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

Applus+? (=) The EC has until October 10th to approve the bid on Applus+ (El Economista p15)

Banks sector??(-/=) The Chairman of the supervisory council of the ECB says that extraordinary taxes on banks may reduce the sector’s investment appeal (Cinco Dias p6)

(-/=) The Audiencia Nacional tribunal rejects the suspension of the extraordinary tax on banks (Cinco Dias p7)

Investment strategy?(+) The Ibex index rises 0.75% to 9,435, recovering the 9,400 level at the start of the week (Expansion.com)

(=) Corporates and banks speed up bond issuance ahead of the ECB meeting (Cinco Dias p17)

(=) The all-administration budget deficit amounted to 2.14% of GDP through July, falling 5.3% YoY (Cinco Dias p25)

(=) VAT collection grows at 2.1% instead of a potential 6.7% due to the cuts applied to basic food products (Cinco Dias p25)

Macro??(+/=) The number of corporates created in July rose 15.4% YoY, while those liquidated fell 4.8% (National Statistics Institute)

(=) The EC raises its forecast for Spain’s GDP growth in 2023 to +2.2% (+0.3pp) but cuts that for 2024 (to 1.9% -0.1pp) and the overall EU (Cinco Dias p24)

*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).