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Spanish economy 5th September 2022

Spain’s GDP Will Contract By 0.4% In 3Q2022, According To AIReF

The Independent Authority for Fiscal Responsibility (AIReF) now expects Spain’s Gross Domestic Product (GDP) to contract by 0.4% in 3Q2022 compared with 2Q2022, as reflected in the latest update of the real-time GDP trend forecasting model (MIPred) published by AIReF after the publication of the data on the number of workers registered with the Social Security (monthly average) for the month of August 2022. The aforementioned contraction of 0.4% quarter-on-quarter…

Enagas

Ibex, Spanish economy 2nd September 2022

Enagas puts a capex figure of €370 mn on MidCat (7.7% of estimate up to 2030)

Sabadell | ENAGAS Sell (T.P. 20,13 €/share) On Thursday, after the meeting between Spanish Prime Minister P. Sánchez and German Chancellor O. Scholz, where they defended the need to increase interconnections in Europe, the French Economy and Finance Minister, B. Le Maire replied that he will take a look at the MidCat project. Up to now, France had opposed MidCat, alleging it would be a project which would take too…

ACS

Companies, Ibex, Spanish economy 1st September 2022

ACS takes control of Houston highway for €900 mn

Link Securities | Iridium, a concessions subsidiary of ACS, via its US arm ACS Infrastructure Development, Inc., has reached an agreement to buy 44.5% of US firm Blueridge Transportation Group (BTG). The latter is the concessionary company for a 17 km segment of the SH-288 highway in Houston, Texas, which includes on the central reservation two toll lanes in each direction. After this acquisition, ACS’ stake in the BTG will…

ACS

Companies, Ibex, Spanish economy 31st August 2022

ACS signs two new contracts worth €800 mn in the US; already obtains over half its revenues there

Intermoney | According to today’s Expansion, ACS (Buy, T.P. 40 euros/share) is beefing up its works portfolio in the US, after signing two new contracts in California with a budget of 800 million euros. Through Flatiron, one of its main subsidiaries in the US along with Turner and Dragados, the Spanish firm has teamed up with local group Myers & Sons to reformulate the current motorway Interestatal 105 (I-105) in…

Acerinox

Companies, Ibex, Spanish economy 31st August 2022

Acerinox to implement ERTE in Algeciras plant due to energy prices

Renta 4 | ACERINOX. Possible new production halt in Algeciras plant due to energy prices. 1-. Acerinox has informed workers’ representatives at its Algeciras plant that it will begin to implement the ERTE (Temporary Employment Regulation) agreed on in March from September 11, for a maximum period of 15 days. This move is the result of high energy prices. 2-. The aim is to cut production of steel lines, hot rolled and…

Arcelor Mittal

Companies, Ibex, Spanish economy 30th August 2022

Arcelor’s Joint Venture in India agrees the purchase of assets for $2.4 Bn

Morgan Stanley | ARCELORMITTAL, OVERWEIGHT. The Spanish firm’s JV “Nippon Steel India” has agreed to buy various assets in India (ports, energy and infrastructure assets) from Essar Group. The net cost is $2.4 billion and the aim of the move is to optimise logistics and the supply chain of raw materials and finished steel products for domestic sales within India, as well as for export. We acknowledge the strategic benefits…

Inflation Spain

Spanish economy 30th August 2022

Spain estimated August CPI at 10.4% vs 10.8% in July

Spain’s estimated annual Consumer Prices Index (CPI) stood at 10.4% in August, according to an advance of the data from the National Statistics Institute (INE). If this figure is confirmed, it would mean a decline of four-tenths of a percentage point from the 10.8% recorded in July. INE said the trend in inflation in August is mainly due to the fall in fuel prices, which rose a year earlier. And…

Acciona

Companies, Ibex, Spanish economy 30th August 2022

Acciona, part of winning consortium for €485 Mn contract in Australia

Link Securities | According to Europa Press yesterday, ACCIONA has won a new contract to upgrade a train line in Perth, in western Australia. It includes eliminating six level crossings and building five new stations for 701 million Australian dollars (some 485 million euros). The Spanish firm will carry out these works as part of a consortium formed along with US company Aecon, Canada’s WSP and the Australian firm BMB…

BBVA

Companies, Ibex, Spanish economy 26th August 2022

BBVA to hire 400 people with technological profile in Spain

Alphavalue | BBVA (Buy, Target Price 6,24 euros +) plans to hire 400 people in Spain this year with a technological profile. The Spanish bank revealed it foresees the incorporation of 2,000 employees into its workforce with this kind of profile in 2022. As analysts at Link explain: “As the group announced yesterday, almost 1,000 engineers have joined BBVA in H1 2022, a figure which the bank expects to double…