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Spanish economy 5th July 2023

Small businesses shed almost 20,000 self-employed in one year

Bakeries, greengrocers, butchers, hairdressers? The decline of small businesses is being exacerbated by the pressure of costs and lower sales, an explosive combination that is accelerating the trickle of shop closures that began years ago without this decline being accompanied by an urgent support plan. The proliferation of large shopping centres, the consolidation of online commerce and with it the irruption into the market of the technological giants, have taken…

iberdrola megachuli

Spanish economy 5th July 2023

Iberdrola completes €154,773,000 capital reduction through share redemptions

Link Securities | The executive chairman of Iberdrola (IBE) has declared closed and executed the capital reduction through the redemption of treasury shares approved by the General Shareholders’ Meeting of the Company held on 28 April 2023, in exercise of the powers conferred by the Board of Directors. Iberdrola’s share capital has been reduced by €154,773,000 through the retirement of 206,364,000 treasury shares. The share capital resulting from the reduction…

unemployed august

Spanish economy 5th July 2023

Unemployment falls by 50,268 in June and drops to 2008 levels, under 2.7 million

CdM | The number of unemployed registered in the offices of the State Public Employment Service (SEPE) fell in June by 50,268 (-1.8%). This brings the total figure to the lowest since September 2008, falling below the 2.7 million mark to 2,688,842 unemployed. REGISTERED UNEMPLOYED TRENDS The Ministry of Labour and Social Economy stresses that this decline, which is widespread throughout the country, affects all sectors and all age groups,…

red electrica cableado

Spanish economy 4th July 2023

Spike in gas prices pushes up electricity prices 25% in June

ASE Group : The average daily price of the Spanish wholesale market (POOL) in June stood at 93.02 €/MWh. It is 25.35% higher than in May, but still 57.5% below the level of a year ago. According to ASE Group analysts, this rise is explained by the shortage of wind power, which has given prominence to combined cycle plants with gas on the rise. Gas-fired combined cycle plants produce 43.17%…

vivienda

Spanish economy 1st July 2023

Spain approves €2.5 billion loan facility for first-time house buyers

Bankinter Spain approves a new line of guarantees from the Official Credit Institute (ICO) of €2,500M to help young people under 35 years of age and families with dependent children without age limit with an individual income of up to €37,800 per year to pay the down payment on their first home. The guaranteeable loan may be up to 100% of the lower value between the assessment and the purchase…

inflation rises

Spanish economy 30th June 2023

Spanish inflation falls to 1.9% in June, core remains at 5.9%

The leading indicator of the Consumer Price Index (CPI) for the month of June leaves the lowest inflation figure since April 2021. According to information published by the National Statistics Institute (INE), year-on-year inflation stood at 1.9% in June. If this figure is confirmed on 12 July, it would be more than one point lower than the figure recorded in May (3.2%). Yesterday morning, the Minister of Economy, Nadia Calviño,…

ley hipotecaria

Spanish economy 30th June 2023

Spain’s mortgage portfolio to fall by 1.7% this year and not recover until 2026

Alphavalue / Divacons| Spain’s mortgage portfolio will fall by 1.7% this year and will not recover to the levels seen in 2022 until 2026, according to a report by the consultancy firm EY published on Monday. Specifically, the professional services firm estimates that the outstanding balance of the Spanish mortgage portfolio will end the year down 1.7% to 484,000 million euros. In the coming years it will grow again, but…

inflacion cesta

Spanish economy 29th June 2023

Council of Ministers extends some anti-inflation measures until 31 December

Bankinter: This is the seventh package of anti-crisis measures worth some €3.8 billion, bringing the measures for the second half of the year to €8.9 billion. Of note are: (1) the maintenance until the end of the year of the reduction in VAT on staple foods (to 0% from 4% for bread, eggs, fruit and vegetables) and to 5% from 10% for other products such as pasta and oils. This…

caixabank

Spanish economy 29th June 2023

Caixabank, a 1.5 billion share buyback?

Morgan Stanley analysts reiterate their OW (Overweight) on Caixabank and maintain the stock as a sector Top Pick, as they believe that the market is undervaluing the bank’s capital generation capacity by analysing DTAs (deferred tax assets). Additionally, they now assume in their base scenario a €1.5bn buyback that they expect to be announced in Q3, which together with a mark-to-market of the yield curve, justifies an upward revision of…

Spanish middle class shrinks since crisis

Spanish economy 29th June 2023

Spanish households spending 8% more but consuming 3% less than before the pandemic

Spanish households spend more, but consume less. This is one of the main conclusions of the Household Budget Survey published by the INE, which determines that the average expenditure per household in 2022 increased by 7.9% with respect to the previous year, to reach €31,568. This figure exceeds pre-pandemic levels in global terms, with an increase of 4.4% compared to 2019. However, these figures are magnified by the effect of…