous occasions…

Spanish economy 13th October 2022

Corporate Insolvencies Grow By 90% In September Compared To 2021

Business insolvencies have registered, as of September 2022, the highest increase in that month in the last 10 years. A total of 718 insolvencies have been recorded, 90.5% more than in the same period of 2021, reaching a cumulative figure in 2022 of 4,237 insolvencies filed. Until May, we were in an ‘anaesthetised’ situation in the filing of insolvency proceedings, with a negative annual accumulated figure of 7.3%. However, from…

Companies, Ibex, Spanish economy 12th October 2022

Dividing up Naturgy would involve «inopportune complexities» for the Government

Banc Sabadell | The Géminis plan aimed at dividing Naturgy into two entities would involve ill-timed complexities in the eyes of the Government, according to official sources, cited by the press. The main reason should be that Naturgy is considered as strategic, due to the fact that it is the main supplier of gas to the Peninsula via Medgaz. The current environment as a result of the war in Ukraine…

Companies, Ibex, Spanish economy 12th October 2022

Amadeus: the re-opening may offset the macroeconomic context

Morgan Stanley | The Q3’22 survey of CIOs (Chief Information Officers) suggests a slowdown in IT budgets’ growth. Expectations for spending in 2022 have been cut by 100bp to 3%. For 2023, growth of 2.8% is expected, so both figures would be below the pre-Covid average of 4.1%. The ratio of those CIOs who expect an increase in budgets vs a cut has fallen to 0.4x (vs 1.1x Q2’22), registering…

Companies, Ibex, Spanish economy 12th October 2022

Repsol’s Q3’22 trading statement predicts spectacular results: record Ebitda of €12.955 Bn

Renta 4 | On Monday after the market close, Repsol released figures corresponding to Q3’22, where the price of Brent (100,8 USD/b) rose 37.1% year-on-year and fell 11.5% quarter-on-quarter, and the price of gas (8,2 USD/Mbtu) was up 105% year-on-year and 13.9% quarter-on-quarter. These figures compare with the company’s guidelines for 2022, where it considers levels of 70 USD/b and 3,7 USD/Mtbu, while sensitivity to the price of Brent is…

Spanish economy 11th October 2022

Ferrovial Sells Amey For GBP 400 Million

Ferrovial has reached an agreement for the sale of 100% of the Amey group, almost completing the divestment of its former Services division. The acquiring vehicle is a UK company controlled by funds managed by One Equity Partners. They are entering into the transaction alongside their acquisition partner Buckthorn Partners. The transaction represents an enterprise value of GBP 400 million (€455 million) and an estimated equity value of approximately GBP…

Spanish economy 11th October 2022

Spain Is The Only Major European Economy That Has Not Yet Recovered Pre-Pandemic GDP

After Italy and France, Germany did so in the second quarter of this year. The Spanish economy, according to the Bank of Spain, will not reach this point until 2024. Italy and France had already achieved it. The average for the euro area achieved it by the end of 2021. And Germany did so after the second quarter of this year. Therefore, Spain has been completely left behind and is…

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