CoM| A deepening slowdown in manufacturing and near stagnation of activity in the services sector means that the eurozone has started the third quarter with the fastest contraction in total activity since November last year, according to the PMI index. “The second half of the year has got off to a bad start for the euro area economy. Judging by the PMI index, total economic activity fell in July after…
Bankinter: The Unemployment Rate has come out better than expected and remained at historical lows, showing the strength of the labour market. Unemployment Rate (June): 6.4% vs 6.5% expected and 6.4% previous (revised from 6.5%). Assessment: June’s figure repeated May’s and remained at historic lows. Following last week’s European GDP and CPI data, employment figures continue to show the strength of the labour market. With inflation slowing and employment supporting…
Telefónica has been awarded the exclusive audiovisual rights for the UEFA Champions League and UEFA Europa League for the next three seasons for €320 million/season in Spain. The company has also been awarded the rights to the UEFA Youth League and the UEFA Europa Conference League. The contract with UEFA will be formalised shortly. Assessment: The acquisition of this content strengthens the group’s content offering, including all football rights in…
Bankinter : 2Q2023 GDP (preliminary) stood at +0.6% vs +0.5% estimated and +1.1% previous (revised from +1.0%). In quarter-on-quarter terms +0.3% vs +0.2% estimated and -0.1% previously. Assessment: The economy was supported by countries more dependent on the Services Sector, while the worst evolution responded to those more dependent on the Manufacturing Sector such as Germany (two consecutive quarters in negative). The recovery process is slow due to the lower…
The year-on-year inflation rate in the euro area fell by two tenths of a percentage point in July compared to the previous month, reaching 5.3%, which is the lowest increase in prices since January 2022, according to Eurostat’s preliminary estimate, which nevertheless maintains the underlying rate at 5.5%. The moderation in the rise in prices in July is mainly due to the 6.1% fall in the cost of energy, compared…
Banca March| The European Commission announced on Thursday that it is launching a formal investigation into whether Microsoft violated EU competition rules by linking its Teams video calling app to the installation of Office software. The investigation stems from a complaint to Brussels by its competitor Slack in July 2020. Underlying the complaint is Brussels’ fear that Microsoft is abusing its position by restricting competition from other providers of cloud…
Link Securities| According to the European Central Bank’s (ECB) bank lending survey published on Tuesday, 2Q2023 saw a record fall in demand for corporate loans to its lowest level since the survey began in 2003. According to banks in the region, credit conditions tightened more than expected in the quarter under review. Banks also tightened conditions and terms further in 2Q2023 The survey also reported that the net tightening since…
Bankinter : Preliminary July PMIs disappoint as they fall more sharply than expected. – (i) Manufacturing PMI 42.4 vs 43.5 expected and 43.4 previous. (ii) Services PMI 51.1 vs 51.6 expected and 52.0 previous. (iii) Composite PMI 48.9 vs 49.6 expected and 49.9 previous. By countries: FRANCE. – (i) Manufacturing PMI 44.5 vs 46.0 expected and 46.0 previous. (ii) Services PMI 47.4 vs 48.5 expected and 48.0 previous. (iii) Composite…
Intermoney| CAF (CAF) informed the CNMV on Friday that it has signed agreements with the German city of Duisburg and the Danish city of Aarhus to supply a total of 81 Solaris zero emission buses over the coming months, with a combined volume of approximately €50 million. The city of Duisburg has chosen Solaris to supply 25 Urbino hydrogen buses, 11 of the 12-metre version and 14 18-metre articulated vehicles,…
Bankinter: Car sales increase by +17.8% year-on-year in June. This brings the cumulative annual figure to +17.9%. Assessment: Solid figures, but heavily influenced by a favourable base effect. Sales continue the recovery process that started in August last year. The main markets show solid growth: Spain +24%, Italy +23%, France +15%, Germany +13%. However, compared to the cumulative January-June 2019 (before the pandemic), sales are still -21% lower.