Before we get to the business news of this week is important to note that Tuesday is a holiday in Spain, a national holiday or red day, as it’s San José, Father’s Day, a very special day celebrated in Spain, originally created by a nun to celebrate fathers, then exploited into a commercial event by El Corte Ingles, and this week also marks the first of a run of four weeks of holidays, a little bit longer in some places, Tuesday is holiday this week and next week we have Good Friday then Easter Monday the following week and then after that Monday again, San Vicente, which is a very important day for a number of locations including the likes of Torrevieja. Easter holidays do vary depending on where you are in Spain so check with your local social security office.
The week will begin with the publication on Monday the 18th of the final February reading of the CPI in the Eurozone. Within a context in which the number and date of rate cuts is unknown, inflation data will continue to be key, especially given the sticky nature of inflationary tensions in services, to determine the ECB’s next steps. In addition, we will know the evolution of the trade balance in the Eurozone in January, which the previous month presented a surplus of 16.8 billion euro.
On Tuesday, the results of the ZEW Survey in the Eurozone in March will be published, relevant to know the perspective of investors on the current economic situation in the face of the divergence of growth expectations between its Member States, highlighting the weakness of Germany compared to the upward revision of the expected GDP growth in 2024 for Spain. We will also know the labour cost indices for Q4 2023, with great relevance in determining the trend of the labour market and wage tensions.
On Wednesday, data on the PPI will be presented in both Germany and the United Kingdom, where the evolution of the CPI in February will also be known. All this in a context in which the European Commission will publish the consumer confidence index in the Eurozone for the month of March, which could maintain the trend of its last record.
On Thursday, we will know the evolution of the composite PMI in the Eurozone for March, and that of the main European powers. This represents a faithful x-ray of the situation of the services and manufacturing sector of the European monetary zone. At the same time, the BoE (Bank of England) rate meeting will take place, where no changes are expected in its current interest rates (5.25%).
To end the week, UK retail sales data for February and business confidence in Germany for March will be released on Friday.
On a business level, the publication of results from Enagás, Enel, Accenture and Alantra will stand out, together with the General Meeting of Shareholders of some of the main banking entities in our country: Santander, CaixaBank and Bankinter.
We have said it before, but in the UK, the Rwanda Bill will be in the news as the constantly defeated bill reaches the final stage of the legislative process in the House of Commons on Monday when MPs discuss changes made in the House of Lords.
Monthly GDP figures last week showed the UK economy is beginning to work its way out recession and this week the ONS publishes the latest data on inflation on Wednesday, which economists are hoping to be positive, albeit only slightly, especially as the OBR economists forecast a decline to 2% in the second quarter of this year.
Finally, as a day of note, on the day those inflation figures are published it’s International Day of Happiness, celebrated on Wednesday, so we can focus on that, whilst we also note that this week marks four years since the first UK COVID lockdown.
Things to do in March
This week sees Father’s Day on Tuesday, San Jose, and so there will be a few themed events taking place, including in Terra Natura in Benidorm, where you can get a meal with your special Father’s Day entrance ticket.
Whilst we are talking about Benidorm, the Terra Mitica theme park is also set to open soon for the summer season, opening the doors on 17 May.
Down in Los Alcazares on the Mar Menor there is an unusual and unique horse-based event on Saturday 30 and Sunday 31 March, the XXIII Incursiones Berberiscas en Mar Menor, a medieval tournament pitching knights against knights on the beaches of the town.
Classical music fans have a Beethoven concert in the International Auditorium in Torrevieja on 23 March.
Sports fans in Torrevieja have a rugby competition from 22 to 24 March, football on the 28 to 31, and handball on the same weekend.
For runners, Crevillente on 6 April has a 6k race, and the Dama de Guardamar half marathon, which takes the form of both a 10k and 21k variant, and will take place in Guardamar del Segura on 14 April 2024.
For petrolheads, Guardamar del Segura will host a wide range of classic motors, cars and motorbikes, in the XII Fiesta del Motor Clásico de Guardamar del Segura taking place on 23 March 2024, starting at 10 a.m. in the Plaza del Ayuntamiento where, in addition to the exhibition of participating classic cars and motorcycles, there will be live music, paella to eat, and drinks.
Finally, the Iberia Motor Fest brings classic and unusual vehicles together at La Vila Joiosa on 22nd, 23rd, and 24th of March 2024.
Aircraft fans can look forward to the Patrulla Aguila aerobatic team performing locally in the San Javier Airshow, taking place from 3rd-5th May – Festival Aéreo San Javier – over the playas de Santiago de la Ribera, San Javier, Murcia. They are also at the DIFAS 2024, taking place in Oviedo on 1 June, and on 15th June, the 50º Aniversario del ALA 14, in Albacete, where a competition is open to design a Eurofighter livery.
The Patrulla Acrobática de Paracaidismo del Ejército del Aire (PAPEA) parachutists perform on 31st March at the Conmemoración de “El Encuentro” de Alcantarilla, in Murcia, before the team head overseas in April to attend the 5th FAI World Indoor Skydiving Championship, in Macau, China.
Musically, James Blunt is back in Alicante on 19 July, as is Tom Jones on 25. Other popular groups coming to Spain in the near future include AC/DC, Depeche Mode, and Simple Minds.
Fallas season comes to an end this week, coinciding with San Jose, Spanish Father’s Day, on 19 March.
There will be lots taking place for Easter, some of which we will look at next week, as Easter is earlier this year, Good Friday is 29 March.
Holiday wise, we know that Tuesday this week is a national holiday, before that, Monday is a local holiday in San Isidro and Sax. Then our holiday schedule sees Friday next week, Good Friday (some regions celebrate Thursday), then Easter Monday in others, and the following week is San Vicente, a local holiday in many places.
The post The Week Ahead – 18 March 2024 first appeared on Mark Nolan´s Podcast.