Morgan Stanley | Our analyst A. S. reiterates the OW on European banks as, among other things, he believes that earnings are going to be more resilient than the market is discounting. The savings rate in Europe is at 15% (the highest in the world) and should be able to be monetised in a positive rate environment into deposits and asset management products, rather than the bond market. He estimates…
emisores | The European banking (EBA), insurance (EIOPA) and finance (ESMA) regulators have published their respective Progress Reports on Greenwashing, in which they ‘present a high-level common position on greenwashing applicable to market participants in their respective competences’. The reports of the so-called ESAs – or European Supervisory Authorities – assume a coordinated definition of what greenwashing is, ‘a practice whereby sustainability-related communications, statements or actions do not clearly and…
CdM | Eurozone retail trade sales fell by 0.5% in April compared with the previous month, while compared with the same month in 2023, volumes remained stable, according to data from Eurostat, the European Union (EU) statistics office. Across the EU, retail trade recorded a 0.6% fall in sales on a month-on-month basis and a 0.1% fall on a year-on-year basis. In the monthly comparison, in the euro area, volume…
Morgan Stanley | Rob Pulleyn raises the scenario of the purchase of the grid company Electricity North West by Iberdrola (IBE) or Engie, as they are mentioned in press articles: Iberdrola, in the final bid for Electricity North West as potential buyers (expansion.com). Rob sees no problems in financing the operation in either of the two, at the valuation that has been put forward in the press (€4-5bn). In both…
Renta 4: According to press reports, the Egyptian House of Representatives has approved the financing for the project awarded to Talgo in 2022 for the construction of seven night trains, as well as their maintenance for 15 years. The contract is worth €280 million, of which €200 million corresponds to the construction of the trains and the rest to maintenance work. Assessment: We consider the news to be positive as…
The airline is close to finalising an order for nearly 200 wide body aircraft, which it would split between Airbus’ A350 (8% of the airline’s total orders) and Boeing’s 777X, according to Reuters. The news indicates that the order could be formalised at the Farnborough air show to be held at the end of June. Assessment: Positive news if confirmed, which would support Airbus’ recent announcement to increase its production…
Link Securities | The European Investment Bank (EIB) and CIE Automotive (CIE) have signed a €36 million loan to finance the company’s research, development and innovation activities and their application in the manufacture of high value-added components for the automotive sector. The funding will also support CIE’s investments in process optimisation through digitisation and the development of more sustainable manufacturing technologies. The investments will be carried out at the company’s…
Norbolsa | Aena (AENA) is interested in acquiring the UK airports of Aberdeen, Glasgow and Southampton owned by Ferrovial and the Macquarie fund, which are looking to sell 100% of their stakes for around €1,000 million.The deal fits in with Aena’s strategic plan to expand its business outside Spain, as well as Ferrovial’s strategy as it continues to seek an exit from UK airports.
Banca March: In the eurozone, the money supply is recovering. April’s figures showed M3 growth of +1.3% year-on-year, four tenths of a point higher than in the previous month, signalling a revival in money supply. On the side of loans to the private sector, those related to households repeated growth rates of +0.2% year-on-year, while loans to non-financial companies moderated one-tenth of a point to +0.3%.
Martin Wolburg (Generali AM) | Markets remain concerned in the home stretch of the fight against inflation that central banks should only reluctantly ease rates. Recently, ECB Governing Council members such as Schnabel and de Guindos warned about wage growth developments as an upside risk to inflation. Last week, German official wage data for the first quarter (+6.2% year-on-year) pointed in that direction and, at the eurozone level, negotiated first…