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Flash notes

What's happening

Flash notes

Flash notes are Afi's real time analysis and commentary on key events affecting the Spanish economic and political outlook as they happen.

Macro and Markets Research
08.08.18   Industrial production slows down in June amid global trade concerns, another signal of Spanish cycle relative weakness in the second half of the year Click on the icon to download the document  (404 kB.)
08.03.18   Lowest PMI reading in 56 months adds up concerns of economic growth deceleration in the summe Click on the icon to download the document  (354 kB.)
08.02.18   The labour market cools down in July and signs of economic deceleration on Q318 start building up Click on the icon to download the document  (535 kB.)
08.01.18   As illegal immigration flows increase with the good summer weather, new PP leader Casado picks on an issue from which Spanish politics had been relatively immune so far Click on the icon to download the document  (347 kB.)
07.31.18   Q218 slows down more than expected (0.6% QoQ) due to the deceleration of private consumption and trade woes Click on the icon to download the document  (429 kB.)
07.30.18   The Government proves unable to get the new path of public deficit targets for the next three years approved Click on the icon to download the document  (266 kB.)
07.26.18   Q218 LFS shows robust growth in the labour market in the quarter and leaves the unemployment rate in levels last seen a decade ago Click on the icon to download the document  (367 kB.)
07.24.18   he new PP leader wants to block in the Senate the new public deficit targets path informally agreed by the Government and the European Commissio Click on the icon to download the document  (428 kB.)
07.13.18   Sánchez´s Government manages to obtain a more lenient ¿and realistic¿deficit target for the next two years from the European Commision Click on the icon to download the document  (353 kB.)
07.12.18   The European Commission downgrades slightly Spanish GDP growth for 2018 while the Government keeps on floating and not detailing its (minor) reform agenda Click on the icon to download the document  (308 kB.)
07.10.18   The first face-to-face meeting between Sánchez and Torrá is a success and advances a period of diminished political risk in Catalonia Click on the icon to download the document  (394 kB.)
07.04.18   High-frequency indicators keep pointing to a robust economic growth in Q218 while Sánchez´s main concern remains to look for ways to increase tax collection Click on the icon to download the document  (505 kB.)
07.02.18   Catalan secessionist parties step up the tone of their independentist rhetoric ahead of their meeting with Sánchez on 9 July Click on the icon to download the document  (274 kB.)
06.28.18   PSOE´s weak parliamentary position constraints its ambitions to implement a fiscal reform and forces the Government to look for tweaks that could be passed via decree Click on the icon to download the document  (354 kB.)
06.27.18   Sánchez insists on non-economic reforms while the market appetite for the new 10y Spanish reference shows investor´s clearly differentiate Spain and Italy Click on the icon to download the document  (393 kB.)
06.25.18   Sánchez meets Macron to display Spain´s strong pro-EU stance ahead of this weekend´s EU Council Click on the icon to download the document  (348 kB.)
11.23.17   Earliest hard data on tourism for October shows a relevant impact of the Procès in the sector Click on the icon to download the document  (368 kB.)
10.20.17   PSOE agrees with PP to call snap elections in Catalonia in January once the Government has intervened the Generalitat Click on the icon to download the document  (95 kB.)
10.19.17   Puigdemont backtracks slightly but Rajoy will go ahead intervening Catalan institutions, which could prove difficult after the imprisonment of the leaders of ANC and OC Click on the icon to download the document  (133 kB.)
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