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In Europe 26th October 2023

ECB leaves policy rates unchanged after Thursday’s Governing Council meeting

Annalisa Piazza (MFS Investment Management)| The ECB left policy rates unchanged after yesterday’s Governing Council meeting, with the depo rate remaining at 4%. Forward guidance remained unchanged, with future decisions being completely data dependent. Based on the current assessment, the ECB will leave rates at sufficiently restrictive levels to make sure inflation returns to 2%. EGBs rallied after the relatively dovish press conference and spreads marginally tightened. At the current…

In Europe 26th October 2023

Brussels seeks to accelerate share of wind energy from current 16% of energy consumed in Europe to 34%

Banca March: The EU aims to double wind power by 2030. Brussels is seeking to accelerate the relative importance of wind energy from the current 16% of energy consumed in Europe to 34%, from 204 gigawatts to 500 gigawatts. In doing so, it aims to reach the renewable energy consumption target of 42.5% of the total. Europe’s main wind turbine producers are suffering significant financial losses as a result of…

European economy 25th October 2023

Iberdrola sells 49% of East Anglia 3 offshore wind farm to Masdar for €2 billion

Banco Sabadell| According to press reports, Iberdrola has agreed to give Masdar (the renewable energy arm of Abu Dhabi’s sovereign wealth fund) a stake in its East Anglia 3 offshore wind project in England. The project, with a capacity of 1,400 MW, began construction in 2022 and is scheduled to run until 2026. The deal values the project at €4 billion and Masdar would acquire up to 49% for €2…

European economy, In Europe 25th October 2023

Business confidence in Germany and France still showing weakness

BancaMarch: Business confidence indicators in Germany and France this morning continue to show weakness in growth in the coming months. In Germany, the composite PMI deteriorated more than expected, falling back to 45.8 from 46.4 and below the 46.7 expected. This performance was mainly explained by a sharp drop in confidence in the German services sector (48 vs. 50.3 previously) while manufacturing continued to contract (40.7 vs. 39.6 previously). In…

European economy, In Europe 24th October 2023

Eurozone public debt falls to 90.3% of GDP, deficit remains at 3.3%

CdM| In the second quarter, public debt in the euro area fell to 90.3% of GDP compared with the previous quarter, while the government deficit remained at 3.3% of GDP, according to data from Eurostat, the EU’s statistical office. In the EU, the government debt ratio also declined, from 83.4% to 83.1% of GDP. For both the euro area and the EU, the decline in the government debt-to-GDP ratio is…

In Europe 23rd October 2023

EC considers extending application of gas price caps; proposal due in November

Banca March : The armed conflict between Hamas and Israel has been joined by the sabotage of the Baltic pipeline earlier this month (after the existence of an “external force” was confirmed). While the Commission warns of no negative effects at present, the list of events prolongs the threat to gas supply for the winter. The gas price cap in question, which is triggered if the Dutch TTF index reaches…

European economy 22nd October 2023

Adidas reports gross margin improvement (+20 bps) in preliminary results, thanks to positive destocking management

Banc Sabadell| Adidas announced better preliminary 3Q23 results with LfL sales growth of +1% (-6.4% reported against -7.6% consensus) and EBIT of €409m (-27.5% against -53.5% consensus), thanks to a better gross margin evolution (c.+20 bps in 3Q23), Yeezy sales and a better-than-expected evolution of the rest of the businesses. All this allows them to raise again the 2023 guidance to a low single digit LfL decline in sales (as…

In Europe 19th October 2023

ECB to start two-year preparation phase for digital euro on 1 November

Banca March : The ECB has announced that the preparation phase is to begin on 1 November and will last for two years. The digital currency would be equivalent to cash, playing a complementary and not a substitute role. In this way, euro area citizens will be able to make payments while maintaining the anonymity of cash, but making it more difficult to counterfeit and more convenient to store. This…

In Europe 19th October 2023

Aena gets go-ahead to expand Luton’s capacity to 19M passengers

Luton, the London airport in which AENA has a 51% stake, has received authorisation from the British Department for Transport and the Department for Communities to increase its capacity to 19 million passengers per year, compared to the current limit of 18 million. This expansion does not require any new construction or investment. Assessment: Good news for Aena, which will allow it to increase Luton’s capacity by 5% without the…

In Europe 19th October 2023

Eurozone average deposit rate is 0.31% annualised when ECB official deposit rate is 4.5%

Kim Fournais (CEO and founder of Saxo Bank)|In the labyrinthine world of banking and investment, where opacity tends to masquerade as tradition, few are aware that, amid the ebb and flow of financial markets, a significant number of banks and intermediaries choose to retain the benefits of central bank rate hikes, rather than pass them on to their clients. This is reflected in banks’ quarterly results, where some even seem…

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