Spain unveils emergency actions to curb soaring living costs

Spain's Prime Minister Pedro Sanchez gestures during news conference at the Presidential Palace in Bucharest, Romania, on March 17, 2022. The Spanish government has approved a package of emergency economic measures worth more than 9 billion euros (9.5 billion dollars) in a bid to temper the economic fallout from Russia's invasion of Ukraine, Prime Minister Pedro Sanchez said Saturday June 25, 2022. (AP Photo/Andreea Alexandru, File)

Spain's Prime Minister Pedro Sanchez arrives for an EU summit at the Brdo Congress Center in Kranj, Slovenia, on Oct. 6, 2021. The Spanish government has approved a package of emergency economic measures worth more than 9 billion euros (9.5 billion dollars) in a bid to temper the economic fallout from Russia's invasion of Ukraine, Prime Minister Pedro Sanchez said Saturday June 25, 2022. (AP Photo/Petr David Josek, File)

MADRID (AP) — The Spanish government has approved a package of emergency economic measures worth more than 9 billion euros ($9.5 billion) to try to temper the economic fallout from Russia’s invasion of Ukraine, Prime Minister Pedro Sánchez said Saturday.

“This war, and its economic and social consequences, have produced an extraordinary uncertainty when it comes to the European and international economy and, of course, the Spanish one,” Sánchez told reporters.

“Consequently, we are cushioning this effect with the instruments that we have and sharing in a fair, equitable way the economic and social costs of the war,” he added.

The measures include a cut in the tax on electricity, from 10% to 5%, a reduction in the cost of monthly transit passes and a one-time payment of 200 euros ($211) for people who earn less than 14,000 euros ($14,756) a year and are not already receiving benefits.

A series of previously announced measures, such as a 20-cent reduction on gasoline prices at the pump and a 15% increase for people on benefits, will be extended.

The government is also in the process of designing a tax aimed at the “extraordinary profits” earned by energy companies since Russia’s war in Ukraine sent prices soaring, said Sánchez, whose Socialists lead a coalition government.

“It’s an initiative that is in tune with public opinion in our country,” the prime minister said.

His announcement came less than a week after the opposition Popular Party won an unprecedented majority government in the southern Spanish region of Andalusia. Several analysts linked the Socialist loss in a region that was once a party stronghold to growing concerns over rising inflation and the cost of living.

7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates

Stock markets move in cycles. Historically, bull markets last longer than bear markets, but both can last longer than investors expect. But inside bull markets and bear markets, there can still be volatile price changes in the opposite direction. And when the market does reverse direction, the biggest gains are made by investors that stay the course.

In a volatile market, one option for staying the course is to invest in quality blue-chip dividend stocks. Blue-chip stocks are companies that have a large market capitalization. That means there are companies in mature industries.

That maturity allows these companies to deliver consistent performance that is independent of whatever is happening with the country's monetary policy. When interest rates fall, these companies are poised for growth. And when interest rates rise, these companies have strong balance sheets that allow them to maintain pricing power and profits to provide stability.

All of this means that investors with lower risk tolerances can stay in the market without having to give up on growth. And in this special presentation, we're giving investors seven blue-chip names that investors can buy with confidence no matter what is happening with interest rates.

View the "7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates".