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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…

iberdrola offshore

Companies, European economy, Ibex 20th September 2024

Iberdrola inaugurates Saint-Brieuc wind farm, one of first two in France

Link Securities | Iberdrola (IBE) has inaugurated on Thursday in Brittany the Saint-Brieuc wind farm in France, one of the first two in the country, with 496 MW of capacity and an annual production of 2 million megawatt hours (MWh), as reported on Thursday by Bolsamania.com. This will provide safe, indigenous and emission-free energy to nearly one million people. With an investment of €2.4 billion, the project began to be…

alemania recesion

European economy 20th September 2024

ZEW economic sentiment index disappoints again, falling to 3.6 points from 19.2 in August

Link Securities | The ZEW Institute published on Tuesday that its index measuring sentiment about Germany’s economy among large investors and analysts fell in its September reading to 3.6 points from 19.2 points in August, down to its lowest level since October 2023. The FactSet analyst consensus expected a much higher reading of 16.6 points. This brings the index to three consecutive months of declines. Meanwhile, the ZEW index, which…

comercio cm 2

European economy 18th September 2024

Eurozone generates trade surplus of €21.2 billion in July, well above July 2023’s €6.7 billion

Link Securities | According to the preliminary estimate of the data, released on Tuesday by Eurostat, the Eurozone generated in July a trade surplus with the rest of the world amounting to €21.2 billion (€21.7 billion in June), much higher than the €6.7 billion reached in July 2023 and the €18 billion expected by FactSet’s consensus analysts. In the month of July, exports of goods from the Eurozone to the…