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Spanish economy 27th January 2021

IMF Cuts Spain’s Growth Forecast For 2021 And Casts Doubt On The Government’s Estimates

The International Monetary Fund updated its estimates on Tuesday, attributing a GDP growth for Spain of 5.9% in 2021, down from 7.2% in its October projection. This is a significant difference with respect to the 9.8% forecast of the Spanish government, on which the Budget approved last December is based. In fact, the macroeconomic accounts presented in October by Pedro Sánchez pointed to projections of an inertial expansion of -11.2% on a yearly basis in 2020 and +7.2% for 2021 (+9.8% including the Recovery Plan).

Spanish economy 27th January 2021

Chinese Investment In Spain Increases By 362% In 2020 Despite The Pandemic

Chinese investment in Spain increased in 2020 – amid the pandemic and in a context of a general decline in Chinese investor appetite in Europe – reaching 370 million dollars. This represents an increase of 362% compared to the modest 80 million dollars of investment in 2019, according to the study published by Baker McKenzie. The data related to Chinese companies’ investment in Spain during 2020 is mainly driven by China Railway’s takeover of a stake in Aldesa, valued at $277 million.

Ibex, Markets, Spanish economy 26th January 2021

IFM Global Infrastructure Launches Partial Takeover Bid For Naturgy At 23 €/Shr – A Premium Of 28.9%

Global InfraCo, owned by Australian fund IFM Global Infrastructure, has announced a voluntary and partial tender offer for up to 220 million shares in Spanish energy company Naturgy, representing 22.69% of the firm’s share capital. The offer price is €23 per share, which is a premium of 28.9% over the volume weighted average price of Naturgy shares for the last six months and 19.7% over Naturgy’s share price at yesterday close. For Bankinter’s analysis team, the offer is “attractive for minority shareholders”.

Spanish economy 26th January 2021

2021, The Year Of The Return Of Dividends; Spain, Eurozone Leader In Dividend Yields

Allianz Global Investors presented the Dividend Report 2021. According to the study, after falling to just under €290 Bn in 2020, compared to €360 Bn a year earlier, due to the coronavirus crisis, dividend distribution is likely to rise again in 2021 to about €330 Bn. Whatsmore, pre-crisis levels will not be reached before 2022. The report also shows that, despite the health crisis-related downturn, dividends in Europe continue to contribute substantially to equity returns. Spain is the leading market for dividend yields in the Eurozone.

Spanish economy 25th January 2021

Possible Disinterest Of CAF In Alstom’s Divestments In France

CAF could have withdrawn from buying the factory that Alstom has in Reichschoffen (Alsace, France). The European authorities are forcing the French company to sell in exchange for giving the green light to the 5.3 billion euros acquisition of Bombardier’s railway business. This purchase will be executed on January 29. On January 8, Alstom seemingly informed the trade unions of this plant that CAF was not interested in the situation of the operation.

Spanish economy 25th January 2021

The Housing Stock in Spain Is Worth €4.1 Bn, Over Three Times GDP

The housing stock in Spain would be estimated at 4.1 billion euros in the hypothetical case that all the homes were now on the market, which is a figure over three times higher than national GDP (1.2 billion). This is according to a study by the real estate website Idealista, in which all the houses recorded in the property register are valued at current prices.

Ibex, Markets, Spanish economy 22nd January 2021

Grifols’ Anti-SARS-CoV-2 Hyperimmune Globulin Begins Clinical Trial In Patients With COVID-19

Grifols has announced that its anti-SARS-CoV-2 hyperimmune globulin has started a clinical trial to test its safety, efficacy and tolerability. This medicine provides a consistent concentration of purified neutralizing antibodies and could be used for both prevention and treatment of the disease. The clinical trial is the latest phase of an initiative that goes back to March when Grifols started work on its anti-SARS-CoV-2 hyperimmune globulin as part of a collaboration with U.S. government agencies.

Spanish economy 21st January 2021

Spanish Labour Market 2020: The Year Of Massive Destruction In Employment

Bankia Estudios | Last year ended with the loss of more than 100,000 Spanish companies, a fall of 360,105 Social Security affiliates – the first decline in seven years – and an increase of 724,532 unemployed. It must be added 755,613 workers under temporary lay-offs programs and 349,342 self-employed receiving extraordinary unemployment benefits; in other words, more than 1.1 million people who, although technically still considered employed, are not actually working or are working reduced hours.

Ibex, Markets, Spanish economy 20th January 2021

Large Corporate Moves For Solaria, But Stock Overvalued

Solaria, one of the few Spanish listed companies dedicated exclusively to solar photovoltaic generation, has closed a PPA agreement, in its financial form, with Shell Energy, which is the largest signed by the company to date. In addition, its price has revalued 44% in the last three months tahnks to the recent entrance in Solaria’s share capital of iShares, Invesco and the increase in BlackRock’s holding. However, analysts find its valuation is not justified.

Spanish economy 20th January 2021

Real Estate Investment In Spain Could Grow By 25% In 2021

Intermoney | Real estate investment in Spain should increase by up to 25% this year compared to 2020, says a report by CBRE. So investment would be some €12 Bn in 2021, not including corporate operations like the purchase of Quabit by Neinor. However, CBRE expects uncertainty will remain during the first part of the year at the expense of progress in the pandemic vaccination process. Areas such as rental housing, logistics, and other assets such as student and nursing homes are expected to remain on the rise.