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spain savings rate

Spanish economy 16th May 2024

Brussels improves 2024 forecasts for Spanish growth (+2.1%) and deficit (3%)

The European Commission (EC), in its new macroeconomic estimates, has revised Spain’s Gross Domestic Product (GDP) growth in 2024 upwards, from 1.7% to 2.1%. This is well above the Eurozone average (0.8% and 1.4% respectively) and ahead of the major economies (Germany will have no growth this year and France and Italy just 0.7% and 0.9%), and is a four-tenths improvement on what the Commission thought would happen in February,…

Telefonica central

Spanish economy 16th May 2024

SEPI continues acquisition and passes 8% threshold in Telefónica’s share capital

Link Securities | Telefónica (TEF) informs that on 13 May 2024, the public deed for the reduction of share capital in the amount of €80,296,591, through the redemption of 80,296,591 treasury shares, was registered at the Madrid Mercantile Registry. As a result, the share capital of the company has been set at €5,670,161,554, divided into 5,670,161,554 ordinary shares of €1 par value each, which confer a total of 5,670,161,554 votes…

bbva sabadell

Spanish economy 15th May 2024

Blackrock, Norges Bank and Vanguard, over 10% of Sabadell’s capital, not in favour of defensive manoeuvres against takeover bids

Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has conveyed to the president of the supervisory board of the European Central Bank (ECB), Claudia Buch, his “concerns” regarding the hostile takeover bid launched by BBVA (BBVA) on Banco Sabadell (SAB) in a bilateral meeting. This was confirmed by Mr Cuerpo in statements to the media on his arrival at the meeting of Eurozone finance ministers. “We…

Ferrovial DelPino 768x524 1

Spanish economy 14th May 2024

Ferrovial reports attributable profit of €152 million, up 61%, for 1Q24

Ferrovial, today announced Q1 results for the first time after being listed simultaneously in Spain, the Netherlands and the U.S. Adjusted EBITDA amounted to €254 million in the first quarter of 2024, a 37.6% like-for-like growth versus Q1 2023, due to the solid growth of the Toll Roads and Construction divisions. Revenue increased by 3.5% in like-for-like terms to €1.9 billion in the period. “Once again, the first quarter results…

merlin properties

Spanish economy 14th May 2024

Merlin Properties considers capital increase, entry of a partner or divestment of data centre assets

Renta 4 | At Merlin Properties’ AGM on Thursday, the CEO, Ismael Clemente, revealed further details on the status of the company’s data centre strategy and options. Firstly, Merlin is reportedly receiving interest from a number of pension funds, sovereign wealth funds, insurance companies and other large investment vehicles. Secondly, the management team insists that the operation to grow the data centre plan has not yet been defined, although they…

endesa novisimo

Spanish economy 13th May 2024

Endesa unites possibilities of 5G and artificial intelligence as allies to prevent workplace accidents

CdM | Endesa has combined the use of 5G technology with artificial intelligence (AI) to improve the safety of workers during maintenance work on distribution network infrastructures, the company said. Specifically, e-distribución, the energy company’s network subsidiary, has deployed a private 5G network at the Ecogarraf substation in Barcelona as part of the European Smart5Grid project, which has explored the possibilities offered by 5G technology in the development of smart…

industria 1

Spanish economy 11th May 2024

Industrial production in Spain falls by 1.2% year-on-year in March, compared with an increase of +1.3% previously

Link Securities | The National Statistics Institute (INE) published yesterday that industrial production in Spain fell by 0.7% in March compared to February, in seasonally and calendar adjusted figures. In the month, all sectors presented negative growth rates in their production, although the largest decreases were seen in Capital Goods and Energy (both with a variation of -1.6%). In year-on-year terms, industrial production in Spain fell by 1.2% in March…

property market

Spanish economy 10th May 2024

Home sales down 13.7% in March; average price per square metre rises by 4.2%

Link Securities | According to data from the General Council of Notaries, released on Thursday by Expansión, the number of home sales and purchases fell by 13.7% in March in year-on-year terms, to 56,559 units, while the granting of mortgage loans for the purchase of housing fell by 4.5%. By type of housing, sales of flats fell by 13.9% year-on-year to 43,761 units, while single-family homes fell by 13.2% to…

spain foreign policy

Spanish economy 10th May 2024

The Spanish economy surprises the most optimistic

Oriol Aspachs (Caixabank Research) | Everything pointed to the Spanish economy’s growth rate continuing to be vigorous, as we have been pointing out in the pages of the CaixaBank Research Monthly Report over the last few months. Job creation shows no signs of slowing down and, in fact, accelerated in Q1 of the year. Business activity indicators have picked up, both in the services sector and in industry. Industrial production…