In Europe

telefonica tech

Telefónica Tech teams up with China’s Ehang to boost urban air mobility in Europe and LatAm

Alphavalue / Divacons| Telefónica Tech has teamed up with Chinese company EHang, which produces electric aerial vehicles with vertical take-off and landing capabilities for transporting passengers and cargo without a pilot, to boost urban air mobility in Europe and Latin America, the operator said in a statement. Telefónica Tech will contribute its 5G connectivity and private network capabilities to the project to enhance the “safety and efficiency” of this type…


Deutsche Wohnen

Real estate prices in Germany in 4Q23 down 7.2% year-on-year on average, commercial segment sees 12.1% drop

Norbolsa| In Germany, the problems in the commercial real estate market are increasing investor fears about the sector and possible lending banks being infected. The collapse in office property prices has accelerated, with Deutsche Pfandbriefbank’s share price at record lows. In particular, real estate prices in 4Q24 declined by an average of 7.2% year-on-year in Germany, the biggest drop in the entire historical series of the index compiled by the…


alemania berlin ampelmann

Germany’s final CPI in January unchanged from preliminary data: +2.9% year-on-year versus +3.7% previously

Norbolsa: In annual rate the German CPI in January rose by 2.9% versus the 2.9% expected and the 3.7% previous one. The harmonised CPI in January, in the monthly rate, fell by 0.2% against -0.2% expected and 0.2% previous. This is the smallest rise in German prices since June 2021. In the annual rate, the harmonised rate fell in January by 3.1%, confirming preliminary data, against 3.8% previously.


Athens airport

Greece floats 30% of the Athens airport it owns in Europe’s biggest IPO for two years

Singular Bank | Greece’s government has decided to float 30% of the Athens international airport it owns, in what has become Europe’s biggest IPO for two years and the latest sign of the country’s recovery. Greece was visited by 32 million visitors in 2023 and 28 million in 2022, and investment in the airport is seen as a good way to invest in the country’s tourism. The offer, which began…


Eurozona salarios

According to ECB, consumers expect prices to rise by up to 3.2% in next 12 months, and 2.5% in next three years

Intermoney| The ECB released on Tuesday its December consumer inflation expectations, a figure that offered mixed signals, something that could be partly caused by the fact that it has almost doubled its monthly survey of the countries it surveys. The figures include responses from five more countries (Ireland, Greece, Austria, Portugal and Finland) in addition to the six that have been surveyed since the survey began in 2022. That means…


servicios

Spain and Italy, the only large Eurozone economies where services activity is expanding

Link Securities| S&P Global reported on Monday that Spain’s services sector purchasing managers’ index, the services PMI, rose in its January reading to 52.1 points from 51.5 points in December, falling short, however, of the 52.5 points expected by FactSet consensus analysts. January’s reading is the highest reading for this leading indicator of activity since last July. Any reading above 50 points suggests expansion in activity relative to the previous…


alemani piruli

Germany’s December trade surplus improves to €22.2 billion from €20.4 billion in previous month

Bankinter : Trade Balance (Dec): €22.2bn versus €19bn expected against €20.8bn previous (revised from €20.4bn). Exports -4.6% versus -2.8% expected versus +3.5% previous. Imports -6.7% versus -1.9% expected versus +1.5% previous. Assessment: The improvement in the trade surplus stems from a sharp drop in imports in the month, reflecting the weakness of the country’s domestic demand. 4Q23 GDP contracted -0.3% year-on-year (versus +0.0% in 3Q23) resulting in a -0.3% year-on-year…


Amadeus

Amadeus acquires Portugal’s Vision-Box, specialised in passenger biometrics, for €320m, equivalent to 16x EBITDA 2023

Renta 4 | Amadeus has reached an agreement to acquire Vision-Box, a Lisbon-based company that provides biometric (facial recognition) solutions for passengers in airports, airlines and border systems. Vision-Box’s systems (hardware and software) facilitate passengers’ journey from airport check-in, check-out, lounges and security screening. Vision-Box is expected to generate €70 million in revenues and €20 million in EBITDA by 2023, is present in more than 100 countries, generates 50% of…


IMF outlook

IMF forecasts back soft landing and point to Spain as eurozone leader

BancaMarch: International Monetary Fund forecasts support a soft landing. Global economic growth estimates for 2024 have been revised upwards by two tenths of a percentage point, maintaining the same levels as in 2023, +3.1%. This is due to the improved outlook for the United States and China, the world’s two largest economies. In the case of the United States, the variation in GDP falls from +2.5% in 2023 to +2.1%…


IAG new

IAG: air freight cushions risks around airline pricing power 2024

Morgan Stanley | Capacity growth in long-haul travel poses risks around 2024 pricing power for flag carriers, especially those with exposure to the North Atlantic. However, Conor Dwyer (analyst), notes that rising air freight yields (+25% in December to 1.9x 2019 levels), as a result of disruptions in container shipping, should limit the impact. This dynamic is more favourable for Air France and Lufthansa, more exposed to air freight than…