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European economy, In Europe 25th May 2023

IMF forecasts UK will avoid recession in 2023, but inflation slows less than forecast in April

Banca March | The IMF forecasts that the UK economy will avoid recession in 2023. Specifically, the body now expects growth for the current year of 0.4%, compared with the slight decline previously expected (-0.3%). The managing director of the Fund, Kristalina Georgieva, thus announced yesterday that the British economy values the evolution of the country’s economic situation particularly favourably compared with other G7 countries. The revision is mainly due…

The EU should dismantle Facebook

Companies, European economy, European politics, In Europe 25th May 2023

Irish Data Protection Commissioner imposes highest ever fine – €1.2bn – on Meta

Bankinter: The Irish Data Protection Commission imposes a €1.2 billion fine on the technology company for transferring European citizens’ data to the US in breach of EU legislation. Analysis team’s opinion: Bad news, but already expected. It is a significant amount. The largest fine imposed so far. It compares with the €746m the EU fined Amazon in 2021 and is about 4% of Meta’s estimated PBT for the whole of…

spain construction sector

European economy 24th May 2023

Eurozone construction output, in seasonally adjusted data, declines by 2.4% in March

Link Securities| According to Eurostat on Monday, in March and compared to February, construction output in the Eurozone, in seasonally adjusted data, fell by 2.4%. In February, construction output had risen by 1.7% in the Eurozone, whereas in March, building construction fell by 2.4% and civil engineering construction by 2.3%. On a year-on-year basis, construction output decreased by 1.5% in the Eurozone, which compares negatively with the 2.1% increase recorded…

E.On

Companies, European economy 23rd May 2023

E.ON could sell npower, one of UK’s largest electricity retailers for industrial users

Santander | E.ON is reportedly considering the sale of npower, one of the largest electricity traders serving industrial users in the United Kingdom. According to the article that reports this, Centrica and ScottishPower have announced in recent months their intention to exit from marketing to large corporate customers due to high price volatility and low margins. Assessment: E.ON acquired npower from innogy in 2019 and subsequently transferred npower’s residential and…

Alemania IPC

European economy, In Europe 22nd May 2023

German industrial production prices decelerate sharply to 4.1% (vs 6.7%)

Bankinter : German industrial producer prices decelerated sharply in April to +4.1% year-on-year vs +4.3% expected and +6.7% previously (revised from +7.5%). In the month, +0.3% vs -0.5% expected and -1.4% previously (revised from -2.6%). Assessment: Industrial production prices have come out better than expected. After peaking in August 2022 (+45.8% year-on-year) and maintaining this pace in September, the level of prices has now accumulated seven consecutive months of slowdown…

Shell oil

Companies, European economy 19th May 2023

Shell to sell low-return businesses, including floating wind power firm Eolfi

Singular Bank| The Dutch energy company wants to sell its French floating wind business, Eolfi, acquired in 2019 to increase its weight in renewable energy in line with its strategy. However, it now wants to offer a higher return to shareholders. This is part of the strategy of the new CEO, Wael Sawan, to be announced in June, where he intends to eliminate activities that do not produce adequate returns….

repsolrenovables

Companies, European economy 18th May 2023

Repsol to develop 1.7 GW of renewables in Italy with an estimated investment of €500 million

Renta 4 | Repsol to develop 1.7 GW of renewable energy projects in Italy. The project will have 943 MW of generation using wind technology and 825 MW of solar. The total cost is estimated at €500 million. Assessment: Positive impact. Repsol will develop 1.7 Gw of renewable energy in Italy with an estimated investment of €500 million. The portfolio is expected to be operational in 2025. Repsol is thus…

Talgo

Companies, In Europe, Relevant News Item, Spanish economy 18th May 2023

Talgo signs new €1.3bn contract to supply 56 trains to Deutsche Bahn

BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…

Europa byn

European economy, In Europe 17th May 2023

Eurozone inflation rises one tenth of a percentage point to 7% in April

The year-on-year inflation rate in the Euro area accelerated by one tenth of a percentage point in April compared with the previous month, reaching 7%, compared with 6.9% in March, while in the European Union (EU) as a whole, prices eased to 8.1% from 8.3% in March, accumulating five months of moderation, according to data published by Eurostat. Among EU countries, the lowest year-on-year inflation rates were recorded in Luxembourg…

Garanti BBVA

European economy, European politics 16th May 2023

BBVA falls more than 4% on stock market after uncertain elections in Turkey

Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…