In Europe

euros prestamos

ECB’s tight monetary policy starts to bite with corporate credit at record lows

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…

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Preliminary Eurozone PMIs for July disappoint, falling more sharply than forecast

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…

caf cartel fachada

CAF signs contract to supply 81 zero emission buses in Germany and Denmark for €50M

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,…

coches aparcamiento

European car sales up +17.8% year-on-year in June, annual cumulative sales close to pre-pandemic levels

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.

ventas minoristas

Retail trade in Europe finally shows signs of overcoming Covid

DWS| Zero percent. According to recently released data for May 2023, retail sales in Germany have grown by exactly 0% in real terms since the last month before the pandemic, February 2020. In nominal terms, by contrast, thanks to inflation, sales have grown considerably, by an impressive 17%. However, this is not a sign that consumers are buying more: the amount of goods they received remains unchanged. Despite this, it…

banco espana cimborrio

German and Spanish banks lead July issuance in the financial sector with €2.75bn and €1.75bn, respectively

Santander Corporate & Investment| July’s issuance already exceeds that of the whole of July 2022, as the latter was an atypically inactive month, particularly on the corporate issuers’ side. In the first two weeks of July, €18 billion has been issued, surpassing the €16 billion for the entire month of July 2022, which was a record low in recent years and well below the €42 billion average for the months…

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European Parliament approves €3 billion European chip bill aimed at doubling semiconductor production

Banca March: The European Union’s legislative chamber has finally approved the European Chip Law, with which the EU aims to double semiconductor production to 20% of its global production and thus reduce the trend of Taiwan and South Korea with respect to this technological component. The law is organised in three pillars and aims, in addition to increasing Europe’s chip manufacturing capacity, to consolidate its leadership in semiconductor research and…

alemania recesion

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…


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

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…