Your Daily Week: ECB accounts, short-term debt and PSI – Mercados

On Monday, Novabase is scheduled to hold an extraordinary meeting of shareholders to decide on a capital reduction. Investors are invited to vote on the current reduction of €32,971,463.70 in share capital to €942,000.

Eurozone finance ministers meet on Monday, with the region’s macroeconomic balance and budgetary developments on the agenda. The Eurogroup is expected to issue recommendations on fiscal policy in 2023 and 2024, after Brussels confirmed that fiscal discipline will return next year.

Annual results season is coming to an end, but there are still great companies to focus investors’ attention. It was the turn of the giant Saudi Aramco company on Monday to show the impact of the rise in oil prices, while the German Porsche publishes the first results since its listing on the stock exchange at the end of September last year.

This Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) publishes its monthly report on the oil market. The main topic will be the outlook for demand for raw materials, at a time of economic slowdown.

On Wednesday, the country will return to the market to place new short-term debt. The Treasury and Public Debt Management Agency – IGCP will hold a double auction of six-month and 12-month treasury bills. The last time I did that, in January, I was faced with higher interest rates.

The European Central Bank (ECB) Council is scheduled to hold a monetary policy meeting, where the market expects it to rise again to three interest rates in the Eurozone. The biggest doubt is whether the increase will be 50 basis points given the resistance to inflation.

Earnings season is still running on the PSI, and this week, the main event will be Thursday. Sonae – which has been criticized for investigations on the sidelines of supermarkets – will release its annual accounts. CTT is also scheduled to be released on the same day.

On Friday, the day after the government convened a cabinet dedicated to housing subsidies, new data was known about implied interest rates on housing loans in February. In the previous month, the National Institute of Statistics (INE) indicated that the average rate rose by 31.9 basis points, after settling at 2.217%, the highest value since June 2012.