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Alemania PIB

In Europe 19th March 2025

ZEW index economic expectations for Germany ‘improve considerably’ in March

CdM | Germany’s economic expectations ‘improve considerably’ in March. The ZEW indicator of economic sentiment stands at 51.6 points, which is 25.6 points above the previous month’s figure and exceeding the market forecast of 48.1. The last time the indicator increased so substantially was in January 2023. ‘This optimism is probably due to positive signals about future German fiscal policy, such as the agreement on the multi-billion-euro financial package for…

Budimex Ferrovial

In Europe 19th March 2025

Ferrovial subsidiary Budimex chosen to build major section of Estonia railway corridor for €900 million

Link Securities | Rail Baltica, the company in charge of building the high-speed line that will connect Estonia, Lithuania and Latvia, has once again chosen Budimex, the Polish subsidiary of Ferrovial (FER), to build another of the major sections of the railway corridor in Estonia, according to the newspaper Expansión. The contract, put out to tender for more than €900 million, was divided into two lots. The joint venture formed…

iag 1440x808 1

In Europe 18th March 2025

IAG interested in acquiring Portuguese TAP despite paralysis of privatisation process

Link Securities | The airline holding company IAG (IAG) is not giving up on its efforts to acquire the Portuguese airline TAP despite the paralysis of the privatisation process that has led to the fall of Luis Montenegro’s government, according to the newspaper elEconomista. The Portuguese state, which owns 100% of the company’s capital, intends to sell part or all of the airline in a public tender whose details were…

reinounido mercado laboral

In Europe 13th March 2025

Five Years of Brexit Without Economic Benefits

Crédito y Caución | The UK’s foreign trade remains scarce, and the main sectors of its economy are suffering from rising costs, more complex bureaucracy, and labour shortages. Five years ago, Brexit marked the beginning of a new era for Great Britain. The Trade and Cooperation Agreement introduced new regulatory barriers and customs controls with the European Union, but also the theoretical possibility of a British economy free to trade…

Europa aranceles EEUU

In Europe 12th March 2025

European Commission announces counter-tariffs on United States

Bankinter | The European Commission has announced the imposition of counter-tariffs on the United States. This is in response to the entry into force this morning of the 25% tariffs imposed by the United States on imports of steel, aluminium and products derived from them, which will have an impact of €26 billion on exports from the European Union (EU). The EU plan has two phases: (i) On 1 April…

Tecnic

European economy 11th March 2025

Técnicas Reunidas and Siemens Energy to carry out design engineering for La Robla Green, one of Europe’s largest renewable methanol plants

Alphavalue/DIVACONS | A consortium made up of Técnicas Reunidas (TRE) and Siemens Energy (reduce, Target Price €53.4/share) will be in charge of carrying out the front-end engineering design (FEED) for the La Robla Green project, which aims to develop one of the largest renewable methanol plants in Europe in the city of León. As Técnicas Reunidas explained, the Spanish company Reolum awarded the project to this consortium. Técnicas Reunidas: Add,…

Indra radares

European economy 6th March 2025

With European defence sector benefiting from geo-strategic environment, Indra trades at lowest multiples

Bankinter: The good momentum in the sector continues and our thematic portfolio is up 30% for the year, especially thanks to European stocks. In February the Munich Security Conference ended without a preliminary agreement to put an end to the war between Russia and Ukraine, but with a clear conclusion: Europe must be prepared and significantly increase its defence spending. In line with this argument, some NATO countries have already…

colonial inmo

European economy 6th March 2025

Colonial and French subsidiary SFL give green light to joint merger project between the two

Renta 4 | Yesterday, after the market close, Colonial announced in a statement to the National Securities Market Commission (CNMV) that the Boards of Directors of Colonial and SFL had approved the joint merger project between the two companies (with Colonial as the absorbing company). The intra-European cross-border merger will involve the extinction of SFL through its dissolution without liquidation and the transfer en bloc of all its assets to…

portugal economia

In Europe 4th March 2025

S&P confirms France’s rating at AA-/A-1 due to uncertain fiscal strategy, raises Portugal’s to A from A- due to current account surpluses

Bankinter | S&P confirms the AA-/A-1 rating of France, but downgrades the Outlook from Stable to Negative. It cites a weakening of public finances. The Budget for 2025 has been approved and proposes a reduction of the deficit of 0.4% of GDP, but the fiscal strategy from 2025 is uncertain. In addition, S&P forecasts GDP growth of <1% in 2025, making the goal of fiscal consolidation even more difficult. In…

IAG new

European economy 4th March 2025

IAG pays UK HMRC €673 million for VAT claim linked to IAG Loyalty programme

Bankinter | IAG, the parent company of Iberia and British Airways, has paid £557 million (around €673 million) to the British Customs and Revenue service in relation to the VAT claim for flights redeemed in its loyalty programme (IAG Loyalty). The UK requires it to pay a 20% tax rate, regardless of the product being redeemed. Analysis team opinion: News with little impact because it is not surprising. It coincides…