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Spanish economy

Companies, Ibex, Spanish economy 12th November 2022

The end of TLTRO would not lead to deposit war amongst Spanish banks: liquidity coverage ratios are at 233%; Caixabank top pick

Morgan Stanley | Spanish banks have underperformed 8% since their results, despite having beat NII estimates by 4%. The market is pricing in a slowdown in NII due to the increase in the costs of deposits with the end of the TLTRO and the start of competition anticipating what we are seeing in the US. Alvaro Serrano considers this to be an inaccurate analysis, given that the situation in the…

Spanish economy 11th November 2022

There are already almost half a million permanent unemployed who are not counted as unemployed by the government.

By keeping the contract, the government does not count the permanent unemployed as unemployed when they are inactive. If they register with the SEPE to look for another job, they appear in another box called ‘demandantes de empleo con relaciones laborales’ (job seekers with employment relations). At least 444,000 permanent seasonal workers are inactive and looking for another job. But the Ministry of Labour does not count them as unemployed,…

Spanish economy 10th November 2022

Stability Pact reform pleases Spain and France but not Germany

Brussels’ compromise solution for reforming the Stability Pact has not served to bridge the traditional North-South divide that has plagued the EU when it comes to economic policy. The new deficit and debt rules proposed by Ursula von der Leyen’s Commission satisfy Spain and France, but unnerve Germany, which is demanding more fiscal discipline, as the daily El Español explains. A clash that highlights the enormous difficulty of finding an…

Companies, Spanish economy 9th November 2022

Spain has third biggest net percentage of companies, 70%, beating EPS estimates

Morgan Stanley | For the time being, the results season in Europe highlights the following: A strong quarter in terms of revenues, with 59% (in net) of companies beating consensus.The level of EPS beating is healthy, with 22% of companies beating consensus (in net).By size, the big caps are showing better trends in EPS, similar to that seen in Q2’22.The negative bias impact remains: -142bps of relative performance in the…

Spanish economy 9th November 2022

Retailers have only reached 20% of the ‘electrolineras’ that the government requires them to have by 1 January 2023.

The deployment of 20,000 recharging points in large supermarkets that the Government has demanded of the distribution companies as of 1 January is doomed to failure. “There is no technical capacity for it, it is absolutely impossible”, all the large companies in the sector are practically unanimous in their assurances, according to the newspaper El Economista. Overall, and at most, according to their estimates, it will be possible to reach…

Companies, Spanish economy 8th November 2022

Saudi Arabia will extend its very-high-speed trains supply contract with Talgo

Renta 4 | Saudi Arabia will extend the contract it has with Talgo for the supply of very-high-speed trains, according to press reports. The possible new contract would cover the supply of 20 new very-high-speed trains for an amount close to 800 million euros. Valuation: If this news is confirmed, we would value it very positively. The amount of the contract would double the firm’s current manufacturing portfolio of around725…

Spanish economy 8th November 2022

CNMV gives green light to Siemens Energy’s takeover bid for Siemens Gaming

The Spanish Securities and Exchange Commission (CNMV) on Monday authorised Siemens Energy’s takeover bid for the 32.9% of its subsidiary Siemens Gamesa that it does not yet control. Siemens Energy is offering 18.05 euros per share in its takeover bid for Siemens Gamesa, presented on 31 May and admitted for processing on 16 June, which values the company at 12,294 million euros, meaning that it would pay 4,048 million euros…

Companies, Ibex, Spanish economy 8th November 2022

Indra enters US market with acquisition of Selex’s air traffic control business

Bankinter | Indra has bought Selex’s air traffic control business in the US. With this acquisition, the Spanish company, already one of the leaders in European air traffic control business, has now positioned itself in the US market. No details are yet known on the price of the transaction, but it is expected it will be completed in Q1 2023, once the relevant regulatory approval has been obtained. Analysts team’s…

Spanish economy 7th November 2022

The government’s arrogance towards the ECB

Fernando González Urbaneja | The ECB’s non-binding considerations on the “temporary levy on banks (an economic benefit that is not a tax) could have merited a silent response from the government, an “informed but not concerned” or something similar, but they have produced an irritation with disqualifications and scorn that can only be the result of irresistible arrogance. It is well known that this government, especially the president, does not…

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Spanish economy 4th November 2022

Telefónica increases revenues by 11.2% in the third quarter and reaches a net income of €1.486 billion up to September

Telefónica today presented results marked by accelerating revenue growth, which increased in the third quarter to €10.343 billion, 11.2% more yoy. A performance that has enabled the Group to achieve a net income of €1.486 billion in the first nine months of 2022. The results obtained make it possible for Telefónica to confirm the financial targets for 2022, revised upwards in the previous quarter. Telefónica also confirms the shareholder remuneration…

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