Top Stories

In Europe

ACS new

In Europe 10th October 2024

No competition concerns raised by ACS subsidiary Turner’s acquisition of Irish engineering firm Dornan

Link Securities | The European Commission (EC) has approved the acquisition of Irish engineering firm Dornan by Turner, a subsidiary of Spain’s ACS, concluding that the deal does not raise competition concerns, digital portal Bolsamania.com reported yesterday. The EC explained that the companies are not active in the same markets or in vertically related markets as it relates to the supply of mechanical and electrical engineering services. It should be…

Alemania Exportaciones

In Europe 9th October 2024

Germany stagnating: industrial production data year-on-year to contract by 4%

Intermoney | A rise in Germany’s industrial production in August is likely to do little to counter growing evidence that Europe’s largest economy is stagnating. Industrial production has yet to show a sustained recovery, hit by weak global demand, high energy prices and financing conditions still in tight territory. This will be seen in the year-on-year reading where, despite the slight monthly rebound, we will still see a contraction of…

BBVA vela atardecer

In Europe 8th October 2024

Turkish government mandates BBVA to lead historic dollar refinancing operation

Link Securities | The Turkish government has chosen BBVA and JPMorgan to lead a refinancing operation of the country’s historic debt, Expansión reports today. Turkey has decided to take advantage of the increased appetite for Turkish debt shown by large international investors to shore up its finances with a buyback transaction and new bond issuance registered with the US SEC. BBVA has launched an offensive to strengthen its investment banking…

bank of greece2

In Europe 7th October 2024

Financial Stability Fund sells 10% of National Bank of Greece for €690m, Greece’s second largest bank by capitalisation (€7.012bn)

Bankinter: The Financial Stability Fund (HFSF) is selling 10.0% of NBG’s capital for €690m, equivalent to a price of €7.55/share. The 8.4% that the HFSF still holds in the bank will be transferred to the Greek sovereign wealth fund. Analysis team’s view: This is good news because it confirms investor interest in the sector, especially for the entities listed at the most attractive valuation multiples. For reference, NGB trades at…

Italia Economia

In Europe 5th October 2024

Italy’s finance minister proposes higher taxes on companies that have benefited most from economic turmoil

BancaMarch: On Thursday, potential tax hikes in France were discussed, this Friday it is the turn of Italy. In the Gallic country, the Budget Minister has given more details on temporary taxes on higher-income taxpayers and large companies – already announced on Monday by Barnier and on Wednesday by Macron. In the first case, he indicated that they would affect only 0.3% of households, those without children who earn more…

Francia economia

In Europe 2nd October 2024

France to present fiscal consolidation plan of €15-18 billion and postpone reaching 3% deficit targets until 2029

Norbolsa | Leaks continue about the possible fiscal plan to be presented by Prime Minister Barnier. According to Le Parisien, next week he will present a €15-18 billion fiscal consolidation plan, while announcing a two-year delay until 2029 to reach the 3% deficit targets. These plans include extraordinary taxes for high incomes with which it hopes to raise €3 billion, and a further €8 billion to be raised from extra…

Talgo new

European economy 25th September 2024

Talgo and Pesa group, Poland’s largest train manufacturer, sign strategic collaboration agreement

Link Securities | Talgo (TLGO) has taken advantage of the Innotrans trade fair in Berlin (Germany) to seal a strategic agreement with the Pesa group, Poland’s largest train manufacturer, according to Expansión newspaper. In the memorandum of understanding signed yesterday, both companies have agreed to carry out exploratory work to prepare future agreements along three main business lines: i) the tender process for the purchase of very high-speed rolling stock…

eurozona mapa billete 1

European economy 24th September 2024

Eurozone economic activity shrinks in September for first time in seven months: composite PMI falls to 48.9 from 51

CdM | Eurozone private sector activity contracted in September for the first time in seven months, according to preliminary PMI data from Hamburg Commercial Bank and S&P Global, which also shows signs of weakening on the services side. In particular, the advance composite PMI for the euro area came in at 48.9 from 51 in the previous month, its worst reading in eight months. In the case of the services…

Barnier

In Europe 23rd September 2024

Barnier’s new government faces 5.6% deficit by year’s end, far from Eurozone 3% target, and ‘very serious’ fiscal situation

Prime Minister Michel Barnier said in an interview yesterday that the fiscal situation is ‘very serious’. As most of France’s debt is issued on international markets, he stressed that ‘France’s credibility must be maintained’. He said that ‘I am not going to increase taxes on the French people as a whole’, but ‘I am not going to exclude the richest people from participating in the national effort that will have…

IPC varios Eurozona.

In Europe 22nd September 2024

3% fall in energy prices vs. August 2023 drives Eurozone’s new disinflationary advance

Singular Bank: According to Eurostat’s final reading, in August the year-on-year rate of change of the Eurozone’s headline CPI stood at 2.2% (versus 2.6% in July), representing its lowest level in three years. In a situation in which monthly prices grew at a faster pace of 0.1% (versus 0.0% in July). This new advance in the disinflationary process was driven by the fall in energy prices of 3.0% with respect…