Annalisa Piazza (MFS IM) | The ECB announced today its decision to hike policy rates by 25bp after hiking by 50bp at its March meeting. Inflation is high and pushing it down to its 2% target in the medium term remains the ECB top priority. However, a slower pace of hiking was not a surprise as current levels of rates are already in restrictive territory and the economic picture for…
Link Securities | Eurostat published on Tuesday that, according to the preliminary estimate of the data, the Eurozone consumer price index (CPI) rose 0.7% in the month of April compared to March. In the year-on-year rate, the Eurozone CPI rose in April, also according to the preliminary reading of the index, by 7.0% compared to 6.9% in March, which was expected by the analysts’ consensus. In April energy prices rose…
Link Securities | Cepsa has awarded Técnicas Reunidas the contract to develop the engineering for the largest second-generation (2G) biofuels plant in southern Europe, which the company will start up together with Bio-Oils through an investment of up to €1 billion, in the La Rábida Energy Park (Huelva). The new plant, which will use agricultural waste and used cooking oils as feedstock, will have two pre-treatment units and a flexible…
Banca March : The new tool called Aggregate EU started its work yesterday and will receive 12-month demand forecasts from June onwards from the different European gas suppliers that wish to participate. From 3 May, these will be aggregated and studied to provide a joint demand proposal that will be launched to the market in search of bids. Finally, on 17 May, the supply and demand matches will be published,…
Santander Corporate & Investment’s flash services PMIs released this morning will once again be a headache for the ECB, as they show an unexpectedly strong rebound in France at a delicate time of rallies (56.3, 53.5e, 53.9p). But also in Germany (55.7, 53.4e, 53.7p). And at a time when services inflation remains one of the real workhorses as our economists recalled after the release of the final March figure a…
Link Securities | The construction company OHLA has been awarded a contract in the Czech Republic valued at around €100 million to modernise the Brno North thermal power plant, one of the largest renewable energy projects announced this year in the country, Europa Press reported yesterday. The scope of the contract, awarded by the state-owned company Teplárny Brno, consists of modernising part of the plant for the combined production of…
Bankinter : March CPI stands at +10.1% in March (year-on-year) vs +9.8% estimated and +10.4% previous. The core rate is at +6.2% (year-on-year) vs +6.0% estimated and +6.2% previous. On the other hand, new home sales in London fell -39% in 1Q 2023 (year-on-year), according to real estate firm Molior London. They are at 10-year lows. Analysis team’s view: Bad news. Inflation eases, although less than expected in March. The…
Banca March : Investor and analyst confidence in Germany is deteriorating. The ZEW index fell more than expected in April with the reading of economic expectations at 4.1 from 13 and below the 15.6 expected. This suggests that the outlook for economic developments in the coming quarters is dimming after the deterioration in financial conditions in March. For its part, the current situation component of the ZEW index rebounded more…
Banca March : Negotiators from the European Parliament and the Council reached an agreement on Tuesday to approve the European Chip Act, which will aim to mobilise €43 billion of investment to double the weight of the European Union in the world production of this component. The agreement also broadens the type of facilities to be funded to include not only state-of-the-art manufacturing facilities but also those producing semiconductor manufacturing…
Técnicas Reunidas, FCC and the Turkish company Enka have been awarded a contract worth around 1,000 million euros for the construction of a liquefied gas regasification plant for Hanseatic Energy Hub in the port of Stade, in the Haburg region. This terminal will be built next to a plant of the chemical giant Dow Chemical to utilise its industrial heat. It will be erected at full speed, with the aim…