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European economy 12th December 2023

German investment confidence rises to 12.8 in December, up three points; eurozone up 10 points to 23.0

CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…

European economy 7th December 2023

Airbus aircraft deliveries up to 623 so far this year, 13% more than in 2022, 113 new orders

Banc Sabadell | Airbus (AIR) reported 64 aircraft deliveries during November (against 68 in November 2022 and 71 in October 2023) bringing the total in 2023 to 623 (against 550 in November 2022; up 13%). On the other hand, a total of 113 new orders and 52 cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until November 2023 stand at 1,395 (against…

In Europe 5th December 2023

Vidrala completes first transaction outside Europe with acquisition of remaining 70.3% stake in Brazil’s Vidroporto for €384m

Intermoney: Vidrala informed the National Securities Market Commission (CNMV) yesterday afternoon that it has acquired the entire share capital of the Brazilian company Vidroporto. The amount totals €384 million, including the €53 million paid in February for 29% of the company and the debt assumed from Vidroporto. Vidroporto operates two plants in Brazil, one in the northeast and one in the southeast, reaching a market share of >20%. For this…

European economy 1st December 2023

Relief for ECB as eurozone inflation falls to 2.4% in November, lowest since July 2021, and close to target

Ulrike Kastens (DWS) | Eurozone inflation fell surprisingly in November. The increase in the cost of living was only 2.4%, down from 2.9% in October, its lowest reading since July 2021, according to Eurostat’s flash estimate. Across Europe, falling oil prices and easing gas and electricity prices had a notable impact. The energy price component fell by 11.5%. Food prices, on the other hand, hardly eased the situation. In this…

European economy, In Europe 29th November 2023

Debate opens at ECB on whether to end bond buybacks to accelerate balance sheet reduction

Banca March: The European Central Bank will consider ending bond buybacks to accelerate balance sheet reduction. As announced by Christine Lagarde at the European Parliament Hearing, it is expected to tighten monetary policy by reducing bond purchases next year. The €1.7 trillion Pandemic Emergency Purchase Programme (PEPP) provided for the reinvestment of asset gains until the end of 2024. However, the debate has opened up between the hawks, who defend…

In Europe 27th November 2023

German IFO rebounds in November for second month in a row to 87.3 from 86.9 in October

Link Securities| Germany’s business climate index, compiled by the IFO institute, rose in November to 87.3 points from 86.9 points in October, its second consecutive monthly improvement. The reading was slightly below the 87.5 points expected by the FactSet consensus of analysts. Sentiment reached its highest level in four months as companies became less pessimistic about both their expectations for the coming months (85.2 points versus 84.8 points in October)…

In Europe 26th November 2023

ECB to keep tightening until inflation shows clear signs of moving closer to 2% target

Link Securities| According to the minutes of the October meeting of the European Central Bank (ECB) Governing Council, at which the institution kept interest rates unchanged after 15 months of consecutive increases, its members opted for a more cautious “wait and see” stance, influenced by the gradual easing of inflationary pressures and concerns about an imminent recession. This decision follows a series of ten consecutive rate hikes since July 2022,…

European economy 24th November 2023

Germany’s final GDP revised down 1/10th of percentage point to 0.4%, one quarter short of technical recession

Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously. Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0%…

In Europe 23rd November 2023

Germany freezes public spending after court ruling on Covid funds reallocated to climate initiatives

Banca March : The court in Karlsruhe has declared unconstitutional the transfer of €60 billion that had initially been earmarked to tackle the pandemic, but was not spent, to an off-budget fund with climate and energy initiatives. The finance minister has sent an information letter to the rest of the cabinet warning of the blocking of new spending. With the increase in the deficit, the German constitution’s rules on the…

In Europe 23rd November 2023

IAG to not return to dividend until balance sheet is robust and investment plans more advanced

Intermoney| IAG held its Capital Markets day this morning at its London Heathrow headquarters, where it announced its strategic priorities and medium-term outlook for the Group, as well as the initiatives with which the Group intends to achieve sustainable growth and maximise long-term shareholder returns. The medium-term objectives (2024-2026) include the following: Sales growth will remain attractive thanks to organic capacity growth of 4-5% per annum.Target EBIT margin of 12-15%…

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