A head start in Spanish equities

Also available in Spanish, see next article.

First of all, let’s be clear. The following is not investment research/advice.?And, as such, it involves no investment recommendations. These are notes I take to keep myself current on newsflow regarding Spanish equities. I share them freely (and not just as regards price). As always, I am only trying to help. Please read the rest of the “discomplainer (*)” at the end of the article.

Stories in alphabetical order

ACS??(=) Will grow in Hochtief, will buy engineering companies and will boost Abertis (El Economista p5)

Banks sector???(=) Santander and BBVA create 15,000 jobs over the last 12 months, going against the sector trend (Expansion p13)

(=) Spanish banks could grow by 7% if they segmented their clients better according to Accenture (Expansion p14)

BBVA??(=) BBVA issues €1bn in CoCo bonds at 8.37%, reopening the market after the fall of Credit Suisse (Expansion p14)

Investment Strategy?(=) The Ibex index falls 0.11% to 9,333, with markets taking as given a Fed pause (Expansion p16)

(=) According to the Bank of America survey funds change liquidity for debt and technology (Expansion p18)

(-/=) The Treasury Ministers says that Spain always meets the EC deficit targets (Cinco Dias p9)

(=) The Independent Fiscal authority calls for a national agreement in order to achieve medium term fiscal consolidation (Cinco Dias p9)

(-/=) The PP will not cancel the Socialist labour market reform save for the treatment of fixed-discontinuos workers, as the rest of the regulation dates to the time of Ba?ez as minister (OK Diario)

Macro??(=) The May CPI shows 3.2% YoY growth (from +4.1% in April) with underlying inflation at 6.1% vs. 6.6% (National Statistics Institute)

(+/=) BBVA raises its estimate of this year’s GDP growth by 0.8 to 2.4% due to exports and tourism (Expansion p27)

Melia Hotels International?(+/=) Boosts summer bookings by 30% vs. 2019 and will improve margins (Expansion p9)

Prosegur Cash??(=) Grows in Australia via the merger of its local subsidiary with Armaguard, with Prosegur Cash having 35% of the resulting company (Expansion p8)

Real Estate sector???(=) Bank of Spain warns that house prices will remain high due to insufficient new construction (Expansion p28)

Santander?(=) Loses a €800m lawsuit in Brazil, with potential net impact of €400m (Expansion p15)

Utilities & Ren sector?(=) The Government rules out carrying out mandatory auctions this yar (El Economista p10)

*The above information has been read/understood/summarised/evaluated/copied as well as I could to provide a guide to Spanish equities (as part of a personal research project on the impact of information transparency on the market i.e. “derecho de cita”), given available timing/intellectual constraints, and I accept no liability for misreading and/or mistranslating the original copy (which I urge you to check, as I am only trying to point you in the right direction, I hope). As for what you may decide to do, after reading the above, please contact your legally approved provider of investment advice on Spanish equities. Feel free to copy (but remember to check the original first).