Ukhuseleko lwaseSpain lubonakaliswe kakhulu eArgentina

Ukoyiswa konyulo kurhulumente wangoku eArgentina kukhokelele ekuweni kwemarike yemasheya yaseMelika ngamandla amakhulu. Kwiseshoni enye phantse i-10% ishiyekile, ngokuwa kuwo onke amacandelo kwaye apho kwakhona ukuphaphazela kuye kwabonwa phakathi kwabatyali mali abancinci nabaphakathi baseArgentina. Kodwa ubudlelwane bayo noqoqosho lwaseSpain bukhulu kakhulu kwaye ngoku olunye loloyiko oluvelayo yindlela eya kuchaphazela ngayo amaxabiso ezabelo zaseSpain ezivezwe kule ndawo ibalulekileyo.

Ukuza kuthi ga kwinqanaba lokuba basenokucutheka ngokuqatha kumaxabiso abo ukuba oku kwehla kukho utshintsho lokugqibela kurhulumente eArgentina. Ngapha koko, isalathiso esikhethiweyo kwimakethi yesitokhwe yaseSpain, i-Ibex 35, sesinye sezona zibetheke kakhulu kwilizwekazi laseYurophu. Ngaphezulu kweengxowa zesiFrentshi, isiNgesi okanye isiJamani. Isenokuba ngumqobo omtsha kubatyali mali abancinci nabaphakathi kwilizwe lethu. Ngayiphi na imeko, kukho inyani ecace gca kwaye yile Ukoyiswa kukaMacri eArgentina umngcipheko wokungabikho kwamatyala udubule ukuya kwi-75%. Ingcezu yolwazi ethetha ngokucacileyo malunga nenyani enokuvela kwiimarike zezemali ukusukela ngoku.

Ngayiphi na imeko, ezi zintsha kwaye kule meko amafu angalindelekanga ngaphezulu komdla wabatyali mali. Ngokukodwa, banokuchaphazela iinyanga zasekwindla, ongumhla omiselweyo wokubamba unyulo eArgentina. Ngokutshintsha okungalindelekanga okuya kuthi ngokungathandabuzekiyo kube neziphumo ezibi kwiimarike zezabelo zeLatin. Ukuya kwinqanaba apho unganakho uhlengahlengiso lwamaxabiso amatsha Kwizabelo zezokhuseleko ezithe zachaphazeleka kukuvezwa kweli. Kwinto emiselweyo njengemeko ephazamisayo yeearhente zezemali.

Imilinganiselo evezwe eArgentina

Kukho inyani ecace gca ecoca onke amathandabuzo kwaye ihleli kwinto yokuba iSpain iyaqhubeka ukuba yiyo umtyalomali wesibini elizweni ngasemva kwe-US. Ngokwedatha yakutshanje evela kwi-Icex, iTelefonica ngoku ixhasa olona tyalo-mali lukhulu eSpain kweli lizwe, ngeprojekthi ye-2.200 yezigidi zeerandi, elandelwa yi-Banco Santander, ene-1.800 yezigidi, kunye neGesi yendalo, ine-400 yezigidi. Kodwa kukho inani lezinye iivenkile ezincinci ezinokuchaphazeleka yile meko inokubakho.

Konke oku, kwimeko yemarike ye-equity engamemi themba. Njengoko i-Ibex 35 ibhaptizwa kwindawo esezantsi, ubuncinci kwixesha elifutshane, elinokuthatha ukuba lityelele amanqanaba e-8.200 yamanqaku kwelona nqanaba lisezantsi kulo nyaka. Ke ngoko, lumka kakhulu ukuba uza kuvula izikhundla kwimarike yaseSpain kuba unokuba nolunye ulothuko olubi ukusukela ngoku. Kwiiveki ezimbalwa apho uxinzelelo lokuthengisa lubekwa ngokucacileyo kumthengi, nangona enexabiso eliphantsi kakhulu lesivumelwano.

