Singular Bank | According to preliminary readings, the Eurozone manufacturing PMI fell to 49.7 points in November (versus 50.0 points in October), its lowest level since June. In contrast, the services PMI rose slightly by 0.1 points to 53.1 points, its highest level since May 2024. In this context, the composite PMI fell slightly by 0.1 points to 50.4 points. This development can be explained by the decline in new…
Link Securities | According to the European Central Bank (ECB), the Eurozone generated a current account surplus of €38.1 billion in September, compared to €43.5 billion in the same month of 2024. This decline was the result of a sharp drop in the primary income surplus, which fell to €800 million from €12 billion in September of the previous year. At the same time, the secondary income deficit increased to…
Bankinter | Industrial production in Eurozone countries grew less than expected in September: 1.2% year-on-year versus 2.1% expected and 1.2% previously (revised from 1.1%). In month-on-month terms, 0.2% versus 0.7% versus a drop of 1.1% (revised from 1.2%). By country, Germany continues to slow down its growth (down 0.8%). Analysis team’s view: Industrial production, which is highly dependent on the foreign sector, continues to be affected by US tariffs and…
Link Securities | The Sentix index, which assesses investor confidence in the Eurozone, fell to -7.4 points in November from -5.4 points in October, falling below the -6.0 points expected by analysts in the Reuters consensus. Thus, the survey of 1,069 investors showed a weakening of this group’s perception of both current conditions and future expectations for the Eurozone economy. Germany, Europe’s largest economy, sank further into pessimism, with its…
CdM | Industrial production prices fell by 0.1% in both the Eurozone and the European Union (EU) in September compared to the previous month, according to initial estimates from Eurostat, the EU’s statistical office. On a year-on-year basis, the decline was 0.2% for the Eurozone, while prices rose by 0.1% in the EU. On a month-on-month basis, industrial production prices in the Eurozone remained stable for intermediate goods and capital…
CdM | The eurozone manufacturing sector expanded once again. However, the pace of growth remained steady, according to the PMI index. In fact, although October marked the eighth consecutive monthly expansion, the pace of growth was moderate overall and slightly weaker than the average observed during the current expansion sequence. ‘We can speak, at best, of an incipient outbreak of economic recovery.’ ‘Production has increased for the eighth consecutive month,…
Singular Bank | According to the European Commission, in the final reading for October, the Eurozone Economic Sentiment Indicator (ESI) rose 1.2 points to 96.8 points, despite political uncertainty in France and delays in the Merz government’s reforms in Germany. This development was mainly driven by a notable rebound in confidence in the industrial, construction and retail sectors. In more detail: Industrial Sentiment -8.2 versus -10.0 expected versus -10.3 previous;…
Bankinter | Car sales rose by 10% in September, compared to 5.3% previously. Bankinter analysis team’s view: This is the best figure since April 2024. Among the increases, the following stood out (year-on-year): Cupra (up 48.4%), Stellantis (11.5%), Skoda (10.9%), Volkswagen (9.6%), Citröen (29.4%), Opel (14.6%) and Alfa Romeo (71.8%). Chinese brands once again recorded strong sales growth, such as SAIC Motor (75.5%) and ByD (398%). On the negative side,…
Bankinter | According to press reports, the United Kingdom has announced the cancellation of the project to build a motorway near Stonehenge. We recall that the project was awarded in 2022 to a consortium formed by FCC, Webuild, and BeMo Tunnelling and had a budget of around £1.7 billion (approximately €1.95 billion). According to the same source, FCC had completed the design work but had not yet begun construction. Assessment:…
Singular Bank | According to preliminary data for October, the Eurozone manufacturing PMI has rebounded slightly to 50.0 points (against 49.8 points in September), representing the eighth consecutive month of increased production in the sector. At the same time, the services PMI rose to 52.6 points (against 51.6 points in September) due to the faster pace of growth in new orders. For its part, the composite PMI for the European…