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…
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…
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.
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…
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…
Cepsa has sold its Exploration and Production business in the United Arab Emirates to France’s TotalEnergies. This comprises the transfer of Cepsa’s 20% interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel well concession (SARB and Umm Lulu Operation) and the subsequent transfer of its indirect 12.88% interest in the Mubarraz concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production…
Morgan Stanley : The Alphawise survey confirms that investment towards renovating Europe’s energy-inefficient buildings is on the rise and is essential to reach the NET ZERO target by 2050. In this regard, Cedar Ekblom (analyst) points to over €2.8tr of investments until 2030 and over €5tr until 2050. We analyse the possibilities for European stocks exposed to this dynamic in the note. An example of what lies ahead is that…
F.R. : Fourteen European stock exchange groups present in 26 EU Member States, including Six -BME-, Euronext, or Nasdaq, have announced a “joint initiative to participate in the future selection process for the provision of a CT (Consolidated Tape) for equity information in the European Union”. The CT is an electronic system for real-time dissemination of quotes and trading volumes, among other information. The project, for which no dates or…
Goodbye to primary market frontloading. The window for issuance before the start of the QT has closed. And therefore the pressure in some segments, such as covered bonds (+43% YTD, €70mm), is expected to ease. And although the ECB has made it clear that it will continue to participate in the primary green issuance after the start of QT, the utilities sector is the other sector that has advanced its…
The German 2Y bond yield reached 3% on Friday for the first time since 2008. Likewise, the US 2Y UST rebounded 12bps to the highest since 2007. As a consequence, the US 2s10s curve has continued to invert… to the most inverted in 42 years. Similarly, the European 2s10s curve has never been so inverted in the last 31 years.