Iibhanki zaseSpain ziya kuchaphazeleka

Alithandabuzeki elokuba icandelo lebhanki linokuba lelona lichaphazeleka kukoyiswa konyulo kurhulumente wangoku eArgentina. Hayi ngelize, amaziko amabini amakhulu, I-BBVA kunye ne-SantanderBanokubonakaliswa okunamandla kweli lizwe laseMelika. Kwimizuzu embalwa kwabo bangahambi kakuhle kwezona meko. Ngokuwa okubaluleke kakhulu kwiimarike zokulingana kuzwelonke kwaye kukhokelele kurhwebo lwabo kumanqanaba e-4,40 kunye ne-3.50 euro ngesabelo ngasinye, ngokulandelelana. Kodwa izinto zinobuthathaka kotshintsho kububi ukuba utshintsho kurhulumente lwenzeka eArgentina. Ngoloyiko olukhulu phakathi kwabatyali mali abancinci nabaphakathi esele bethathe izikhundla kolu khuseleko.

Ngelixa kwelinye icala, ayinakulityalwa ukuba omabini amaqela ezemali abhalele ilahleko enzima kunyaka ophelileyo ngenkxaso-mali yabo eArgentina. Inyani yokuba ngokungathandabuzekiyo inokuyonyusa imeko yezi bhanki kwiimarike zezemali. Ngaphaya kokunye ukuqwalaselwa kobuchwephesha bendalo kwaye mhlawumbi nakwindawo yokujonga izinto ezisisiseko. Nangeyiphi ndlela, Izindululo ekufuneka zibukelwe ukwenzela ukuba ungenzi iimpazamo kwiqhinga lotyalo-mali ukusukela ngoku.

I-Telefónica kwiliso lenkanyamba

Ngenxa yemeko yezoqoqosho eArgentina kunye noqingqo-maxabiso olunikiweyo, inkampani yezonxibelelwano inokuba lelinye ixabiso le-bearish oku kuwa. Ukusuka kwii-euro ezingama-6,50 apho zidweliswe ngalo mzuzu kwaye ezinokukhokelela ekuthengiseni nangaphantsi kwe-euro ezintandathu ngesabelo ngasinye. Nangona yenye yexabiso lemarike yaseSpain ebonisa i isivuno esingcono sesahlulo, ngokukodwa i-6,3% kwaye ilunge kakhulu kubanini abancinci nabaphakathi bezikhusela ngakumbi okanye abatyali zimali abalondolozayo.

Kwelinye icala, ayifanelekanga kakhulu ukudibanisa ipotifoliyo yethu yezokhuseleko kwiinyanga ezintandathu ezizayo ngenxa yamathandabuzo amaninzi athe anyuka olu hlobo lotyalo-mali. Ngale ndlela, awungekhe ulibale ukuba kwixesha elifutshane elidlulileyo bendikhona ukurhweba kufutshane kakhulu nomqobo we-9 we-euro. Ngamanye amagama, iye yehla nge-35%, into eninzi kwezokhuseleko eyathi kwiminyaka embalwa edlulileyo yathathelwa ingqalelo izinzile kakhulu ukuba ibekho kwizikhundla ezinde. Kwaye ngeli xesha iArgentina inomnye umthombo wokungaqiniseki onokuthi uqhubeke ngakumbi utyalomali.

I-Naturgy yombane ocacileyo kuphela

Kuyinyani ukuba icandelo lezombane likhuselekile kwezi zinto zichaziweyo. Ngaphandle kwale nkampani yamandla, kodwa ngumahluko xa kuthelekiswa nezinye ezikhoyo Ukuntywiliselwa kwenkqubo yokunyusa umgangatho, ubuncinci kwixesha eliphakathi nelide. Ukusuka kule meko, kunokuthiwa i-Naturgy lukhuseleko olungeyongozi kuba lolwecandelo lombane kwaye linento yokuzikhusela ngakumbi kunolunye ukhuseleko. Kwelinye icala, bakwasebenza njengendawo ekhuselekileyo xa bejongana neemeko zokungazinzi kwiimarike zezabelo.

