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European economy 16th July 2024

Eurozone industrial production contracts 2.9% year-on-year in May (against 3.1% in previous month), but grows 0.7% for energy

Link Securities | Eurostat published yesterday that industrial production in the Eurozone declined 0.6% in the month of May relative to April, in seasonally adjusted data. The reading beat the 1.0% drop expected by FactSet’s consensus of analysts. By industry type in May, output fell 1.0% for intermediate goods, 1.2% for capital goods and 1.8% for consumer durables. Conversely, output rose 0.8% for energy and 1.6% for consumer non-durables. Year-on-year,…

European economy 16th July 2024

KKR offers Iberdrola a UK alliance in bid for ENWL

Bankinter | Iberdrola (IBE) is in the final straight to bid for the British electricity company Electricity North West Limited (ENWL). Iberdrola, on the one hand, and Engie and Quebec , on the other, will present their binding bids for ENWL on 24 July. ENWL is one of the ten largest distribution networks in the UK , controlling the North West of England. The American fund has approached Iberdrola offering…

European economy 15th July 2024

France will need to raise €15 billion in additional tax revenues or savings to meet requirements of European authorities

Intermoney | In sovereign debt, the spread between the OAT and the Bund seems to be normalising and currently stands at 66 bp. As we have been explaining from IM, the governing coalition will have little room to expand spending and widen the deficit, considering that Brussels had put France in the excessive deficit procedure. What’s more, the next French government would have to stump up €15 billion in additional…

European economy 15th July 2024

Mapfre and Swiss Life Group increase real estate fund with transfer of two properties in Madrid and Paris valued at almost €140 million

Link Securities | The real estate alliance between Mapfre and Swiss Life Group has expanded, as both companies have reached an agreement to transfer two more properties to their real estate funds, the digital portal elEconomista.es reported. They are located in Madrid and Paris and have a combined value of almost 140 million euros. Specifically, the Spanish insurer has transferred the building at Avenida de Burgos 12, located in the…

European economy 10th July 2024

Only 19% of CAC 40 index is dependent on French economy

Matthieu de Clermont Head of Insurance and Regulatory Strategies (Allianz GI) | Amid a hung parliament, should investors hang around? While a hung parliament was expected, the second round of the French election still delivered a shock result: the far-right National Rally was pushed into third place in a result that triggers days if not weeks of negotiations between the parties to form a government. With the most seats, France’s…

European economy 8th July 2024

Labour’s victory in UK could further support pound and British stock market with more constructive stance towards EU

Renta 4 | In the UK, Thursday’s elections were, in line with expectations, a historic victory for Starmer-led Labour (expected to achieve its largest majority since 1997). The Conservative leader, Sunak has already conceded defeat. Labour’s victory could continue to support the pound and the British stock market in the face of a more constructive stance on the EU and promised fiscal stability. To this could be added the Bank…

European economy 4th July 2024

Telefónica, through Virgin Media O2 subsidiary and Vodafone strengthen agreement to share mobile networks over next 10 years

Link Securities | The Spanish telecom, through its subsidiary Virgin Media O2, and Vodafone have reached an agreement in the UK to strengthen their mobile network sharing agreement for the next ten years, Expansión newspaper reported yesterday. The deal incorporates the purchase of assets from Vodafone to facilitate a merger with Hutchison subsidiary Three in the country. Perhaps the most novel aspect of the deal is that VMO2, in which…

European economy 4th July 2024

Airbus delivers 323 aircraft this year, 4% more than in same period 2023

Norbolsa | Airbus (AIR) delivered 67 aircraft in June, bringing the total number of aircraft delivered in the first half of the year to 323, up 2% compared to the first half of last year. In the second quarter it increased deliveries by 4% compared to the same period last year. It intends to slow the ramp-up of production of the flagship A320neo Family, reaching 75 aircraft created monthly in…

European economy 2nd July 2024

Lagarde opens ECB annual forum in Sintra, and says economy’s “soft landing not yet guaranteed”

Banca March: Christine Lagarde opens the ECB’s annual forum in Sintra, warning that “the soft landing of the economy is not yet guaranteed”. The head of the monetary authority has asked for more time to make sure that the risks that could push inflation above the 2% target have passed, indicating that the strength of the labour market gives them some room to gather more information, stressing the message of…

European economy 1st July 2024

Construction begins on Germany’s first onshore LNG plant to be operated by Enagás

Alphavalue/DIVACONS | The laying of the foundation stone for Germany’s first onshore Liquefied Natural Gas (LNG) terminal, which will be operated by Enagás and come on stream in 2027, was held last Friday in Stade. More than 1,100 people will work on the construction of Europe’s two largest LNG tanks, each with a capacity of 240,000 cubic metres, which will also be able to operate with renewable ammonia. The terminal…

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