European economy

pmi manufacturero

Eurozone manufacturing PMI rebounds in April as firms build up stocks in anticipation of war-related disruptions

CdM | Growth in the Eurozone manufacturing sector rebounded in April. However, “although the PMI index has reached its highest level in almost four years, the survey is causing more concern than joy”. Input price inflation rose sharply again, approaching its four-year high. Furthermore, production and the order book were driven by the build-up of safety stocks, “as a result of widespread concerns over supply shortages and rising prices stemming…


bce lagarde dic 2024

ECB keeps rates at 2% and acknowledges risks “have intensified”

CdM | The European Central Bank (ECB) has kept interest rates at 2% and acknowledges that “upside risks to inflation and downside risks to growth have intensified”. However, it states that “the Governing Council remains well positioned to deal with the current uncertainty”. As stated in the press release following the April meeting, the eurozone entered this period of sharp rises in energy prices with inflation close to the 2%…


inflacion precios

Inflation expectations in Eurozone for next 12 months rise from 2.5% in February to 4% in March, according to ECB

Link Securities | As announced yesterday by ECB analysts, median inflation expectations in the Eurozone for the next 12 months rose in March to 4.0% from 2.5% in February, reaching their highest level since October 2023. Furthermore, March saw the largest monthly increase in this figure since early 2022, when the war in Ukraine began. In March, the conflict in the Middle East, which has led to the blockade of…


exportaciones complejas

Eurozone begins 2026 with trade deficit of €1.9 billion, exports down 7.6%, imports up 7.3%

Link Securities | According to the first estimate of the Eurozone’s trade balance, the region recorded a deficit of €1.9 billion in trade in goods with the rest of the world in January, compared with €1.4 billion in January 2025. The increase in the deficit was due to fluctuations in several sectors: the chemicals and related products sector saw a significant decline, falling from a surplus of €24.6 billion in…


euros prestamos

Eurozone inflation rises to 1.9% in February, but remains below ECB’s target

CdM | Eurozone inflation remains below the European Central Bank (ECB) target despite rising by two tenths of a percentage point in February. The Consumer Price Index (CPI) stands at 1.9%, according to figures published by Eurostat, the statistical office of the European Union (EU). The figure is in line with market estimates. By component, services, food, alcohol and tobacco, and non-energy industrial goods contributed positively to the eurozone’s annual…


Telefonica

Telefónica, Liberty, and InfraVia acquire UK’s second-largest fiber operator Netomnia for €2.3 billion

Telefónica has announced that its subsidiary, Telefónica Infra, S.L.U., alongside Liberty Global Europe 2 Limited and InfraVia Capital Partners—acting through their fiber joint venture (nexfibre)—have reached an agreement to acquire 100% of the share capital of Substantial Topco Limited (Netomnia), the second-largest fiber operator in the United Kingdom. The transaction value (firm value) amounts to £2 billion (approximately €2.294 billion). Telefónica and Liberty Global will jointly contribute around £150 million…


europa detalle billete

Eurozone services PMI grows moderately in January (51.6): ‘the trajectory is acceptable but not comfortable’

CdM | In January, companies in the eurozone services sector expanded their commercial activities for the eighth consecutive month. However, the rate of growth was moderate and the least intense since September 2025, according to the PMI index. ‘The growth trajectory can be described as acceptable, but the situation is still not comfortable. Companies barely hired any staff in January. The fact that new orders barely grew also shows that…


Eurozona IPC 1

Eurozone growth loses momentum in Q4 2025, but unemployment rate returns to historic lows

Bankinter | Growth lost momentum in Q4 2025, as expected, but the unemployment rate returned to historic lows in December. Preliminary GDP was up 1.3% year-on-year in Q4 2025, in line with expectations and compared to 1.4% previously. The unemployment rate was 6.2% in December, compared to the estimated and previous rate of 6.3%. Bankinter analysis team’s view: European growth continues to be led by the peripheral countries. Spain and…


Eurozona IPC 1

Financial Times survey of economists forecasts Eurozone GDP growth of 1.2% for 2026

Link Securities | A Financial Times survey of economists forecasts Eurozone GDP growth of 1.2% for 2026, compared to 1.4% for 2025 and forecasts of 1.4% for 2027. The region’s economic outlook depends heavily on Germany, Europe’s largest economy, which is expected to recover thanks to the strong fiscal expansion announced by the German government. However, there has been disappointment so far with the pace of reforms and doubts about…


Eurozona PMIs

Eurozone industrial production rises 0.8% in October, more than expected

CdM | Eurozone industrial production rose 0.8% in October, according to data from Eurostat, the EU statistics office. The figure was above consensus forecasts, which anticipated a more moderate increase of 0.1%. Across the European Union (EU), it grew 0.3% in the tenth month of the year. Analysed in detail, industrial production in the eurozone increased by 0.3% for intermediate goods, 1.1% for energy prices, 0.5% for capital goods, 0.2%…