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In Europe 12th September 2023

S&P maintains Portuguese debt rating and revises outlook upwards

Bankinter: S&P maintains Portugal’s debt rating and revises the outlook upward. The rating is BBB+ (Positive). Assessment: After the positive review of the rating in September 2023, the US agency revises upwards the outlook for Portugal’s debt. The report highlights two key factors: (1) Expected growth for the Portuguese economy higher than that of neighbouring countries (+2% average between 2024/2026); and (2) positive impact of budgetary policies on public debt,…

European economy, In Europe 12th September 2023

Despite EC downgrade of growth outlook, inflation outlook remains elevated: +5.6% in 2023 (previous +5.8%) and +2.9% in 2024

Renta 4: European stock markets open without major movements (Eurostoxx futures +0.2%, S&P -0.1%), in a session that is expected to be transitional as we await the week’s big releases: US CPI (Wednesday) and the ECB (Thursday). In the background, new negative news on the cycle, with the European Commission revising downwards its eurozone growth forecasts for 2023 to +0.8% versus +1.1% previously and 2024 to +1.3% versus +1.6%, while…

In Europe 11th September 2023

ECJ upholds Inditex in suit against Buongiorno Myalert for infringement of trademark rights

Alphavalue / Divacons| The Advocate General of the Court of Justice of the European Union, Maciej Szpunar, concluded on Thursday, in reference to the legal dispute of Inditex against Buongiorno Myalert, that the Italian company “cannot take advantage of the limitation of the rights of the trademark owner”, thus agreeing with the Galician group in its litigation against the firm. It should be recalled that in 2010, when Buongiorno Myalert…

In Europe 11th September 2023

Airbus delivers 52 aircraft in August, receives 117 new orders; total deliveries for year at 433

Banc Sabadell| Airbus (AIR) announced this week the delivery of 52 aircraft during August (versus 65 in July 2023 and 39 in August 2022; +33%) bringing total deliveries in 2023 to 433 (versus 382 in August 2022). On the other hand, a total of 117 new orders and no cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until August 2023 stand at…

European economy 8th September 2023

German CPI finally stands at 6.1% in August, with core stuck at 5%

Bankinter : August CPI (final) confirms moderation: +6.1% vs +6.1% estimate and preliminary vs +6.2% previously. In month-on-month terms +0.3%, same as estimated, preliminary and previous. Assessment: Unchanged and representing a new moderation in the price level. This is good news as it takes pressure off the ECB to keep tightening its monetary policy. The downside is the entrenchment of underlying inflationary pressures above +5%.

In Europe 7th September 2023

German factory orders fall sharply in July: -11.7% vs. -4% expected and +7.6% previous

Bankinter: German Factory Orders fell sharply in July. Factory Orders were down -11.7% vs. – the -4.0% expected and +7.6% previous (revised from +7.0%). Assessment: This is bad news for the German industrial sector and further evidence of the weaknesses of the eurozone benchmark country’s economy. Despite the upward revision of the previous figure, July’s figure turned out to be out much worse than expected and registered its lowest since…

In Europe 7th September 2023

Santander’s UK subsidiary launches savings account at 5.2%, BBVA Italia raises interest on deposits from 3% to 5%

Link Securities| Santander and BBVA are improving the remuneration of savings in their international markets, as opposed to the more conservative strategy they are following in Spain, according to Expansión today. Here, both banks have so far considered that excess liquidity and competitive dynamics justify the absence of deposit payments. However, Santander UK, SAN’s UK subsidiary, launched a savings account at 5.2% and BBVA Italia is raising the interest rate…

European economy 6th September 2023

European investor confidence as measured by Sentix falls again in September: -21.5 vs. -18.9 previously

Bankinter: Sentix Investor Confidence (September), below expectations: -21.5 vs -20.0 expected and -18.9 previous. Investor confidence falls again after the recovery of the previous month. Both the Expectations component (-21 vs -17.3 previously) and the Current Situation component (-22.0 vs -20.5 previously) fell. In the case of the Current Situation, they are at their lowest levels since November 2022. Assessment: Investor confidence in Europe continues to show weakness in the…

European economy 5th September 2023

Acciona Energia and Telefonica Deutschland to exit Stoxx 600, Hochtief and others join

Link Securities| The index manager, Stoxx 600, has communicated a list of the five companies that will leave the pan-European index and the five that will take their place, according to Expansión newspaper on Monday. Among the first is Acciona Energy (ANE). The renewable energy company will be excluded from the Stoxx 600 from 18 September, which will cause a withdrawal of positions by the many funds that replicate the…

European economy 4th September 2023

With orders at record lows, Eurozone manufacturing rises 0.8 points to 43.5 in August

Singular Bank: In August, the final reading of the IHS Markit manufacturing PMI index for the Eurozone advanced 0.8 points from the previous month to 43.5 points (vs. 42.7 points in July), slightly below the preliminary estimate of 43.7 points, remaining in contractionary territory since August 2022 (below 50 points). A performance weighed down by the fall in new factory orders at their fastest pace since the beginning of the…

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