In Spain

santander sucursal 3CM

Santander reports profit of €6,059 million, up 16%, in first half of year

Santander achieved an attributable profit of €6,059 million in the first half of 2024, up 16% in current euros versus the same period last year, as strong growth in net interest income in all the global businesses and regions, supported by four million more customers, and very good cost control, more than offset the expected year-on-year growth in provisions. The group continued to increase profitability and shareholder value creation, with…


exportaciones comercio viajes

Spain’s trade balance generates €2.3-billion deficit in May compared to €3.1 billion in same month last year

Link Securities| The Ministry of Industry, Trade and Tourism published on Friday that Spain’s trade balance generated a deficit of €2.3 billion in May compared to the €3.1 billion it reached in the same month last year. In May, exports increased by 2.3% to €34.7 billion, mainly driven by higher shipments of energy products (+35.9%), raw materials (+13.1%) and food, beverages and tobacco (+9.1%). At the same time, imports remained…


madrid rental market

Spain: Rents rise by 9% and exceed barrier of €1,000 per month for first time, according to Fotocasa

The price of rents has risen by 9% and reached highs in June, up to €12.65 per square meter, according to data from Fotocasa, which has specified that a home of 80 square meters already costs €1,012 per month. “For the first time in history, the price of rent now exceeds the tacit barrier of one thousand euros per month,” explains the director of studies and spokeswoman for Fotocasa, María…


banco sabadell josep oliu

Banco Sabadell reports €791 million profit at mid-year, up 40%

Link Securities | SAB increased its net interest income by 9.8% (+8.8% year-on-year at constant rates; +1.1%; FactSet consensus) between January and June, compared to 1H2023, to €2,493 million, mainly due to higher credit yields and revenues from the fixed-income portfolio supported by higher interest rates, offsetting higher cost of funds and capital markets and lower average volumes. – SAB also reduced its net fees and commissions by 3.3% year-on-year…


Naturgy

Naturgy finalises definitive price agreement with Sonatrac for gas supplies, retroactively for 2023, and for 2024

Bankinter | Naturgy is about to seal a new gas price agreement with the Algerian state-owned monopoly Sonatrach, its main supplier. Both groups are finalising a pact that definitively fixes the price of supplies in 2023 retroactively and those of 2024. In addition, the criteria for revisions from 2025 to 2027 are beginning to be established.for revisions from 2025 to 2027. This will put an end to years of tense…


enagas logo

Fitch Ratings upgrades Enagás’ credit rating to “BBB+” with “stable” outlook

Link Securities | On 19 July 2024, the credit rating agency Fitch Ratings has published a note in which it has upgraded Enagás’ credit rating to “BBB+” with a “stable” outlook. The rating upgrade is supported by the improvement in business risk as a result of the execution of the company’s asset rotation, the prudent capital structure defined and the strong deleveraging following the sale of the stake in Tallgrass.


exports gorgeous

Spanish exports fall 4.8% in last twelve months

Luis Alcaide | There were already warning signs, but the fear has been confirmed in the latest data on Spain’s export trade available for the month of May. In May, the value of exports recorded an increase of 2.3%, which fails to offset the decline of the first months of the year. Thus, in the last twelve months, the value of Spanish exports has fallen by 4.8% over the previous…


Talgo building

Pegaso International, consortium controlling 40.22% of Talgo, inclined to reject Skoda’s offer

Link Securities | According to different sources consulted, the offer of the Czech company Skoda for Talgo meets with the doubts of the majority shareholders of the company, the newspaper elEconomista.es reported yesterday. Pegaso Internacional, the consortium that controls 40.22% of the railway company through the sum of the stakes of the Oriol family, the family office Torreal and the private equity firm Trilantic Capital Partners, is sceptical about the…


españa turismo selfie

Competitiveness of Spain’s tourism sector: strengths and weaknesses

Judit Montoriol Garriga (Caixabank Research) | Global international tourism has grown very significantly in recent quarters and is very close to recovering pre-pandemic levels: in Q1 2024 it was only 3% below 2019 levels, according to the UN tourism barometer. The Spanish tourism sector was among the first to recover: among the world’s top 10 destinations, Spain was the second country, after Turkey, to surpass pre-pandemic international tourist numbers. Thus,…


espana europa billete

AIReF revises Spain’s GDP growth upwards to 2.4% for 2024, but only 1.9% and 1.6% for 2025 and 2026

Bankinter | The Independent Authority for Fiscal Responsibility (AIReF) assesses the Government’s Economic Situation Report. It considers the macroeconomic scenario for the years 2024-2027 to be optimistic. AIReF has updated its macroeconomic scenario and projects GDP growth of 2.4% for 2024 (up 0.4pp); 1.9% for 2025; 1.8% for 2026 and 1.6% for 2027 (against 2.4% 2024; 2.2% 2025 and 2% in 2026 and 27 of the Government’s macroeconomic projections announced…