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European economy

Companies, European economy, In Europe 16th March 2023

Iberdrola and Haizea Wind Group sign €200m+ contract to supply East Anglia Three wind farm

Alphavalue/Divacons | The chairman of the Spanish utility, Ignacio Sánchez Galán, said that it is necessary to “run” and “accelerate” the commitment to a system based on clean energy so that Europe does not continue “with the anguish” of energy supply that it is experiencing and makes progress towards the self-sufficiency that “renewable energies provide”. On the other hand, Iberdrola (IBE) and Haizea Wind Group signed a contract worth more…

European economy 16th March 2023

Credit Suisse, Sabadell… how mean it is to single them out

The banking tsunami generated by the collapse of SVB and Signature Bank – which the Fed wants to close by offering to buy bonds at par, not at market price, from banks in need of liquidity – threatens to turn into a financial crisis. That is the threat today from markets that are out for blood to stop interest rates rising. The big European banks, such as Santander and BBVA,…

European economy, In Europe 15th March 2023

“Marginalism works” reiterates Brussels in proposal for European electricity market

Norbolsa | The European Commission presented the reform of the electricity market, focusing on long-term contracts, as leaked by the Periódico de la Energía magazine. We highlight three aspects of this proposal; firstly, Brussels has made it clear that the current market works, and therefore marginalism will continue to work; secondly, long-term contracts are introduced as requested by the sector with the aim of introducing more stability; and finally, together…

European economy 14th March 2023

BF warns again about retail distribution conflicts of interest

F.R. Better Finance (BF), the European organisation representing, through national associations, four million EU retail investors, has once again drawn attention to the “problem of conflicts of interest in the distribution of retail investment products” – including sales commissions paid by providers to distributors – at the meeting of the Governmental Expert Group on Retail Financial Services convened by the European Commission (EC). BF also pointed out the shortcomings of…

European economy, In Europe 13th March 2023

Most Eurozone growth in 4Q2022 comes from public spending; data point to slowdown in 1Q23

Santander Corporate & Investment | The final outcome will probably be determined by the economy but, as our economists remind us, the 4Q eurozone GDP data released late last week (0.0% quarter-on-quarter and 1.8% year-on-year, Exp 0.0%/1.9%, Last 0.4%/2.4%) mask weak dynamics. The fact is that most of the growth is coming from public spending while weak domestic demand was dragging down imports and explaining the second (poor) growth driver:…

European economy 9th March 2023

Gas prices plummet following mild weather conditions

Caixabank Research | Natural gas prices have decreased almost 45% since the beginning of the year, but the outlook remains challenging. The warm start of the year alongside the uptick in LNG imports in Europe since Q4-22, have left European natural gas storages at historical maximums at the end of February (60% vs 40% last 5-year February average). Looking ahead, we have revised prices down for 2023 (to €113/MWh average…

European economy, European politics 7th March 2023

Harassment of Ferrovial justifies moving HQ to Netherlands

Juan Pedro Marín Arrese explained yesterday in the daily newspaper Expansion that: “It goes without saying that the change of headquarters announced by Ferrovial is bad news for the country. It is understandable that it should cause displeasure in the executive branch. That it should try to dissuade it with good manners is logical. But the relentless harassment that the circles of power and their cronies subject the company and…

European economy, In Europe 5th March 2023

German inflation exceeds expectations in February at 8.7%

BancaMarch : German inflation beat expectations in February. The preliminary index showed that consumer price growth came in at +8.7% year-on-year, two tenths above expectations and confirmed that the moderation of inflation has slowed in February. A figure that continues to put pressure on the ECB to continue raising official interest rates.

European economy, Markets 5th March 2023

Latest ECB Minutes show significant support for +50 b.p. hike to 2.5% (deposit rate)

Yields 4: European markets open higher (Eurostoxx futures +0.5%, S&P futures -0.1%) after a session of less to more on Wall Street, and on a day in which the most relevant will be the ISM services report in the US, which could fall in February (54.5e and 55.2 previously), and where the main focus will be on its price component, with upside risk after the strong rebound seen in the…

European economy 4th March 2023

Eurozone inflation falls to 8.5% in February but underlying hits record high of 5.6%

CoM | Eurozone annual inflation falls to 8.5% in February 2023, down from 8.6% in January, according to a preliminary estimate by Eurostat, the statistical office of the European Union. However, core inflation did not find a ceiling and rose again for another month, reaching a record high of 5.6%. With regard to the main components of inflation in the euro zone, food, alcohol and tobacco recorded the highest annual…

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