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European economy

Reino Unido economia

European economy 23rd May 2024

UK headline inflation in April down to 2.3% vs. 3.2% in March, core down to 3.9% vs. 4.2% in March

Bankinter : UK inflation slows sharply in April, although it came out slightly higher than expected – CPI (April): +2.3% year-on-year versus +2.1% expected and +3.2% previously. Underlying: +3.9% vs +3.6% expected and +4.2% previously. Assessment: Despite disappointing expectations, the deceleration is significant and this is good news on the UK inflation side. The price level decelerates for the second consecutive month, after stagnating at +4.0% at the beginning of…

ArcelorMittal1

European economy 22nd May 2024

ArcelorMittal receives €250m loan from Flemish regional government for decarbonisation plan of Ghent plant

Morgan Stanley | Analysts are echoing a Bloomberg report, confirming that Arcelor has received a €250m loan from the Flemish regional government to implement a decarbonisation plan for its plant in Ghent, Belgium. This is in addition to the €350m already granted, for a total loan of €600m, and the €280m in aid it received from the Belgian government. Our analyst Alain Gabriel thus maintains his positive view of Arcelor’s…

arcelormittalCM

European economy 22nd May 2024

ArcelorMittal among best positioned steelmakers in face of possible 10% reduction in steel plate production capacity in Europe

Morgan Stanley: Our analyst Alain Gabriel believes that steel plate production in Europe is set to fall by 10% in the short/medium term, due to increased financing pressure, decarbonisation policies and sanctions imposed on Russian imports. Returns for the sector in Europe have been lower (4.3% post-tax RoCE 2009-20) than expected over the last 10 years and Gabriel believes this has to do with a utilisation rate below potential. The…

portugal espana

European economy 21st May 2024

Fitch maintains Spain’s rating at A- and outlook “Stable”, while Moody’s keeps Portugal’s rating and outlook at A3 “Stable”

Bankinter | Fitch maintains Spain’s rating at A- and the outlook “Stable”, given the resilience of the economy and the improvement in the labour market. Fitch estimates GDP growth of 2.1% and 2.0% for 2024 and 2025 respectively. Moreover, the credit rating agency points to the need to address the high structural unemployment rate. No surprises for our analysts: “Fitch maintains its credit rating one notch below S&P’s equivalent at…

ryanair aviones

European economy 21st May 2024

Ryanair makes €1.92 billion profit, up 34% on previous year, thanks largely to 9% increase in traffic

Singular Bank | The Irish low-cost airline has released its business results. In its 2024 financial year, Ryanair posted a net profit of €1.92 billion, up 34% on the previous year, thanks largely to a 9% increase in traffic. As a result, the number of passengers exceeded 184 million, 23% more than before the pandemic. Despite higher oil prices, the airline drove cost reductions in other areas, which helped boost…

acerinox industria acero

European economy 20th May 2024

UK Competition Authority to conduct formal investigation into Acerinox’s acquisition of Haynes International

Morgan Stanley | Haynes International has indicated that the UK Competition and Markets Authority (CMA) will conduct a formal investigation into the transaction. Haynes remains optimistic that the pending reviews will be resolved positively and that the necessary approvals will be obtained. In fact, the company expects the transaction to close by the end of the year (as opposed to the previous Q3 expectation). Acerinox, for its part, has not…

European fiscal stimuli 1

European economy 20th May 2024

EC keeps Eurozone annual growth forecast for 2024 stable at 0.8%, while confirming 0.4% rebound in 1Q24

Bankinter: European Commission forecasts point to a soft landing for the economy.- GDP: +0.8% versus +0.8% previously in 2024 and +1.4% versus +1.5% previously in 2025. CPI: +2.5% versus +2.7% previously and +2.1% versus +2.2% previously respectively. Analysis: After the downward revision of growth for the Eurozone in the February report, the EC maintains its forecast for 2024 and revises the estimate for 2025 downwards very slightly. The institution continues…

logista

European economy 15th May 2024

Logista acquires remaining 30% stake in Dutch company Speedlink Worldwide Express

Link Securities | Europe’s leading logistics operator, announced yesterday that it has increased its stake in Dutch company Speedlink Worldwide Express, a specialist in express (time critical) deliveries to and from the Netherlands. The company announced in February 2022 the acquisition of 70% of Speedlink in a deal that saw Logista’s stake increase to 100%, a milestone it has reached through the purchase of the remaining 30%. Speedlink, based in…

choose france

European economy 13th May 2024

France brings together 180 global CEOs at 7th “Choose France” summit to attract investment to country

Norbolsa | France is holding the 7th summit known as “Choose France” today, in which Macron will gather 180 CEOs, in an event with which he hopes to attract investment with the aim of reindustrialising the country and reinforcing the Paris hub post-Brexit. It was expected that the amount of investment pledged would exceed last year’s €13bn, with investment commitments from companies such as Amaon, Pfizer and Morgan Stanley, and…

CAF

European economy 9th May 2024

CAF wins Oslo metro contract to supply 20 trains for €150m

Renta 4 | CAF has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with Oslo Metro for the supply of 20 trains and related fleet parts for more than €150 million. The contract includes an option to extend the contract by 90 additional units. Assessment: Positive news, but no impact on share price given the amount of the contract which represents around 1% of…