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Spanish economy

Telefonica novisima

Spanish economy 23rd May 2024

Telefónica pacts with Masorange and Vodafone to share frequencies in upcoming 5G rollout in rural areas and small towns

Banco Sabadell: According to press reports, Telefónica has reached an agreement with Masorange and Vodafone to share frequency spectrum for its mobile services in Spain. Specifically, the agreement allows them to use the 700 MHz band jointly in network deployments following the upcoming award of the Single Active Networks tender, which aims to extend 5G technology in rural areas and small towns. Assessment: Positive news with limited impact. The agreement…

comercio cm

Spanish economy 22nd May 2024

Spanish exports reach €93,430 million, historically second highest value for month of March

Banca March: Spain’s trade deficit was reduced in March. The data published showed that in March the trade balance registered a deficit of €2,026.2 million. The non-energy component increased its surplus to €444.4 million. If we analyse the aggregate data for Q1, the trade deficit was the second smallest since Q3 2021. Meanwhile, Spanish exports of goods reached €93,430 million (the second highest value in the historical series for this…

Banco Santander office

Spanish economy 22nd May 2024

Banco Santander now largest capitalised bank in EU with €76,121m, ahead of BNP

Alphavalue / Divacons | The Cantabrian bank managed to overtake BNP Paribas as the bank with the largest capitalisation in the European Union, with a value of some €76.121 billion. The milestone came about because BNP Paribas’ share price on Tuesday discounted the dividend it will pay in the near future. When shares are quoted ex-dividend, there is always a downward adjustment in their value. Santander’s capitalisation on Tuesday stood…

Telefonica dos

Spanish economy 22nd May 2024

SEPI announces it has reached 10% of Telefónica’s share capital

Renta 4 | The State Indutrial Ownership Corporation (SEPI) has announced that it already reached its 10% target of Telefónica’s share capital. The State would have invested €2,284.8 million to build this stake. We recall that SEPI has been awarded a seat on the board, to be occupied by Carlos Ocaña Orbis. According to press reports, SEPI could have applied for a second seat, although under current regulations its shareholding…

exports gorgeous

Spanish economy 21st May 2024

Spanish exports fall by 9% in 1Q24

Spanish exports of goods reached €93,429.5 million, down 9% in the first quarter of the year, with the trade deficit rising by 23.2% in the first quarter of the year compared to the same period in 2023, to reach €8,105 million, according to data published on Monday by the Ministry of Economy, Trade and Enterprise. The behaviour of the trade deficit is mainly due to the reduction of the non-energy…

The Bank of Spain

Spanish economy 21st May 2024

The changeover at the Bank of Spain and the ‘lame duck’ moment

Aurelio Medel (5Días) | Power manifests itself through the occupation of spaces and is exercised through the application of a programme. First the chairs, then the BOE (the Official Stare Gazette) . This is how the change of a country’s government is transmitted. Then the legislature advances and the viscous period comes in which the end of the cycle is glimpsed, causing the pieces to shift. This happened in the…

bbva sabadell

Spanish economy 20th May 2024

BBVA may take ownership of Banco Sabadell, but not merge with it, says Finance Minister

Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has admitted that BBVA may take ownership of Banco Sabadell, but not merge with it, Invertia.com reported on Friday. He also pointed out that “the merger is what the government has to authorise”. Cuerpo has remarked that the takeover bid by BBVA for SAB has to go through a process that includes the approval of the National Securities…

3. Public debt

Spanish economy 20th May 2024

Spanish debt hits record €1.6 trillion, 109% of GDP, and grows at 5,1%, twice rate of GDP, 2%

According to data from the Bank of Spain (BdE), Spanish public debt rose in 1Q2024 to 109% of GDP, 1.3 percentage points higher than at the end of 2023, while it set an all-time high at €1,613,063 million, 5.1% higher than in the same quarter of the previous year. Data published on Friday by the Spanish Central Bank (BdE) show that at the end of 1Q2024, the State’s debt amounted…

telefonica letrero entrada 1024x648 1

Spanish economy 20th May 2024

SEPI takes stake in Telefónica to over 9% from 8% previously

Banco Sabadell: The State Industrial Ownership Corporation (SEPI) has informed the National Securities Market Commission (CNMV) that on May 15th it reached a stake of more than 9% in the capital of Telefónica (from the previous 8%). We recall that SEPI’s objective is to reach 10% of TEF’s capital. Assessment: Positive news with limited impact, in fact now that SEPI has almost achieved its objective, the share will lose this…

Mortgage law Spain

Spanish economy 17th May 2024

House sales and purchases fall 19.3% in March

The sale and purchase of homes recorded a decline of 19.3% in March compared to the same month in 2023, to a total of 44,878 operations, according to the National Statistics Institute (INE), which revealed that this rate has fallen in thirteen of the last fourteen months. The data published by the National Statistics Institute (INE) leave the 5.8% rise recorded in February, with which the statistics broke a 12-month…