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In Europe, Markets 12th January 2023

Germany calls on EU to create joint financing instruments to counter US green plan

Intermoney| Despite central bank messages, the news that moved the bond market on Tuesday was German Chancellor Olaf Scholz’s request to the European Union to create joint financing instruments to counter the US green plan. Bond yields fell as investors reduced bets on the scale of monetary tightening and positioned themselves for more fiscal burden-sharing in the bloc. A slower pace of tightening is good news for Italian bonds, as…

European economy, In Europe 11th January 2023

Only 1% of European funds meet EU green standard

F. Rodriguez| Only 16 funds out of a sample of three thousand European collective investment vehicles -known as UCITs (Undertakings for the Collective Investment in Transferable Securities), which globally manage one trillion euros, meet at least three of the criteria of the EU’s European standard for European products and services – EU Ecolabel – according to an analysis of managers’ portfolios and proxy data published by ESMA, the EU’s capital…

European economy, European politics 4th January 2023

Croatia introduces euro, Hrvatska narodna banka joins Eurosystem

The euro has entered into circulation in Croatia today, bringing the number of European Union (EU) Member States using the single European currency to 20. With Croatia’s accession to the euro area, Hrvatska narodna banka, the country’s national central bank, becomes a member of the Eurosystem. The central banking system of the euro area consists of the ECB and the national central banks of the countries whose currency is the…

Companies, European economy, Ibex 31st December 2022

Acciona awarded one of three 7-year handling licences at Düsseldorf airport

Link Securities | Acciona Airport Services, a subsidiary of Acciona, has been awarded one of three handling licences put out for tender at Düsseldorf airport. The licence has a duration of seven years. Acciona has been operating at Germany’s third largest airport since 2016, according to Europa Press. Acciona will continue to provide all the services the airlines require for their ground operations. These include passenger check-in and boarding, ramp…

European economy 28th December 2022

Portugal, mixed signals at the end to the year

Caixabank Research | The strength of economic activity in Q3 is confirmed, but there are growing signs of a slowdown. It has been confirmed that in Q3 2022 GDP grew by 4.9%, with positive contributions from both domestic and foreign demand of2.9 and 2.0 pps, respectively. In the short term, we expect to see a slowdown in economic activity, especially over the winter months, due to the impact of the…

European economy, Interviews 27th December 2022

“We are facing a change of era rather than a change of cycle”

Fernando González Urbaneja & Luis Martí | Agustín Carstens, Managing Director of the Bank for International Settlements, Basel (BIS), explains that “I think this is a change of era. While it is true that it may coincide with a change of cycle, I believe we are facing a change of era for several reasons. There are structural factors that helped us during the last few years, since before the global…

European economy 20th December 2022

EU launches ‘gas cap’ (€180 MW/h) full of exceptions

A record six (mostly extraordinary) meetings were held in the end and the last one produced a white smoke: an agreement to impose a €180 cap on the price of imported gas. The new ‘gas market correction mechanism’ will operate with a double safety key. It will be triggered automatically when, for 3 consecutive days, the price on the Dutch TTF market reaches 180 euros per megawatt hour (MWh). But…

European economy 15th December 2022

The ECB is committed to continue to increase rates significantly

Annalisa Piazza (MFS Investment Management) | The ECB is committed to continue to increase rates significantly, at a steady pace and to keep rates in restrictive territory until the medium inflation target returns to target. The central bank announced that it will start quantitative tightening (QT) related to the APP at the beginning of March 2023, with a “measured and predictable pace”, allowing the Eurosystem balance sheet to decline by…

European politics 14th December 2022

The reality of the property sector; raising rents does not increase prices

Alphavalue / Divancons | Blackstone’s mega property fund (BREIT, $125 billion of assets) has appeared all across financial press headlines in recent days. And it has made it clear there that, according to the terms of the fund, capital withdrawals are limited. The fund manager’s clients can only redeem 5% of their stake in the fund each quarter or 2% every month. All this is leading to investors in other…

European economy 13th December 2022

Gas consumption in Europe fell by 19% in November

In Europe, in November, the fall in natural gas demand was 19%, much more than the 15% drop estimated by the EU. In addition, November is the first month in which we can see how the residential and commercial segment is reacting to higher energy prices. Demand from the industrial customer has already been falling for several months (-28% vs 5 year average) and has not been surprising. But the…

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