Ngayiphi na imeko, kwaye ngokudibeneyo ne-Iberdrola, kukho iinkampani ezimbini kwicandelo lezamandla ezivezwe iArgentina kwaye ngokuqinisekileyo oko kuyenziwe kungabohlwaya ukusukela ngoku. Nangona ukuya kwinqanaba elincinci kunolunye ukhuseleko lwezi mpawu kwaye zibandakanyiwe kwisalathiso esikhethiweyo sezabelo zaseSpain, i-Ibex 35. Ngapha koko, awunakulibala ukuba inkampani yegesi ibonelela isivuno sesahlulo ngaphezulu nje kwe-6%. Ngokuhlawulwa okuzinzileyo nokuqinisekisiweyo minyaka le. Kwelinye icala, bakwasebenza njengendawo ekhuselekileyo xa bejongana neemeko zokungazinzi kwiimarike zezabelo.

Eyona intengiso yeSpanish yentengiso

Enye into ekufuneka uyithathele ingqalelo ngeli xesha kukuba ukoyiswa konyulo kurhulumente okhoyo eArgentina kunokuqhubela phambili ukohlwaya ubulungisa belizwe. Ngaphezulu kwezinye ii-indices zesitokhwe selizwekazi elidala, njengoko kubonakala kwezi ntsuku. Lo ngumthwalo oya kufuneka uwuthathe ukuba ekugqibeleni ukhetha ukuba le ndawo isebenze kwimarike yemasheya. Nangona iimpembelelo zayo zinokuthintelwa ukuba uya kwezinye iimarike zesitokhwe kwindawo ye-euro engatyhilelwanga koku. Ngayiphi na imeko, imisebenzi iya kurhafiswa nge iikhomishini ezifuna ngakumbi Oko kuyakwenza ukuba wenze umzamo omkhulu wemali xa uthenga kwaye uthengisa izabelo kwiimarike zezabelo.

Akulolize, kufuneka ucinge ukuba ukumangaliswa okungalunganga kwiimarike, okuthethe ukoyiswa okungalindelekanga kunye nokugcwala kweMacri kumjikelo wokuqala wonyulo lukamongameli, kuya kubonakala kwizabelo zezi nkampani zidwelisiweyo. Kwaye oko kuyakubonakaliswa kuqingqo-maxabiso lweenkampani ezithile ezidweliswe kwiMadrid Stock Exchange. Ngexesha apho iimarike ziye zanyuka (okanye ubuncinci) ukuya kwi-bearish kwaye zibonisa ukuba i-Ibex 35 inokujongwa kumanqanaba asondele kakhulu kumanqaku ayi-7.000. Oko kukuthi, kwelona lisezantsi lonyaka kwaye lelona lisezantsi kunamashumi eminyaka akutshanje.

Iprosegur, yenye yezona zichaphazelekayo

Ukuthengiswa kwamaqela kwezi nyanga zintandathu zokuqala zonyaka kuqhubekile nokhuthazo oluqinisekileyo ekukhuleni kokusebenza kwemali yendawo, ethe yonyuka nge-14,0%. Impembelelo ezimbi zempembelelo yokuguqulelwa kwemali yaseLatin American, ethi yona iqela xa lilonke ikhuphe i-11,8%, oko kuthetha ukuba ingeniso kwi-euro yima kwi-2.055 yezigidi ze-euroI-2,2% ngaphezulu kwesiqingatha sokuqala sika-2018.

Inzuzo yokusebenza kweqela iyaqhubeka ukuphenjelelwa sisiphumo esidityanisiweyo senqanaba lotshintshiselwano kunye nokusetyenziswa kwemigangatho yobalo IAS 21 kunye nama-29, emva kokuba iArgentina ibhengezwe njengoqoqosho olungenaxabiso. Ngenxa yoko, i-EBITDA inike ingxelo kwisiqingatha sokuqala se-2019 yayizi-247 yezigidi ze-euro, i-1,6% ngaphantsi, kwaye i-EBIT yafikelela kwi-145 yezigidi ze-euro, i-19,9% ​​ngaphantsi. Ngale nto, umda we-EBIT usuka kwi-9,0% kwisiqingatha sokuqala se-2018 ukuya kwi-7,0% kwixesha langoku.


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