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European economy

European economy, In Europe 28th July 2025

Car sales in Europe fall 7.3% year-on-year in June: decline in combustion vehicles, EV sales up

Bankinter | Car sales fell by 7.3% year-on-year in June. This brings the cumulative decline for the year to 1.9% year-on-year, with 5.58 million units sold. In June, the decline in combustion vehicles (34.1% diesel and 25.4% petrol) stood out, while electric vehicles led the way (electric up 7.8%, non-plug-in hybrids 6.1% and plug-in hybrids 41.6%). Bankinter analysis team’s view: The decline in registrations gained momentum in June. The sector…

European economy 15th July 2025

German Senate definitively approves €46 billion tax exemption package

Bankinter | The German Senate (Bundesrat) has definitively approved the €46 billion tax exemption package (approximately 1.1% of GDP). The stimulus measures include a reduction in corporate tax of 1% per year from 2028 (from the current 15% to 10%, not including the extra local tax, which varies between 14% and 17%) and deductions for the purchase of new machinery and other equipment. Bankinter analysis team’s view: Good news. These…

European economy 2nd July 2025

ECB to act ‘especially forcefully or persistently’ in face of inflationary shocks regardless of origin

Bankinter | The European Central Bank (ECB) has announced an update to its monetary policy strategy, adopting a more rigorous and agile approach to major inflationary shocks in a context of growing global uncertainty. The main new feature is the commitment to act ‘especially forcefully or persistently’ whenever inflation deviates significantly and persistently from the 2% target, regardless of the origin of the shock, whether temporary or structural. The aim…

European economy 1st July 2025

Telefónica: Virgin Media O2 UK acquires 78.8 MHz of spectrum from Vodafone in UK for approximately €400 million

Renta 4 | VMO2 UK, Telefónica’s 50% subsidiary in the United Kingdom, has invested £343 million, approximately €400 million, to purchase 78.8 MHz of spectrum from Vodafone. This purchase is part of the conditions imposed by Ofcom, the British telecommunications regulator, on Vodafone for the acquisition of Three UK. Under this agreement, the three British operators, VMO2, Vodafone and British Telecom, will each have a third of the UK’s mobile…

European economy 30th June 2025

Iberdrola, through Scottish Power, in talks with OVO Energy for possible merger of energy supply businesses

Alphavalue/DIVACONS | The Spanish utility, through its subsidiary Scottish Power, is in talks with OVO Energy for a possible merger of their energy supply businesses in the United Kingdom. If completed, this transaction would create the third-largest energy supplier in the country, with more than six million customers, behind only British Gas and Octopus Energy. Although the talks are at a very early stage, it is believed that Ovo could…

European economy 25th June 2025

Eurozone activity fails to take off: Composite PMI remains unchanged in June at 50.2 points

CdM | The Eurozone is struggling to take off. This is shown by the PMI survey data released on Monday, which highlights that total private sector activity in the eurozone ‘barely managed to register any growth at the end of the first half of 2025’. HCOB’s Eurozone Composite PMI Total Activity Index remained unchanged at 50.2 in June, above the no-change level of 50.0 for the sixth consecutive month, but…

European economy 23rd June 2025

IAG estimates Capex of €6 billion and operating profit of €1.4 billion in Strategic Plan

Banc Sabadell | IAG (IAG) presented its strategic plan, ‘Flight Plan 2030’, for Iberia (25% of IAG’s capacity in 2024), with which it hopes to consolidate its position as leader in its main markets. We highlight the main messages: Capacity growth of 3/5% over the next few years, without specifying a period, with LatAm as the main market with expected growth of 5%.In the medium term (no specific period given),…

European economy 19th June 2025

Iberia (IAG) plans to invest €6 billion by mid-2030s, 70% in aircraft

Renta 4 | Yesterday was Iberia Day, attended by senior executives from IAG and Iberia, who gave presentations. Iberia is a success story of a restructuring process that began in 2012 and focused on three pillars: comprehensive transformation, leadership position in attractive markets and cost efficiency. Iberia remains well positioned to continue gaining market share in its main markets (Europe-Latin America, Spain-North America, domestic market and Spain-Europe). Management continues to…

European economy 18th June 2025

Banco Sabadell considering selling UK franchise TSB, possible capital gains of €2000 million

Bankinter | Banco Sabadell (SAB) is considering selling its UK franchise (TSB). Sabadell has received several non-binding offers for 100% of TSB’s capital. Among the potential buyers are the main British banks (Barclays, Natwest and HSBC), as well as Santander UK. The preliminary price offered by TSB is unknown, but the press speculates that it is in the range of €2 billion to €2.35 billion. Bankinter analysis team’s view: Neutral…

European economy 10th June 2025

Telefónica hires financial advisor to assess potential acquisitions in Europe

Bankinter | Telefónica is hiring a financial advisor to evaluate possible acquisitions in Europe. One of the companies being considered is Vodafone Spain. Bankinter analysis team’s view: The operation could be interesting to reduce the competitive intensity in Spain, where the market would be dominated by three operators instead of four, but its execution would be complex and would take time. Telefónica would have to assess well the synergies and…

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