Norbolsa | German consumer confidence improved slightly in December, as households became more willing to spend money ahead of the Christmas season, although less optimistic income prospects are preventing a stronger recovery. The consumer confidence index published by Gfk rose to -23.2 points in December from -24.1 points the previous month, in line with expectations.
Link Securities | The ECB’s Financial Stability Report warned yesterday that high valuations in increasingly concentrated asset markets increase the risk of sharp price adjustments. In the report, the institution noted that, since April, global stock markets have reached new all-time highs and credit spreads have remained tight in historical terms. In addition, the ECB warned that market confidence could change abruptly due to a deterioration in the growth outlook…
Link Securities | According to data published by the European Automobile Manufacturers’ Association (ACEA), passenger car registrations in the European Union (EU) grew by 5.8% year-on-year in October (10.0% in September), reaching 916,609 units. This marked the fourth consecutive month of growth, with three of the four largest EU markets recording gains. Registrations in Spain increased by 15.9%, followed by Germany, which rose by 7.8%, and France, which grew by…
Bankinter | Moody’s maintained its Aa3 rating with a stable outlook for the United Kingdom. The agency highlights strengths such as a rich, diversified economy and a solid institutional framework. It also notes the government’s commitment to reducing the deficit, with the budget due to be presented on Wednesday (26 November). In any case, its projections of moderate growth and a gradual reduction in the deficit lead it to estimate…
Singular Bank | According to preliminary readings, the Eurozone manufacturing PMI fell to 49.7 points in November (versus 50.0 points in October), its lowest level since June. In contrast, the services PMI rose slightly by 0.1 points to 53.1 points, its highest level since May 2024. In this context, the composite PMI fell slightly by 0.1 points to 50.4 points. This development can be explained by the decline in new…
Link Securities | According to the European Central Bank (ECB), the Eurozone generated a current account surplus of €38.1 billion in September, compared to €43.5 billion in the same month of 2024. This decline was the result of a sharp drop in the primary income surplus, which fell to €800 million from €12 billion in September of the previous year. At the same time, the secondary income deficit increased to…
Bankinter | Industrial production in Eurozone countries grew less than expected in September: 1.2% year-on-year versus 2.1% expected and 1.2% previously (revised from 1.1%). In month-on-month terms, 0.2% versus 0.7% versus a drop of 1.1% (revised from 1.2%). By country, Germany continues to slow down its growth (down 0.8%). Analysis team’s view: Industrial production, which is highly dependent on the foreign sector, continues to be affected by US tariffs and…
Bankinter | A slight moderation in German inflation in October is confirmed. The final CPI confirms the preliminary figure of 2.3% (year-on-year) against 2.4% previously. Wholesale Price Index 1.1% in October (year-on-year) against 1.2% previously. Analysis team’s view: Inflation moderates slightly, moving towards the ECB’s target (2%). We do not expect any changes in ECB rate expectations, so it should have a neutral impact on stocks and bonds.
Link Securities | The Sentix index, which assesses investor confidence in the Eurozone, fell to -7.4 points in November from -5.4 points in October, falling below the -6.0 points expected by analysts in the Reuters consensus. Thus, the survey of 1,069 investors showed a weakening of this group’s perception of both current conditions and future expectations for the Eurozone economy. Germany, Europe’s largest economy, sank further into pessimism, with its…
Norbolsa | The Bundesbank issued a warning about the growing risk of financial instability looming over Germany, citing factors such as the erratic trade policy of the United States, overvalued stock markets, excessive debt levels in various parts of the world and deteriorating bank credit quality. It thus made a more negative risk assessment, contrasting with the ECB’s assessment, and saw a greater risk to growth, amplified by tariffs.