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Bank of spain new

Spanish economy 18th September 2024

Bad business? Spain increases public debt by 3.8% in twelve months, reaching 108% of GDP, in order to grow by 2.8% in 2024

The Bank of Spain (BdE) raised its growth forecast for this year by five tenths to 2.8% yesterday, while calling for transparent and prompt fiscal consolidation. It also announced that the total public debt of Spain’s administrations decreased by €8.931 billion in July compared to June (-0.5%), reaching €1.616 trillion, the second-highest figure in historical series. This is slightly less than 108% of GDP. The decrease in public debt in…

port valencia

Spanish economy 17th September 2024

Weight of exports in Spain’s GDP rises from 26% to 39% between 2008 and 2023, according to Bank of Spain

Alphavalue / Divacons | Between 2008 and 2023, Spanish exports have grown by almost 50% in real terms and their weight in the GDP has increased by 13 percentage points, from 26% to 39%, an “extraordinary growth” which has been generalised by products and destinations and which has been higher than that of other large Eurozone economies, according to the latest blog published by the Bank of Spain. Thus, in…

santander brasil

Spanish economy 17th September 2024

Santander, BBVA, and CaixaBank Join BIS ‘Agora Project’ to Develop New Cross-Border Payment Methods Using Blockchain Technology

Santander, BBVA, and CaixaBank have been selected by the Bank for International Settlements (BIS) to participate in an initiative launched by the Basel-based institution to develop new cross-border payment methods using technologies similar to cryptocurrencies. Named the Agora Project, this BIS initiative aims to “explore how tokenization can strengthen cross-border payments,” according to the organization, which is considered the central bank of central banks, based in Basel, Switzerland. Specifically, the…

bolsa espana reloj

Spanish economy 17th September 2024

Ibex 35 surprises with better performance, breaking worse trends of previous years against peers

Renta 4 | The new annual highs of the Spanish selective index, breaking the 11,470 point zone, have come hand in hand with a new high in its relative performance with respect to the Eurostoxx 50, a performance that, since October 2022, has been setting new highs, breaking the downward trend since 2009: But the better tone of the IBEX 35 is not limited to the main European index. If…

grifols edificio

Spanish economy 16th September 2024

Brookfield seeks €2 billion in capital for possible takeover bid for Grifols

Norbolsa | Brookfield seeks €2,000 million of capital for the eventual takeover bid for Grifols. The funds would be used to alleviate the group’s financial burden. Currently in the analysis phase, if it goes ahead it will be the largest operation of the year in Spain. To this end, Brookfield has held talks with some of the world’s leading sovereign wealth funds, including Abu Dhabi’s ADQ and Singapore’s GIC, as…

aena

Spanish economy 14th September 2024

Aena handles 32.1 million passengers in August, up 7% year-on-year, and 9% compared to pre-pandemic levels

Intermoney | The company (Buy, PO €205) announced yesterday with the market open the traffic figures for the past month of August. In that watertight period, Aena handled 32.1 million passengers, implying an increase of 7% year-on-year, or 9% compared to pre-pandemic levels. By airports, Madrid-Barajas grew by 5%, while Barcelona El Prat remained virtually stable compared to August 2023. In general, the tourist airports recorded increases of between 5…

Telefonica Prosegur

Spanish economy 12th September 2024

Telecoms sector records good summer, now at +9% ytd: in Spain, Equalweight Telefónica

Morgan Stanley : After a tough start to the year, the sector has had a good summer and is now +9%YTD. That said, after +2%Y growth in Q1, mobile service revenues have slowed in Q2 to 0%Y. This slowdown was mainly driven by the trend in the UK where the deceleration was more pronounced, with revenues declining from 5% in Q1 to 1% in Q2. In Germany, growth also decelerated…

Inditex Zara

Spanish economy 12th September 2024

Inditex: Deserving Of Even More Credit

Jefferies | ITX confirmed that it firmly belongs to the small group of consumer stocks still delivering handsomely for shareholders. Suspicion around the sustainability of sales delivery likely has been key to ITX’s derating versus relevant peers (we estimate by >25% in the past 18 months). And yet the group’s competitive moat is becoming wider, and relative revision momentum stronger. PT upped to €54 as we expect the valuation gap…

Hydrogen Spain

Spanish economy 11th September 2024

China’s Envision to invest $1 billion to build hydrogen electrolyzer factory in Spain

Taking advantage of the visit of the Spanish Prime Minister, Pedro Sánchez, to Beijing, China’s Envision announced on Tuesday an investment of $1 billion (just over €906 million) for the construction of a hydrogen electrolyzer factory in Spain, strengthening the country’s position in this market through the development of the first industrial park for green hydrogen and net zero technologies in Europe. Construction of the facilities is expected to begin…

telefonica letrero entrada 1024x648 1

Spanish economy 10th September 2024

Goldman Sachs reduces stake in Telefónica to 5.533% from 8.081%

Alphavalue/DIVACONS | Goldman Sachs has reduced its stake in Telefónica to 5.533%, down 2.5 percentage points from the 8.081% it previously held in the company chaired by José María Álvarez-Pallete, according to filings with the National Securities Market (CNMV). Telefónica: Buy, Target Price 6.23 euros/share.