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European economy 20th April 2023

UK inflation eases to 10.1% in March, less than 9.8% expected; core unchanged at 6.2%

Bankinter : March CPI stands at +10.1% in March (year-on-year) vs +9.8% estimated and +10.4% previous. The core rate is at +6.2% (year-on-year) vs +6.0% estimated and +6.2% previous. On the other hand, new home sales in London fell -39% in 1Q 2023 (year-on-year), according to real estate firm Molior London. They are at 10-year lows. Analysis team’s view: Bad news. Inflation eases, although less than expected in March. The…

European economy 19th April 2023

ZEW index of economic expectations falls to 4.1 from 13 previously and 15.6 expected

Banca March : Investor and analyst confidence in Germany is deteriorating. The ZEW index fell more than expected in April with the reading of economic expectations at 4.1 from 13 and below the 15.6 expected. This suggests that the outlook for economic developments in the coming quarters is dimming after the deterioration in financial conditions in March. For its part, the current situation component of the ZEW index rebounded more…

European economy, In Europe 19th April 2023

EU agrees European Chip Bill – €43-billion investment planned to double region’s share of global chip production

Banca March : Negotiators from the European Parliament and the Council reached an agreement on Tuesday to approve the European Chip Act, which will aim to mobilise €43 billion of investment to double the weight of the European Union in the world production of this component. The agreement also broadens the type of facilities to be funded to include not only state-of-the-art manufacturing facilities but also those producing semiconductor manufacturing…

European economy, In Europe 19th April 2023

Técnicas Reunidas and FCC to build €1-billion regasification plant in Germany

Técnicas Reunidas, FCC and the Turkish company Enka have been awarded a contract worth around 1,000 million euros for the construction of a liquefied gas regasification plant for Hanseatic Energy Hub in the port of Stade, in the Haburg region. This terminal will be built next to a plant of the chemical giant Dow Chemical to utilise its industrial heat. It will be erected at full speed, with the aim…

EU Budget the CAP beyond 2020 1073x480 1

European economy, In Europe 12th April 2023

European investors’ confidence in economic activity improves but remains in negative territory

Bankinter: Investors’ confidence in economic activity improves, although it still remains in negative territory. The Sentix Index rises more than expected in April to -8.7 from -11.1 previously and -10.1 estimated. The improvement is driven by the Current Situation component (-4.3 from -9.3). The Expectations Component remains stable at -13. This is the sixth consecutive improvement in the Current Situation Component. On a monthly basis, Sentix surveys more than 1,300…

Market discounts ECB cut in deposit rate

European economy, Markets 10th April 2023

Fixed income: rising nominal yields should push up real yields

Deutsche Bank : The recent credit event in the US banking sector has caused considerable uncertainty about the outlook for policy rates. However, financial authorities have reacted strongly. In addition, the US labour market remains solid and inflation is becoming entrenched. In our view, this continues to justify a “higher for longer” official rate outlook. Although two-year US Treasury yields are falling from their cycle high, they remain, along with…

European economy, In Europe 5th April 2023

Eurozone inflation expectations for next 12 months fall to 4.6% in February

Link Securities | Bloomberg reported on Thursday that, according to the ECB’s monthly survey, inflation expectations for the next 12 months fell to 4.6% in February from 4.9% in January. In addition, inflation expectations for the next three years fell to 2.4% from 2.5% the previous month. In addition, according to the survey, economic growth expectations for the next 12 months continued to rise, from -1.2% to -0.9%. Meanwhile, 12-month…

European economy 4th April 2023

ECB continues to contradict market expectations with tightening messages

Renta 4 : Today, on a day in which futures point to an opening with little change, the main macro reference will be the number of available job openings in the JOLTS (Job Openings and Labor Turnover Survey) in the US, which is expected to remain high in February (10.5 million expected as opposed to 10.824 million previously), giving signs of a still very solid labour market. This data will…

European economy 3rd April 2023

UK grows a paltry 0.1% in 4Q22; still 0.6% below pre-covid levels

CoM | The UK economy recorded a minimal expansion of 0.1% in the fourth quarter of 2022, following the contraction of a tenth of a percentage point in Europe’s second largest economy in the third quarter of last year, according to revised data released on Friday by the Office for National Statistics (ONS). As a result, GDP is now estimated to have risen by 4.1% in 2022 as a whole,…

Companies, European economy 3rd April 2023

Airbus not to buy 30% stake in Atos Big Data spin-off: unwilling to invest €1.2bn in company it does not control

Singular Bank | Atos is in the process of splitting itself into an IT services unit and Evidian, which it plans to float this year. The restructuring would give Atos shareholders 70% of Evidian, and Atos plans to sell the remaining stake to finance its own transformation. Many Airbus shareholders commented their disagreement on the potential investment after it was made public last month, as it could be an inefficient…

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