Good morning,

This Thursday, March 23, After the crucial meeting of the Federal Reserve (Fed) in which the US monetary authority raised the interest rate range by 25 basis points to place it at 4.75% – 5%, it is the turn of the Swiss National Bank ( SNB) and the Bank of England (BoE). Both are expected to carry out similar movements, with rates rising by 25 basis points to 1.2% and 4.25%, respectively.

Economy

• The National Institute of Statistics (INE) publishes at 9:00 am the activity indicators for the service sector and the industry turnover for the month of January. It also discloses the Hotel Tourism Situation February. The hotel sector anticipates a record at Easter, with prices 21% above pre-pandemic levels, and anticipates a full house for the summer. In this context of optimism for the sector, the chains have launched the search for thousands of workers for the summer campaign.
• For his part, he Bank of Spain It will provide the doubtful credit data corresponding to January. In addition, at 12:00 noon, the Bank of Spain’s General Director of Economy and Statistics, Ángel Gavilán, will delve into the institution’s economic projections in a presentation Prospects for the Spanish economy in the coming quarters. The agency anticipates that the banking crisis that has hit the market in recent weeks will take its toll on the development of economic activity.
• At 9:30 a.m., the conclusions of the General Counsel of the CJEU in a Spanish preliminary ruling on the consumer rights when canceling trips as a result of the Covid-19 pandemic.
• He European Council meets in one two day summit which starts today in Brussels. Building on previous European Council meetings in December 2022 and February 2023, EU leaders discuss the latest developments in the Russia’s war against Ukraine and the continuation of EU support for the country invaded. They also touch on topics such as competitiveness, the single market and the economy, energy or foreign relations, as well as migration. United Nations Secretary-General António Guterres joins leaders for a working lunch on the first day.
• On the international macro agenda, the March consumer confidence in Europe, while in the United States the new claims for unemployment benefits, the current account balance for the fourth quarter and the sale of new homes for February were published.

markets

• At 9:30 a.m., decision on interest rates and at 10:00 a.m. Swiss National Bank (SNB) press conference, in which he is expected to update his macroeconomic picture. The Swiss central bank has been an involuntary protagonist in recent days as a result of the liquidity problems of Credit Suisse, which finally agreed to buy UBS to avoid greater evils in the financial sector. Regulatory support has been instrumental in establishing safety nets in the banking system, but it has set off all alarm bells among holders of convertible bank debt.
• Also at 1:00 p.m. the decision on the price of money in the United Kingdom is known and the BoE’s monetary policy minutes are published. From DWS they maintain that the probability of a new (and last) rise of 25 basis points is still somewhat greater than that of no change in rates. Yesterday it was learned that the country’s CPI rebounded in February to 10.4% compared to 10.1% in January, reversing the downward trend of recent months.

Companies

• Bankinter will hold its Ordinary General Shareholders’ Meeting. The event will take place in the Mutua Madrileña auditorium, at 12:30 p.m.
• Accenture and Porsche results.
• The president of the National Commission for Markets and Competition (CNMC), Cani Fernández, appears this Thursday in Congress in full debate on the merger between Orange and MásMóvil. Throughout the last month, Fernández has met with representatives of Vodafone and Digi.

And something to keep in mind: 3% APR. It is the profitability barrier that EBN Banco has also overcome in its deposits, which offers up to 3.15% APR for a term of 36 months. Currently, this entity and Renault Bank offer the highest fixed-term remuneration, while the large banks remain without making a move, waiting for someone to take the first step.

News that will still talk

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