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European economy

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European economy, In Europe 12th September 2023

Despite EC downgrade of growth outlook, inflation outlook remains elevated: +5.6% in 2023 (previous +5.8%) and +2.9% in 2024

Renta 4: European stock markets open without major movements (Eurostoxx futures +0.2%, S&P -0.1%), in a session that is expected to be transitional as we await the week’s big releases: US CPI (Wednesday) and the ECB (Thursday). In the background, new negative news on the cycle, with the European Commission revising downwards its eurozone growth forecasts for 2023 to +0.8% versus +1.1% previously and 2024 to +1.3% versus +1.6%, while…

alemania brandenburgo

European economy 8th September 2023

German CPI finally stands at 6.1% in August, with core stuck at 5%

Bankinter : August CPI (final) confirms moderation: +6.1% vs +6.1% estimate and preliminary vs +6.2% previously. In month-on-month terms +0.3%, same as estimated, preliminary and previous. Assessment: Unchanged and representing a new moderation in the price level. This is good news as it takes pressure off the ECB to keep tightening its monetary policy. The downside is the entrenchment of underlying inflationary pressures above +5%.

Europa

European economy 6th September 2023

European investor confidence as measured by Sentix falls again in September: -21.5 vs. -18.9 previously

Bankinter: Sentix Investor Confidence (September), below expectations: -21.5 vs -20.0 expected and -18.9 previous. Investor confidence falls again after the recovery of the previous month. Both the Expectations component (-21 vs -17.3 previously) and the Current Situation component (-22.0 vs -20.5 previously) fell. In the case of the Current Situation, they are at their lowest levels since November 2022. Assessment: Investor confidence in Europe continues to show weakness in the…

EuroStoxx50

European economy 5th September 2023

Acciona Energia and Telefonica Deutschland to exit Stoxx 600, Hochtief and others join

Link Securities| The index manager, Stoxx 600, has communicated a list of the five companies that will leave the pan-European index and the five that will take their place, according to Expansión newspaper on Monday. Among the first is Acciona Energy (ANE). The renewable energy company will be excluded from the Stoxx 600 from 18 September, which will cause a withdrawal of positions by the many funds that replicate the…

Alemania industria

European economy 4th September 2023

With orders at record lows, Eurozone manufacturing rises 0.8 points to 43.5 in August

Singular Bank: In August, the final reading of the IHS Markit manufacturing PMI index for the Eurozone advanced 0.8 points from the previous month to 43.5 points (vs. 42.7 points in July), slightly below the preliminary estimate of 43.7 points, remaining in contractionary territory since August 2022 (below 50 points). A performance weighed down by the fall in new factory orders at their fastest pace since the beginning of the…

bayer1

European economy 30th August 2023

Positive results from Bayer clinical trial to treat Parkinson’s disease

Bankinter | Positive results from a clinical trial to treat Parkinson’s disease. It is an initial trial, conducted with 12 patients whose Parkinson’s disease symptoms have improved. The treatment has been well tolerated by the participants, and there are no concerns about its safety profile. Bayer announced the findings of this trial at the International Congress of Parkinson’s Disease and Movement Disorders in Copenhagen and will publish the full results…

ECB night

European economy 29th August 2023

Overall credit growth to the private sector slowed to 1.6% in July, weakest pace since June 2016

Link | According to the ECB yesterday, the M3 monetary aggregate in the eurozone increased by 0.4% year-on-year in July (+0.6% in June) to €15.6 trillion, thus exceeding the expectations of FactSet consensus analysts, who expected it to remain unchanged in the month (0.0%). The total amount of loans in the eurozone increased at a year-on-year rate in July by 1.30%, slightly below the 1.7% increase in June and the…

LNG regasification ship

European economy 28th August 2023

Europe’s gas storage at 90%

Santander | Europe’s gas storage reached 90% of storage capacity on August 16, well ahead of the EU’s requirement to reach that level by November 1, which marks the start of the winter heating season. European Energy Commissioner, Kadri Simson, commented that this “underlines that the EU is well prepared for winter, which will help to further stabilise markets in the coming months. The EU energy market is in a…

eurozone banks

European economy, Relevant News Item 25th August 2023

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…

euros prestamos

European economy, Relevant News Item 24th August 2023

Eurozone current account surplus reaches €6.8bn in June, largest since June 2021, up from deficit of €4.4bn a year ago

Link Securities | According to data from the European Central Bank (ECB), the eurozone recorded a current account surplus of €36.8 billion in June, compared with a deficit of €4.4 billion in the same month a year earlier. June’s surplus is the largest current account surplus achieved by the region since September 2021. This surplus was driven by the goods account, which went on to generate a surplus of €42.7…