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Spanish economy 17th June 2025

Ministry of Transport and Generalitat give green light to El Prat airport expansion

Intermoney | Aena (AENA) (Buy, Target Price €215/share) announced on Tuesday the agreement between the Ministry of Transport and the Generalitat de Catalunya, approving the operator’s plan for the expansion of El Prat Josep Tarradellas airport in Barcelona. The work, which will involve an investment of some €3.2 billion, will consist of extending one of the runways by 500 metres to a length of 3,160 metres, which will allow the…

Spanish economy 16th June 2025

Iberdrola, Endesa and Naturgy present proposal on nuclear calendar that will review Enresa tax

Banco Sabadell | According to press reports, the electricity companies have submitted a proposal to MITECO (Ministry for Ecological Transition) to revise the nuclear calendar, which involves maintaining the final closure date of 2035 and extending the planned intermediate deadlines. The proposal includes, among other things, the intention to request the Nuclear Safety Council (CSN) to extend the two Almaraz reactors (Iberdrola 52.7%; Endesa 36%; Naturgy 11.3%) until 2030 (as…

Spanish economy 16th June 2025

Spanish inflation moderates to 2% in May, lowest level since October 2024

CdM | The Consumer Price Index (CPI) fell by two tenths of a percentage point in May, standing at 2% year-on-year, the lowest level since October 2024, when it stood at 1.8%, according to final data published on Friday by the National Statistics Institute (INE). This figure is slightly higher than the provisional estimate, which predicted a drop of three tenths of a percentage point to 1.9%. Despite the difference,…

Spanish economy 10th June 2025

“Sabadell is not a fundamental and irreplaceable operator” concludes CNMC in analysis of BBVA’s takeover bid

Link Securities | The National Markets and Competition Commission (CNMC) concluded in its April report on BBVA’s (BBVA) takeover bid that Banco Sabadell (SAB) “is not a fundamental and irreplaceable operator” in the world of SMEs, and that it is losing market share in this business, according to Expansión and the Efe news agency on Friday. For more than eleven months, the CNMC analysed the impact that the acquisition of…

Spanish economy 4th June 2025

Spain receives 8.6 million international tourists in April, 10.1% more than same month last year

Link Securities | According to the Statistics on Tourist Movements at Borders (Frontur), published by the National Statistics Institute (INE), Spain received 8.6 million international tourists in April, 10.1% more than in the same month of 2024. The United Kingdom was the main country of residence, with more than 1.6 million tourists and an increase of 11.1% compared to April 2024. From Germany came 1.3 million (up 13.7%) and from…

Spanish economy 2nd June 2025

Tariffs on steel and aluminium up from 25% to 50%: negative for ArcelorMittal, positive for Acerinox

Bankinter | US President D. Trump announced that he will raise tariffs on all steel and aluminium imports from all countries from 25% to 50% as of Wednesday 4 June. The 25% tariff was set on 12 March. Analysis team’s view: This increase comes days after a US International Trade Tribunal called into question reciprocal tariffs, but not sectoral tariffs. This new sectoral tariff increase complicates ongoing negotiations with many…

Spanish economy 2nd June 2025

CNMV approves Naturgy’s auto-IPO to acquire up to 9.08% of its capital at €26.50/share

Banc Sabadell : The National Securities Market Commission (CNMV) has authorised the auto-IPO of Naturgy (NTGY) to acquire up to 9.08% of its share capital (with the aim of improving its free float) at €26.50/share. The acceptance period will be 15 days from the day after details of the offer are published in the press. On the other hand, the company has confirmed that it will not go ahead with…

Spanish economy 30th May 2025

SEPI could grant Talgo €120m convertible loan to unblock Basque consortium’s entry in capital

Renta 4: According to press reports, SEPI (the State-owned industrial holding company) could grant a convertible loan to Talgo to unblock the entry of the Basque consortium in the capital of the rolling stock manufacturer. The operation would consist of a convertible loan amounting to €120 million to cover the fine of €116 million imposed by Renfe on Talgo for the delay in the supply of the 30 AVRIL trains….

Spanish economy 30th May 2025

Talgo calls EGM to reshuffle board after being left inquorate

Alphavalue/DIVACONS | The train manufacturer has called an Extraordinary General Shareholders’ Meeting for 27 June in order to restructure its board of directors, after it was left with an insufficient number of members to reach the quorum necessary for its valid constitution and operation. This situation follows the death of its independent director Emilio Novela Bartín on 16 May in Madrid, the company informed the National Securities and Exchange Commission…

Spanish economy 29th May 2025

Number of mortgages in March in Spain reaches 42,831, 44.5% increase in annual rate

Link Securities | According to data released yesterday by the National Statistics Institute (INE), the number of mortgages taken out on homes in March rose to 42,831, representing an increase of 44.5% year-on-year. The average amount of these operations was 156,698 euros, an increase of 14.3% in the interannual rate. In addition, the average amount of mortgages on the total number of properties registered in the land registries (from previously…

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