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alemania berlin ampelmann

In Europe 9th February 2024

Germany’s final CPI in January unchanged from preliminary data: +2.9% year-on-year versus +3.7% previously

Norbolsa: In annual rate the German CPI in January rose by 2.9% versus the 2.9% expected and the 3.7% previous one. The harmonised CPI in January, in the monthly rate, fell by 0.2% against -0.2% expected and 0.2% previous. This is the smallest rise in German prices since June 2021. In the annual rate, the harmonised rate fell in January by 3.1%, confirming preliminary data, against 3.8% previously.

Athens airport

In Europe 8th February 2024

Greece floats 30% of the Athens airport it owns in Europe’s biggest IPO for two years

Singular Bank | Greece’s government has decided to float 30% of the Athens international airport it owns, in what has become Europe’s biggest IPO for two years and the latest sign of the country’s recovery. Greece was visited by 32 million visitors in 2023 and 28 million in 2022, and investment in the airport is seen as a good way to invest in the country’s tourism. The offer, which began…

Eurozona salarios

European economy 8th February 2024

According to ECB, consumers expect prices to rise by up to 3.2% in next 12 months, and 2.5% in next three years

Intermoney| The ECB released on Tuesday its December consumer inflation expectations, a figure that offered mixed signals, something that could be partly caused by the fact that it has almost doubled its monthly survey of the countries it surveys. The figures include responses from five more countries (Ireland, Greece, Austria, Portugal and Finland) in addition to the six that have been surveyed since the survey began in 2022. That means…

servicios

European economy 7th February 2024

Spain and Italy, the only large Eurozone economies where services activity is expanding

Link Securities| S&P Global reported on Monday that Spain’s services sector purchasing managers’ index, the services PMI, rose in its January reading to 52.1 points from 51.5 points in December, falling short, however, of the 52.5 points expected by FactSet consensus analysts. January’s reading is the highest reading for this leading indicator of activity since last July. Any reading above 50 points suggests expansion in activity relative to the previous…

alemani piruli

European economy 5th February 2024

Germany’s December trade surplus improves to €22.2 billion from €20.4 billion in previous month

Bankinter : Trade Balance (Dec): €22.2bn versus €19bn expected against €20.8bn previous (revised from €20.4bn). Exports -4.6% versus -2.8% expected versus +3.5% previous. Imports -6.7% versus -1.9% expected versus +1.5% previous. Assessment: The improvement in the trade surplus stems from a sharp drop in imports in the month, reflecting the weakness of the country’s domestic demand. 4Q23 GDP contracted -0.3% year-on-year (versus +0.0% in 3Q23) resulting in a -0.3% year-on-year…

Amadeus

European economy 1st February 2024

Amadeus acquires Portugal’s Vision-Box, specialised in passenger biometrics, for €320m, equivalent to 16x EBITDA 2023

Renta 4 | Amadeus has reached an agreement to acquire Vision-Box, a Lisbon-based company that provides biometric (facial recognition) solutions for passengers in airports, airlines and border systems. Vision-Box’s systems (hardware and software) facilitate passengers’ journey from airport check-in, check-out, lounges and security screening. Vision-Box is expected to generate €70 million in revenues and €20 million in EBITDA by 2023, is present in more than 100 countries, generates 50% of…

IMF outlook

In Europe 31st January 2024

IMF forecasts back soft landing and point to Spain as eurozone leader

BancaMarch: International Monetary Fund forecasts support a soft landing. Global economic growth estimates for 2024 have been revised upwards by two tenths of a percentage point, maintaining the same levels as in 2023, +3.1%. This is due to the improved outlook for the United States and China, the world’s two largest economies. In the case of the United States, the variation in GDP falls from +2.5% in 2023 to +2.1%…

IAG new

European economy 31st January 2024

IAG: air freight cushions risks around airline pricing power 2024

Morgan Stanley | Capacity growth in long-haul travel poses risks around 2024 pricing power for flag carriers, especially those with exposure to the North Atlantic. However, Conor Dwyer (analyst), notes that rising air freight yields (+25% in December to 1.9x 2019 levels), as a result of disruptions in container shipping, should limit the impact. This dynamic is more favourable for Air France and Lufthansa, more exposed to air freight than…

AVE Oporto Lisboa 1

In Europe 30th January 2024

Acciona, Ferrovial and FCC join forces to bid for first section of Lisbon-Porto high-speed railway, budgeted at almost €2 billion

Link Securities | The Portuguese government has launched one of the biggest infrastructure projects in the pipeline in Europe, as reported yesterday by elEconomista.es newspaper. With a budget of almost €2 billion, the tender for the design, construction, financing and subsequent operation and maintenance of the first section, between Porto and Aveiro (Oiã), of the Lisbon-Porto high-speed railway line, implemented through a public-private partnership contract, has attracted at least five…

Europa

European economy 29th January 2024

Eurozone money supply unexpectedly rises by 0.1% in December

BancaMarch: In the euro zone, money supply unexpectedly rebounded in December: M3 growth accelerated and returned to positive territory by 0.1% year-on-year versus a fall of 0.9% in the previous month. On the lending side, there was a mixed performance. Lending to households slowed down again by 0.3% year-on-year versus 0.5% previously, while lending to non-financial corporations returned to positive territory by +0.4% versus 0.0% previously.