In Europe

Alemania IPC

German inflation exceeds expectations in February at 8.7%

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.

bce sede nueva

Latest ECB Minutes show significant support for +50 b.p. hike to 2.5% (deposit rate)

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…

inflacion general

Eurozone inflation falls to 8.5% in February but underlying hits record high of 5.6%

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…

Caryle, Apollo, CVC and Macquare: in the race for 30% de Cepsa

Cepsa sells Abu Dhabi exploration and production business to TotalEnergies

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…

europa energy rehab

Construction sector: 75% of Europe’s building stock needs energy improvements by 2030

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…

bolsas europeas

Fourteen European stock exchanges plan to provide information jointly

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…

ECB night

QT begins: €15 billion a month of APP reinvestment ceases

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…

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European 2/10-year curve most inverted for 30 years

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.

inflationCM copia

Consumers’ one-year inflation expectations to rebound (+4.2% vs. +3.9%) for first time in 10 months

Renta 4 : European opening with slight gains (Eurostoxx futures +0.4%, S&P futures -0.1%), on a day of numerous 4Q22 results in Spain. In the background, and on the day that marks one year of war in Ukraine, a peace proposal presented by China that does not seem to have the support of the US and the EU. Today’s macro focus will be on the US core private consumption deflator…

inflacion CM

Eurozone final CPI could be revised slightly upwards to 8.6% with underlying at 5.2%

Renta 4 : European stock markets open slightly higher (Eurostoxx futures +0.3%, S&P futures +0.4%), supported by Nvidia which raises its guidance (IA) and boosts Nasdaq futures (+0.8%). On the macro front, the focus of the session will be on the eurozone January final CPI, which could be revised slightly higher to +8.6% overall (vs +8.5% preliminary and +9.2% previously), with core CPI stable at yearly highs +5.2%. This maintenance…