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Spanish economy

iag aireuropa

Spanish economy 10th June 2024

Iberia finalising Air Europa route divestiture package to be submitted to Brussels for approval by authorities

Alphavalue/DIVACONS | Iberia is finalising the Air Europa route divestment package it will submit to Brussels to resolve supply-side constraints and obtain EU regulatory approval for the purchase of Globalia’s airline. On the other hand, the Irish fund Helikon Investments has notified the National Securities Market Commission (CNMV) of its entry into the capital of the Spanish-British airline (>3%) through the acquisition of several swaps that place it as an…

The Bank of Spain

Spanish economy 10th June 2024

Hernández de Cos ends term at Bank of Spain

The governor of the Bank of Spain, Pablo Hernández de Cos, will conclude his six-year term at the helm of the institution tomorrow, Tuesday 11 June, and the government has yet to take a firm decision on his replacement. The Minister of Economy. Carlos Cuerpo, has explained that there is still time to designate a successor to Hernández de Cos, whom he has recognised for his “excellent work” at the…

Caixabank

Spanish economy 7th June 2024

CaixaBank and CEOE agree credit line of up to €40 billion (14% up on 2023) to support Spanish companies

Link Securities | The chairman of Caixabank, José Ignacio Goirigolzarri, and the president of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, have renewed their agreement on Thursday to support the growth and modernisation of Spanish companies, as reported by the digital portal Bolsamania.com. Specifically, they have established a line of financing of up to €40 billion (14% more than last year) to provide an ‘effective response to the…

spain savings rate

Spanish economy 7th June 2024

IMF raises growth forecast for Spain by half a point to 2.4% but warns investment not taking off

The International Monetary Fund, yesterday raised its growth forecast for the Spanish economy this year by half a point to 2.4%, although it also warned that inflation is reluctant to moderate and that sluggish investment and rigidities in the labour market could weigh down developments in the medium term. The Fund recalls that investment remains below 2019 levels, which is weighing on productivity growth per hour worked and could stifle…

employment office

Spanish economy 7th June 2024

Permanent contracts in Spain account for 43% in May, but this percentage steadily declining

Intermoney | In Spain, the labour market behaved very favourably as unemployment continued to fall, reaching a total of 2,607,850 people in May, the lowest figure for a month of May since 2008 and also the lowest figure since August of the same year in question. On a month-on-month basis there are 58,650 fewer people unemployed, i.e. a cut of 2.2%. And if we look at the year-on-year terms, unemployment…

Spain home market

Spanish economy 6th June 2024

Home sales and purchases up 25.2% in April

The sale and purchase of homes increased by 25.2% in April in year-on-year terms, to 61,683 units, and the granting of mortgage loans for the purchase of housing rose by 37.8%, to 30,147 operations, according to data released this Wednesday by the General Association of Notaries. The average price per square metre stood at €1,669, which represents an increase of 0.5% compared to the same month last year, with particular…

The arrival of immigrants has invigorated the Spanish population

Spanish economy 6th June 2024

OECD says 2019 minimum wage reform increased wages of directly affected workers almost 6% and reduced employment by only 0.6%

OECD | Spain has been confronted with weak wage and productivity growth for several decades. This report provides an overview of the role that labour market policies as well as other policies can play in reviving broadly-shared productivity growth in Spain. The emphasis is on wage-setting institutions, employment protection and job retention support, consistent with the focus of recent reforms. Wage-setting institutions have been strengthened to promote a broader sharing…

naturgy eolica

Spanish economy 6th June 2024

Naturgy approves roadmap with ambitious network investment plan of €1.34 billion up to 2027

Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports. Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that,…

vivienda españa

Spanish economy 5th June 2024

House prices rise 1% in May, surpassing 2007 crisis peak

CdM | The price of used housing in Spain has registered a rise of 1% during the month of May, standing at €2,120/m2. This figure is the record for the price of used housing in Spain, surpassing the previous record set in June 2007, according to data compiled by idealista. By Autonomous Communities, all show higher prices than last month. The Balearic Islands (1.6%) lead the increases, followed by Navarre…

Inditex Junta 2023

Spanish economy 5th June 2024

Inditex continue to deliver ample market share gains

ITX’s Q1 results (in-line) and current trading (amply ahead) confirm the by- now-well-recognised investment narrative. One that sees the group continue to deliver ample market share gains. It is true that gross margin progress is now much more measured, and in turn the benefits to EBIT margin expansion more modest. Still, the net output in terms of earnings growth and TSR offered to shareholders remains impressive in a broader consumer…