eurozone

European economy, In Europe 23rd February 2023

Eurozone final CPI could be revised slightly upwards to 8.6% with underlying at 5.2%

Renta 4 : European stock markets open slightly higher (Eurostoxx futures +0.3%, S&P futures +0.4%), supported by Nvidia which raises its guidance (IA) and boosts Nasdaq futures (+0.8%). On the macro front, the focus of the session will be on the eurozone January final CPI, which could be revised slightly higher to +8.6% overall (vs +8.5% preliminary and +9.2% previously), with core CPI stable at yearly highs +5.2%. This maintenance…

European economy 21st February 2023

Eurozone liquidity falls 12% in three months

Morgan Stanley analysts explain that excess liquidity in the European market multiplied in the post-Covid phase: from €1.7tn in December 2019 to a peak of €4.8tn in September 2022 and this increase helped stabilise the equity market during 2020. But “in the last three months we have seen this excess liquidity reduce by -12% (part of the ECB’s plan, by ending APP reinvestments and reducing TLTROs)

European economy 20th February 2023

Services PMIs to return to positive territory in Eurozone for first time in months

Intermoney | On the European continent, we will be looking forward to the activity data that will be offered by the preliminary PMI readings for February. For the first time in several months we will see readings above 50 in several economies and in the eurozone as a whole, especially in the indicators for services and the composite indicator, while in manufacturing activity the PMIs will again show a very…

European economy, Relevant News Item 14th February 2023

European Commission upgrades forecasts but inverted German debt curve points to recession

The European Commission has raised its 2023 growth forecast to 0.9% vs 0.3% and lowered its inflation forecast from 6.1% to 5.65% for this year. The note highlights that domestic demand could turn out to be stronger than expected if the recent declines in wholesale gas prices are passed through to consumer prices more strongly, which we doubt, and consumption proves more resilient. In fact, this has had little reaction…

World economy 1st February 2023

Eurozone GDP rises 0.1% quarter-on-quarter in 4Q22 and 3.5% for whole of 2022

Singular Bank: In Q4, according to Eurostat, the euro zone’s GDP rebounded 0.1% from the previous quarter (vs. +0.3% in Q3). In year-on-year terms, output in the eurozone rose by 1.9%, compared with 2.3% in the previous quarter. Thus, in 2022 as a whole, GDP increased by 3.5% compared with 2021. By countries, France’s GDP in Q4, according to the Insee, registered a slight increase of +0.1% vs. the previous…

European economy 27th January 2023

Good European data bolster hopes of avoiding recession

Portocolom AV | The US index of leading indicators, which hit a new low on Monday 23rd, seems to indicate that the US economy will enter recession in 2023. This indicator, which includes key economic data with the aim of predicting the rate of growth, has historically had a very high success rate in anticipating recessions. This has been the case in previous crises, such as the Covid-19 crisis, the…

European economy 26th January 2023

Could the worst slump in UK services PMIs in two years be a leading indicator for the Eurozone?

Santander Corporate & Research | The worst slump in UK services PMIs in two years, since the 2021 confinements, puts a clear question mark over the sustainability of an expected EZ economic recovery that explains the good momentum in credit markets. True, with these PMIs already above 50pt for the first time since June and the third consecutive month of improvement, our economists believe that the EZ may be able…

European economy, In Europe 25th January 2023

Eurozone activity returns to growth: composite PMI stands at 50.2 in January

CdM: This is what the PMI index data released on Tuesday by S&P Global shows. “Eurozone business activity increased slightly in the first month of 2023, signalling a hesitant return to growth after six consecutive months of decline.” Specifically, the Flash Eurozone Total Activity Composite PMI Index came in at 50.2 (49.3 in December), registering a seven-month high. This figure indicates “the first – albeit only modest – expansion in…

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…

European economy 31st October 2022

There is No Sign of Respite in Inflation Data In Europe

German inflation in October was 11.6%, well above expectations, Italian inflation was 12.8% and French inflation was 7.1%, all higher than expected and higher than last month. The components will be released mid-month, but some regional figures in Germany show that the big contributors to price increases continue to be energy costs and food. In Spain, inflation slowed yr-on-yr in October to 7.3% on lower electricity, gas prices. Also, in…

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