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European economy, Markets 19th January 2023

ESMA unveils strategy for next five years

F. Rodríguez | The European Securities and Markets Authority, (ESMA), has presented the broad outlines of its strategy for the period 2023-2028, which will have three priorities: “promoting the efficiency and stability of EU markets”, “strengthening retail investor protection” and achieving these two objectives by “reinforcing supervision”. Sustainability and innovation in technology and data processing will be the two “key drivers” in the functioning of the organisation. As part of…

European economy, In Europe 18th January 2023

Germany: December final inflation confirms decline to 8.6% year-on-year vs. 10% in November

CoM| Germany’s year-on-year inflation rate stood at 8.6% last December, the lowest since August 2022, after the 10% recorded in November, according to the Federal Statistical Office (Destatis), which estimates a price rise of 7.9% for 2022 as a whole, compared with 3.1% in 2021.In harmonised figures, used by Eurostat in its statistics, Germany’s inflation rate in December was 9.6% year-on-year, which put the average for 2022 as a whole…

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…

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