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In Europe 24th June 2025

ArcelorMittal puts decarbonisation plans on hold at two German plants due to energy policy and regulatory environment

Morgan Stanley | Our analyst Alain Gabriel highlights two pieces of news from the steel sector that are delaying decarbonisation targets. ArcelorMittal has announced that it is putting its decarbonisation plans on hold at two German plants (Bremen and Eisenhüttenstadt) given the energy policy and regulatory environment. In addition, Arcelor has confirmed that it will not be able to meet its 2030 emissions intensity targets. It justifies this on several…

In Europe 23rd June 2025

Inditex CEO says conditions not right for return to Russian market

Link Securities | Inditex (ITX) CEO Oscar García Maceiras said that conditions are not right for the owner of Zara to return to Russia, more than two years after it sold its local business following the invasion of Ukraine, according to the Inditex newspaper. When asked what circumstances would be right for the group to return to the market, the executive told the Financial Times that ‘an environment that is…

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),…

In Europe 22nd June 2025

Indra to implement A-CDM/i-AOP collaborative decision-making system at Helsinki Airport

Link Securities | The company has signed a strategic alliance with Finnish airport operator Finavia to implement its A-CDM/i-AOP collaborative decision-making system at Helsinki Airport, the country’s main airport, with the aim of optimising the management of airport ground operations and aircraft turnaround times before take-off. As part of the agreement, Indra will also be responsible for the maintenance and future development of the system until 2031. This project reinforces…

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…

In Europe 18th June 2025

First day of Paris Air Show sees Airbus get orders for 132 aircraft from two Saudi companies, Poland’s LOT and Japan’s ANA

Bankinter | Airbus announced yesterday several orders for 132 cargo and passenger aircraft on the first day of the Paris Air Show being held this week, from Saudi leasing company AviLease (40 aircraft of various models, which could be expanded in the future), Riyadh Air (25), Polish airline LOT (27) and Japanese airline ANA(40). Analysis team’s view: Good news on orders, although the company’s main challenge remains to speed up…

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…

In Europe 16th June 2025

Consolidation key for European space sector: Airbus, Thales and Leonardo in talks to create agreements in satellite divisions

Morgan Stanley | Europe is under increasing pressure to upgrade its space capabilities, with more investment needed if it wants to reduce its high dependence on players such as SpaceX. In the report, analyst Terence Tsui discusses the CAPEX implications if the current European IRIS2 plan were to increase from 300 satellites for the next decade to more than 1,000 units at a cost of €10-50 billion. Overall, this would…

In Europe 16th June 2025

EC delays implementation of new global banking regulations by one year

Link Securities | Reuters reports that the European Commission (EC) announced yesterday that it will delay the implementation of new global rules governing banking operations by one year, until 1 January 2027. Sources told Reuters last month that the European Union (EU) would delay the implementation of the rules pending further clarity on the US government’s plans to deregulate its financial sector. The so-called Fundamental Review of the Trading Book…

In Europe 16th June 2025

Sacyr about to sign contract for Messina Strait Bridge, Europe’s largest public works project

Link Securities | The Sacyr consortium responsible for the construction of the bridge over the Strait of Messina (Italy) is about to sign the contract for what would be Europe’s largest public works project in terms of investment, worth around €13 billion, of which around €10 and a half billion correspond to the Sacyr consortium, which holds 22.4% of the business alliance involving the Italian companies Webuid, Condotte and Itinera….

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