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European economy 20th March 2022

Europe Rethinks Nuclear Power As Longer-Term Fix To Market, Climate, Security Challenges

Sebastian Zank & Anne Grammatico (Scope Ratings) |New investment in nuclear power could help Europe stabilise diminishing supplies of baseload electricity as coal and old nuclear power stations close – without relying just on natural gas as an alternative – but only in the longer term. Nuclear reactors with a total capacity of more than 20 GW are scheduled for decommissioning by 2030. Europe had a double energy challenge – even…

European economy 18th March 2022

Good News? Russia Has Paid

Good news? In Russia, JP Morgan claims to have processed interest payments on two of the country’s sovereign issues, raising expectations of default on its debt for the first time since 1998. This has not prevented Standard & Poor’s from downgrading the country’s credit rating by one notch to CC, just two notches above default, in its belief that the country’s debt is “highly vulnerable to default”. In China, according…

European economy 18th March 2022

Norges Bank Holds Shares In 74 Spanish Listed Firms, 10% of which Are In The Real Estate Sector

Norges Bank (the Norwegian sovereign wealth fund) has just published all its holdings in the five continents at the end of 2021. Europe’s largest investor has shares in up to 74 Spanish listed companies, 10% of which are in the real estate sector. Specifically, it is committed to the developers Aedas, Neinor, Metrovacesa and Insur and the socimis Merlin Properties, Inmobiliaria Colonial and Lar España. However, it has only increased…

European economy 17th March 2022

Intel to invest up to €80 billion over the next decade to manufacture chips in the EU

U.S. chip giant Intel has announced an initial investment of more than 33 billion euros, rising to 80 billion over the decade, to boost microprocessor production in the European Union, including setting up a mega-factory in Germany, as well as doubling the capacity of its facilities in Ireland, along with other projects in Italy, France, Poland and Spain. This first phase includes the construction of two semiconductor factories in the…

European economy 14th March 2022

Stopping Russian Energy Imports Could Cost Germany 3 Percent of Annual Economic Output

Econ Pol Europe | In the short term, a halt to Russian energy imports could cost Germany up to 3 percent of its gross domestic product. This is the result of estimates by the EconPol Europe network calculated with a simulation model. Oil and coal could be replaced by imports from other countries, but it is harder to find replacements for gas, the authors write. “Germany should take quick and…

European economy 11th March 2022

Inflation Is Not Just A Monetary Issue

Fernando González Urbaneja | The risk of inflation which last autumn seemed temporary, caused by a temporary rise in energy prices, has become systemic. And the longer-term and worrying consequences threaten stagflation (inflation without growth and with unemployment). Economic textbooks warn that inflation is a monetary phenomenon that can be cured with monetary policy, with restrictions in the form of interest rate rises and a reduction in the money supply….

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European economy 10th March 2022

The ECB policy decision had a hawkish tilt

Peter Goves, MFS Investment Management | Despite acknowledging the uncertainty stemming from the Ukraine conflict, the ECB policy decision had a hawkish tilt. Indeed, the ECB chose to wind down the APP schedule more quickly than the December guidance and revised its rate guidance. The ECB also tweaked its guidance and removed a previous dovish bias which referenced the prospect of rates remaining at present or lower levels. The market…

European economy 9th March 2022

ArcelorMittal buys John Lawrie Metals, the steel recycling firm for the UK’s oil and gas industry, for an as yet undisclosed amount

Morgan Stanley | ArcelorMittal has announced the acquisition of the steel recycling firm, John Lawrie Metals, for an as yet undisclosed price. The transaction is part of the former’s strategy to increase the use of scrap steel to reduce the emissions from its steel operations. The company which has been bought operates 4 sites in Scotland which recycle steel for the UK’s oil and gas industry, with a total capacity…

European economy 7th March 2022

Why Europe Didn’t Reduce Its Dependence on Russian Gas

Nick Ottens (Atlantic Sentinel) | Western Europe refused to see the risks. Eastern Europe refused to invest in renewables. Australia, Canada, Europe, Japan and the United States have imposed unprecedented economic sanctions on Russia since it invaded Ukraine, banning Russian airlines and state media, cutting off Russian banks from the SWIFT financial system and freezing the assets of Russian oligarchs and the Russian Central Bank. The one step European countries…

European economy 4th March 2022

Cellnex will have to sell 1,000 towers to satisfy UK regulator

Renta 4 | 1-. The UK Competition regulator, the CMA, has given the green light to Cellnex’s purchase of 6,000 towers from Hutchinson in the region. The deal is subject to the Spanish firm’s sale of 1,000 sites which overlap geographically with those of Hutchinson. 2-. From what we can glean from the communication, the 1,000 sites which will be subject to being sold off correspond to part of the…

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