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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…

In Europe 1st September 2023

ECB forgoes stabilising inflation before 2025 to avoid damaging economy

Minutes of the last monetary policy meeting. The ECB council considers that restoring price stability before that date would “depress economic activity to an unnecessary level”. Inflation has become a burden for the euro area and, in general, for all regions of the world. Central banks are fighting with all their might to try to regain the price stability dictated by their mandate, but some are already beginning to do…

In Europe 31st August 2023

German inflation eases one tenth of a percentage point in August to 6.1%, core unchanged at 5.5%

The Consumer Price Index (CPI) in Germany will stand at 6.1% in August at a year-on-year rate, which would imply an easing of one tenth of a percentage point compared to the 6.2% rise in prices in July and the smallest increase since last May, according to the preliminary estimate published by the Federal Statistics Office (Destatis), information collected by Europa Press. The harmonised year-on-year inflation figure, used by Eurostat…

In Europe 30th August 2023

Germany agrees corporate tax cut worth €6.5bn for companies and €2.4bn for households

Banca March: Germany has agreed to make a corporate tax cut totalling €6.5 billion. After Sunday’s tense negotiations between Lisa Paus, Minister for Family Affairs and member of the Green Party, and Christian Linder, Minister of Finance and member of the Social Democratic Party, the German government finally agreed on a total of €6.5 billion. In the end, €6.5 billion were earmarked for companies and €2.4 billion for households. The…

European economy 30th August 2023

Positive results from Bayer clinical trial to treat Parkinson’s disease

Bankinter | Positive results from a clinical trial to treat Parkinson’s disease. It is an initial trial, conducted with 12 patients whose Parkinson’s disease symptoms have improved. The treatment has been well tolerated by the participants, and there are no concerns about its safety profile. Bayer announced the findings of this trial at the International Congress of Parkinson’s Disease and Movement Disorders in Copenhagen and will publish the full results…

European economy 29th August 2023

Overall credit growth to the private sector slowed to 1.6% in July, weakest pace since June 2016

Link | According to the ECB yesterday, the M3 monetary aggregate in the eurozone increased by 0.4% year-on-year in July (+0.6% in June) to €15.6 trillion, thus exceeding the expectations of FactSet consensus analysts, who expected it to remain unchanged in the month (0.0%). The total amount of loans in the eurozone increased at a year-on-year rate in July by 1.30%, slightly below the 1.7% increase in June and the…

European economy 28th August 2023

Europe’s gas storage at 90%

Santander | Europe’s gas storage reached 90% of storage capacity on August 16, well ahead of the EU’s requirement to reach that level by November 1, which marks the start of the winter heating season. European Energy Commissioner, Kadri Simson, commented that this “underlines that the EU is well prepared for winter, which will help to further stabilise markets in the coming months. The EU energy market is in a…

European economy, Relevant News Item 25th August 2023

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…

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