A head start in Spanish equities

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

Aena/IAG?(+/-) The Minister for Transport angers the airlines with a 4% rise in Aena tariffs (Expansion p12)

Almirall??(+/=) Will be close to €1bn in revenues and will earn 66% more in 2024 (El Economista p7)

Banks sector?(+/=) The Chairman of BBVA says that the tax on banks harms the Spanish economy and should not exist (Expansion p15)

Ence? (+/=) Sells its entire cellulose production for 2024 (Expansion p10)

FCC?(+=) Grows in Canada via a project (Ontario commuter) of up to €1.36bn (Expansion p6)

Investment Strategy??(=) The Ibex index rises 0.13% to 9,880, breaking its declining trend (Expansion p20)

(+/-) The Constitutional Tribunal overturns the rise in effective corporate taxes approved by the last PP government but limits the refunds (Expansion p24)

Macro??(-/=) The trade deficit amounted to €2.326bn vs.€3.313bn in the same month of the prior year, with exports of €34,878bn -6.7% and imports of €37.304bn -8.3% (Ministry of Commerce)

(-/=) The index of services sector activity rises 0.2% YoY (adjusted for working days and seasonality) in November while the index of industrial activity rises Falls 2.3% on the same basis (National Statistics Institute)

Naturgy?(=) IFM exceeds a 15% stake and is close to the level that would allow it to demand a second board member (Expansion p3)

Repsol?(-/=) The Minister for Ecological Transition attacks the CEO of Repsol for criticizing the Government’s energy policy (Expansion p6)

*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).