CdM | The Consumer Price Index (CPI) fell by 0.1% in May compared to the previous month and cut its year-on-year rate by nine tenths to 3.2%, its lowest level since July 2021, due to the moderation in food prices and lower fuel prices. With the fall in May, inflation has resumed its downward trend after the rise of eight tenths of a percentage point in April, which put it…
Fernando Gonzéz Urbaneja | The expectation of a very tough six-month election campaign weighed on Sánchez’s conscience throughout the evening after the evidence of Sunday’s results. This explains why bringing forward the elections is tactical and opportunistic (in political logic), and also why Feijóo began his speech in front of the cameras with the words: “the sooner the better”. Better for the incumbent who defends the results of November 2019,…
Bankinter : Fitch maintains Spain’s rating at A- with a stable outlook. Fitch has revised the expected growth for 2023 upwards to 1.9% year-on-year (+0.7pp) reflecting “buoyant recovery in tourism and rising public sector investment. This has offset the weakness in private consumption, which recorded a second consecutive quarterly decline”. It projects a reduction in Public Debt/GDP to 110.4% by December 2024, “driven mainly by nominal GDP growth while primary…
The President of the Government, Pedro Sánchez, has announced that the general election will be brought forward to next July 23 after the electoral defeat suffered this Sunday by the PSOE in the regional and municipal polls. The head of the Executive has assumed this Sunday’s electoral results “in first person” and his response is that this means “submitting the popular mandate to the popular will”, as he has stated…
Sánchez’s PSOE has insisted on cordon sanitaire not only with the far-right Vox, but even with the right-wing PP, with which it has refused to agree anything, while explaining the benefits of granting amnesty to the perpetrators of the attempted coup in Catalonia, of negotiating with the heirs of ETA, and with the populists of Podemos. Something that is incomprehensible to the vast majority of the electorate, even on the…
Capital Group | In the two graphs published below you can see the evolution of inflation data in both the short and the long term. In the second one, we see inflation and money supply indicators moving downwards (with some logic). On the other hand, if we look longer term, our experts extend the inflation data back to 1955 and wonder whether the pick-up we saw in inflation in recent…
Repsol achieved a record profit of €4,251 million in 2023, a 70% increase, due to the increase in the price of crude oil and gas. The good results were boosted by the refining margin, which increased 6.5 times compared to 2021. Oil production amounted to 550,000 barrels of oil equivalent, down 3.8%. In terms of investments, the CEO, Josu Jon Imaz, announced investments of 5,000 million for this year and…
Fernando González Urbaneja| The government’s official discourse is unequivocal: Spain is doing well, the economy is doing very well. Vice-president Calviño comes out insistently with the concept of “leadership” to illustrate every decision of the government in economic and social matters. Gender parity means leadership; the Iberian exception is leadership; the growth of employment and GDP means leadership and so on and so forth. According to the government, Spain is…
Link Securities | The Board of Directors of NH Hotel Group (NHH) held on Thursday agreed to appoint Dillip Rajakarier, CEO of Minor, as the new chairman of the Spanish hotel group, according to elEconomista.es. In addition, NHH’s current CEO, Ramón Aragonés, will also take on the role of vice-chairman, the decision comes after the group’s three independent directors resigned on Tuesday 16 May to express their opposition to the…
The last year has seen the biggest population growth in 14 years, but it is all due to immigration. Residents with Spanish nationality have fallen by 13,000 and those born in Spain by 101,000. Spain has experienced in the last year the highest population growth in the last 14 years, with nearly 600,000 more inhabitants at the end of this first quarter than at the same time in 2022. As…