In Europe

coches aparcamiento

Car sales in Europe up 10% in September, best figure since April 2024, with Spain leading the way

Bankinter | Car sales rose by 10% in September, compared to 5.3% previously. Bankinter analysis team’s view: This is the best figure since April 2024. Among the increases, the following stood out (year-on-year): Cupra (up 48.4%), Stellantis (11.5%), Skoda (10.9%), Volkswagen (9.6%), Citröen (29.4%), Opel (14.6%) and Alfa Romeo (71.8%). Chinese brands once again recorded strong sales growth, such as SAIC Motor (75.5%) and ByD (398%). On the negative side,…


road traffic oil demand

UK cancels FCC’s €1.95 billion motorway project near Stonehenge

Bankinter | According to press reports, the United Kingdom has announced the cancellation of the project to build a motorway near Stonehenge. We recall that the project was awarded in 2022 to a consortium formed by FCC, Webuild, and BeMo Tunnelling and had a budget of around £1.7 billion (approximately €1.95 billion). According to the same source, FCC had completed the design work but had not yet begun construction. Assessment:…


france economy

Moody’s maintains France’s rating at Aa3 but downgrades outlook from stable to negative

Bankinter | Moody’s maintained its rating at Aa3 but downgraded the outlook from stable to negative. The rating is based on a “rich and diversified” economy that benefits from a “more benign demographic profile than many other advanced economies.” “The strength of household and corporate balance sheets, as well as a solid banking sector, contribute to macroeconomic stability and the economy’s ability to absorb shocks.” However, it notes that “political…


autos europa

Eurozone composite PMI rises 1 point to 52.2, highest level in 17 months, but with drop in France to 46.8

Singular Bank | According to preliminary data for October, the Eurozone manufacturing PMI has rebounded slightly to 50.0 points (against 49.8 points in September), representing the eighth consecutive month of increased production in the sector. At the same time, the services PMI rose to 52.6 points (against 51.6 points in September) due to the faster pace of growth in new orders. For its part, the composite PMI for the European…


eurozona superavit comercial

Eurozone current account surplus at €13 billion in August, compared to €25.3 billion in same month in 2024

Link Securities | According to the European Central Bank (ECB), the Eurozone current account surplus stood at €13 billion in August, compared to €25.3 billion in the same month of the previous year. In August, the goods surplus fell to €8 billion from €17.1 billion in August 2024, while the primary income surplus fell to €2 billion from €5 billion. Similarly, the secondary income deficit widened in August to €15…


france economy

S&P unexpectedly downgrades France’s credit rating to A+ with stable outlook due to ‘uncertainty over public finances’

Bankinter | S&P unexpectedly downgraded France’s credit rating to A+ with a stable outlook (from AA- with a negative outlook, since February 2025). S&P noted that ‘uncertainty over public finances remains high’ and that in the ‘absence of significant additional measures to reduce the deficit’, consolidation will be ‘slower than previously anticipated’. Furthermore, ‘the lack of visibility on the fiscal consolidation plan is weighing on France’s economic growth’. Bankinter analysis…


industrial production worker

Eurozone industrial production contracts 1.2% in August compared to July

Link Securities | The European statistical agency Eurostat reported that seasonally adjusted industrial production contracted by 1.2% in the Eurozone in August compared to July, significantly less than the 1.8% decline projected by the FactSet consensus of analysts. In August, industrial production fell by 0.2% for intermediate goods, 0.6% for energy, 2.2% for capital goods, and 1.6% for durable consumer goods. Conversely, production increased by 0.1% for non-durable consumer goods….


lecornu

Macron reappoints Sébastien Lecornu as Prime Minister for government with little chance of survival

Bankinter | Emmanuel Macron yesterday appointed a new government to be headed once again by Sébastien Lecornu. He made some changes to the Council of Ministers, notably in the Economy and Finance portfolio, with Roland Lescure taking charge of presenting the 2026 budget. The first Council of Ministers meeting will be held tomorrow. Analysis team’s view: Good news, although this new government offers little guarantee of survival. The fragmentation of…


bce lagarde dic 2024

ECB minutes suggest cycle of rate cuts over, despite continuing impact of US tariffs

Bankinter | ECB minutes from the 10/11 September meeting. Conclusions: Monetary policy is appropriate to respond to the inflation environment in the EMU and the ECB is in a comfortable position to wait for more visibility on fiscal and trade policies. Everything points to the cycle of cuts having ended for now, even if US tariffs continue to impact growth and prices: ‘the current level of interest rates is sufficiently…


Alemania IPC

Germany improves growth forecasts for 2025 while foreign sector continues to decline

Bankinter | Germany’s trade balance for August increases to €17.2 billion versus €16.3 billion (revised from €14.7 billion). Exports fell by 0.5% versus the rise of 0.2% expected against a 0.2% drop previously (revised from 0.6% down). Imports contracted by 1.3% versus a drop of 0.5% expected against a drop of 0.7% (revised from 0.1% down). Analysis team’s view: The increase in the balance is explained by the more pronounced…