eurozone

European economy, In Europe 12th September 2023

Despite EC downgrade of growth outlook, inflation outlook remains elevated: +5.6% in 2023 (previous +5.8%) and +2.9% in 2024

Renta 4: European stock markets open without major movements (Eurostoxx futures +0.2%, S&P -0.1%), in a session that is expected to be transitional as we await the week’s big releases: US CPI (Wednesday) and the ECB (Thursday). In the background, new negative news on the cycle, with the European Commission revising downwards its eurozone growth forecasts for 2023 to +0.8% versus +1.1% previously and 2024 to +1.3% versus +1.6%, while…

European economy 4th September 2023

With orders at record lows, Eurozone manufacturing rises 0.8 points to 43.5 in August

Singular Bank: In August, the final reading of the IHS Markit manufacturing PMI index for the Eurozone advanced 0.8 points from the previous month to 43.5 points (vs. 42.7 points in July), slightly below the preliminary estimate of 43.7 points, remaining in contractionary territory since August 2022 (below 50 points). A performance weighed down by the fall in new factory orders at their fastest pace since the beginning of the…

European economy, Relevant News Item 25th August 2023

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…

European economy, Relevant News Item 24th August 2023

Eurozone current account surplus reaches €6.8bn in June, largest since June 2021, up from deficit of €4.4bn a year ago

Link Securities | According to data from the European Central Bank (ECB), the eurozone recorded a current account surplus of €36.8 billion in June, compared with a deficit of €4.4 billion in the same month a year earlier. June’s surplus is the largest current account surplus achieved by the region since September 2021. This surplus was driven by the goods account, which went on to generate a surplus of €42.7…

European economy, Relevant News Item 23rd August 2023

Eurozone services sector worsens in August with similarly weak manufacturing performance: region could contract by 0.2% in Q3

CdM: The eurozone’s private sector activity has deteriorated significantly during the month of August, when in addition to the fall in activity in the manufacturing sector there has also been a worsening in services, according to advance data from the Purchasing Managers’ Index (PMI) and reported by Europa Press, which suggest a contraction in the eurozone’s GDP of 0.2% in the third quarter of 2023. Specifically, the advance estimate of…

European economy, Relevant News Item 16th August 2023

Eurozone returns to growth in second quarter, GDP rises by 0.3%

CdM| After a first quarter in which the economy showed no progress, the Gross Domestic Product (GDP) of the eurozone recorded growth of 0.3% in the second quarter, according to the preliminary estimate published by Eurostat, the EU’s statistics office. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro zone. For its part, in the European Union (EU) as a whole,…

European economy 4th August 2023

Eurozone shrinks in July: manufacturing slows, services sector stagnates

CoM| A deepening slowdown in manufacturing and near stagnation of activity in the services sector means that the eurozone has started the third quarter with the fastest contraction in total activity since November last year, according to the PMI index. “The second half of the year has got off to a bad start for the euro area economy. Judging by the PMI index, total economic activity fell in July after…

European economy 2nd August 2023

Eurozone 2Q2023 GDP rises +0.6% driven by service-dependent countries

Bankinter : 2Q2023 GDP (preliminary) stood at +0.6% vs +0.5% estimated and +1.1% previous (revised from +1.0%). In quarter-on-quarter terms +0.3% vs +0.2% estimated and -0.1% previously. Assessment: The economy was supported by countries more dependent on the Services Sector, while the worst evolution responded to those more dependent on the Manufacturing Sector such as Germany (two consecutive quarters in negative). The recovery process is slow due to the lower…

European economy 1st August 2023

Eurozone: inflation slows two tenths to 5.2% in July, while GDP grows 0.3% in Q2 2023

The year-on-year inflation rate in the euro area fell by two tenths of a percentage point in July compared to the previous month, reaching 5.3%, which is the lowest increase in prices since January 2022, according to Eurostat’s preliminary estimate, which nevertheless maintains the underlying rate at 5.5%. The moderation in the rise in prices in July is mainly due to the 6.1% fall in the cost of energy, compared…

Relevant News Item 15th July 2023

Eurozone finance ministers sign joint declaration committing to fiscal adjustment in 2023 and 2024

BancaMarch: With the aim of restoring balance to public finances after the Covid-19 crisis, eurozone finance ministers yesterday signed a joint declaration committing themselves to fiscal consolidation in 2023 and 2024. This is a gradual reform plan with country-specific action plans that will not only aim to reduce the public coffers deficit but also to increase investment through public and private sources.

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