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alemania recesion

European economy 11th July 2023

Germany’s final June CPI confirms preliminary data: +6.4% year-on-year from 6.1% in previous month

In monthly terms +0.3% month-on-month vs. preliminary +0.3% month-on-month and from -0.1% previously. Underlying inflation ( excluding energy and unprocessed food) +5.8% year-on-year vs. preliminary +5.9% and up from 5.4% previously. Analysis team’s view: Inflation confirms the rebound in June, after three months of moderation. Although food prices are the main cause of the increase, the underlying rate also rises due to services prices. It highlights the persistence of inflationary…

ElectricityTC

European politics 10th July 2023

Supreme Court urges return of €320 million of social bonus to electricity companies; European Parliament to remove price cap for renewables

Banc Sabadell : The Supreme Court has urged the MITECO (Ministry for Ecological Transition and Demographic Challenge) to pay the main distributors €320 million euros owed to them after declaring the social bonus inapplicable (Endesa €152.2 million, Naturgy €64 million, Iberdrola €103 million). In other related matters, the European Parliament has reached an agreement for the vote on the proposal on the reform of the electricity market, among which it…

vertipuertos ferrovial

European economy 6th July 2023

Ferrovial reaffirms commitment to air taxis and signs agreement with Milligan to develop vertiports in UK

Link Securities | Ferrovial (FER) is making progress in its bid to become a major player in the booming air taxi business, according to elEconomista. Ferrovial has just sealed an alliance with British firm Milligan to boost this activity in the UK with the development of its first vertiports in the country. The group’s initial road map includes venturing into this area in the United States, the United Kingdom and…

alemania ampelmann

European economy 6th July 2023

Germany to return to austerity with 6.4% spending cuts foreseen by 2024

BancaMarch: The German Council of Ministers on Wednesday approved the draft budget for 2024, in which it plans to return to the path of fiscal consolidation and which envisages an increase in defence spending and cuts in all other departments, among which the most affected are transport, science and the family. Spending will thus have to fall by 6.4%, from €476.3 billion in 2023 to €445.7 billion the following year….

santander sucursal 3CM

European economy 6th July 2023

Santander’s Getnet payment system wins operating licences in 33 European countries

Link Securities| Getnet, Banco Santander’s payments solution, is accelerating its expansion in Europe, where it already has licences to operate in 33 countries, in 300,000 European businesses, Expansión reports today. In the last five years, Getnet has tripled its customer base and increased its transaction volume by 2.5 times. This growth in activity has allowed it to increase its market share by 4.15%.

spain tourism

European economy 5th July 2023

More than 8.2 M foreign tourists enter Spain in May (+17% over same month in 2022) with UK and Germany still below 2019 levels

Intermoney| The INE published the data on tourist arrivals in Spain during the month of May yesterday, with more than 8.2 million international tourists, 17% more than the same month of 2022 and 4% more than the same month of 2019. The United Kingdom is positioned as the main country of origin of tourists, representing 22% of the total and an increase of 10% over May ́’22. France and Germany…

Cellnex

European economy 4th July 2023

Cellnex acquires 100% of OnTower Poland after buying Illiad’s 30% stake in Polish company for €510mn

Santander Corporate & Investment | Cellnex (BB+ p, BBB- e) has announced the acquisition from Iliad of its 30% stake in OnTower Poland, the Polish telecommunications infrastructure company controlled by Cellnex. The transaction costs around €510mn and brings Cellnex’s stake in OnTower Poland to 100%. According to the press release, OnTower Poland currently operates a total of 8,500 sites in Poland, plans to deploy up to 3,400 new sites by…

euro area 777x400 1

European economy 1st July 2023

Eurozone on brink of recession

Martin Wolburg (Generali Investments)| The eurozone entered a technical recession during the winter half-year. However, indicators suggest that activity expanded again thereafter. Looking ahead to the second half of the year, however, we expect activity to moderate again, bringing the eurozone to the brink of recession. The main headwinds come from the global environment, which keeps manufacturing industry on a downward trajectory. At the same time, financing conditions will continue…

Eurozona IPC

European economy 30th June 2023

Eurozone inflation slows in June to 5.5% from 6.1%, but core inflation rises to 5.4% from 5.3% in May, reinforcing ECB’s stance

The year-on-year inflation rate in the euro zone fell six tenths in June compared to the previous month, reaching 5.5%, compared to 6.1% in May, which is the lowest increase in prices since January 2022, according to preliminary data published Friday by Eurostat. The moderation in the rise in prices in June is mainly due to the 5.6% fall in the cost of energy, compared with the 1.8% drop in…

ECB night

European economy 30th June 2023

Spain -1.8%; Italy -0,9%… Bank lending starts to fall in peripheral countries

A further slowdown in lending to the private sector in May, already contracting in the peripheral countries. The ECB published yesterday the data on lending to the private sector in the Eurozone, where it confirms the progressive slowdown in bank lending to +2.7% year.on.year in May vs. +3.5% in April and a peak of +6.5% in September last year, so that it is already slightly below its pre-pandemic levels of…