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In Europe 19th February 2025

EU keeps up pressure on Russia: still on “blacklist” of tax havens, France announces new sanctions against Russian oil

Banca March | The European Union is keeping up the pressure on Russia. On the one hand, France yesterday announced new sanctions against Russian oil for the invasion of Ukraine, without Washington’s backing and despite the apparently limited effect of similar measures introduced by Western countries. The French Foreign Minister, Jean-Noël Barrot, pointed out that Russia earns €100 billion a year from oil sales, while the total cost of the…

European economy 18th February 2025

Acciona among companies in talks with Masdar to buy assets in Spain, Portugal and France

Norbolsa | Masdar is exploring several M&A operations to grow Saeta (acquired from Brookfield) and turn this group into its major expansion platform in Western Europe. Thus, they are in talks with EDP, Acciona and Totalenergies to buy various assets in Spain, Portugal and France, especially in wind power. Industry sources indicate that these transactions could add another 1,000 MW in operation, which at market price would be around €1billion….

In Europe 14th February 2025

UK GDP expands 0.1% quarter-on-quarter in Q4 2024 against -0.1 expected, figure could be turning point

abrdn | Preliminary UK GDP data released this morning shows that the economy expanded by 0.1% quarter-on-quarter in the fourth quarter, compared to the expected -0.1%. Today’s GDP figures, although still very weak in absolute terms, have been much better than expected and may act as a kind of turning point. It is certainly difficult now for the economy to enter a technical recession in the short term. However, it…

In Europe 13th February 2025

EU promises to retaliate if US imposes tariffs on steel and aluminium

BancaMarch | The European Union promised to retaliate if the United States imposes tariffs on steel and aluminium on the EU bloc. The President of the European Commission stated that the unjustified tariffs will trigger ‘firm and proportionate responses’, without giving further details. In 2018, Trump tariffed steel and aluminium on some $7 billion in European imports. The EU bloc reacted with tariffs on a list of US products, including…

In Europe 11th February 2025

Indra to provide German Air Force, Luftwaffe, with state-of-the-art radar for detecting objects in low space orbits

Link Securities | Following approval by the German Parliament, Indra has signed a contract with the Federal Office of Procurement (BAAINBw) of the German Armed Forces (Bundeswehr) to provide its Air Force, the Luftwaffe, with a state-of-the-art low-orbit object detection radar, the digital portal Bolsamania.com reported yesterday. The system will protect active satellites from possible impact with debris from other missions that orbit uncontrollably at high speed and can damage…

In Europe 7th February 2025

Arcelor Mittal’s 4Q24 results show weakness in operating terms due to additional charges but Ebitda beats expectations

Bankinter | 4Q2024 EBITDA better by Joint Venture. Raises dividend and expects demand to improve in 2025. Tariff risk and overcapacity in the sector remain. Key figures compared to the company’s consensus for 4Q24: Revenues $14,714m (+1.1% year-on-year, -3.2% year-on-year); EBITDA $1,654m (versus +13.8% year-on-year and +4.6% year-on-year) versus $1,529m estimate (margin stood at 11.2% from 10.4% 3Q2024). NAB -$390m (versus $2,966m in 4Q 2023 and +$287m in 3Q 2024)…

In Europe 5th February 2025

Indra becomes most integrated European space company with control of Hisdesat and Hispasat: global Tier 1 status targeted by 2027/30

Renta 4 | The acquisition of Hispasat gives Indra a 43% stake in Hisdesat (military segment) which, together with the 7% it already owns, gives it control of Hisdesat and allows it to consolidate it. Indra will announce the degree of consolidation in its 4Q24 results presentation (Thursday 27 February). Hispasat and Hisdesat significantly boost Indra’s presence in upstream activities, with a potential market of around €36 million and EBITDA…

In Europe 4th February 2025

Santander appeals to CJEU against ECB’s decision to deduct deferred tax assets generated in Brazil from CET1 funds

Link Securities | The president of Banco Santander (SAN), Ana Botín, has assured that the bank’s British subsidiary (Santander UK) is not for sale and has reiterated that the UK is a key market for the Spanish bank, according to Bolsamanía. “The UK is not for sale. We love the UK and it will remain a key market. We review our strategy every year. The UK is profitable, it gives…

In Europe 3rd February 2025

German election: a CDU-SPD coalition still baseline with ‘fatter’ tail risks at the margin

Annalisa Piazza (MFS Investment Management) | Following the eventful discussions and a non-binding motion on immigration approved by the Bundestag last week, the focus ahead of the February 23rd election is now shifting more towards immigration rather than the economy (and its structural problems). Given that Friedrich Merz made it clear that the CDU would not form a coalition government with AfD, a CDU-SPD coalition remains the most likely outcome…

In Europe 31st January 2025

Money supply slows down in euro area in December

Banca March | Money supply in the euro area slows down in December, with M3 increasing by +3.5% year-on-year compared to +3.9% previously. However, credit data were more positive, as loans to companies and households rebounded: specifically, loans to households grew at a pace of 1.1% (two tenths of a point higher than the previous month), pushed up by loans granted for house purchases (up 1.1%) and those related to…

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