Gregor MA Hirt Global CIO Multi Asset (Allianz GI) | French President Emmanuel Macron called a snap general election following the success of far-right parties in the EU elections in June. The first round of the election is to be held on 30 June followed by a final round a week later. According to the polls, the governing party – President Macron’s Renaissance – is set to lose power although…
Norbolsa | France is holding the 7th summit known as “Choose France” today, in which Macron will gather 180 CEOs, in an event with which he hopes to attract investment with the aim of reindustrialising the country and reinforcing the Paris hub post-Brexit. It was expected that the amount of investment pledged would exceed last year’s €13bn, with investment commitments from companies such as Amaon, Pfizer and Morgan Stanley, and…
BancaMarch: Business confidence indicators in Germany and France this morning continue to show weakness in growth in the coming months. In Germany, the composite PMI deteriorated more than expected, falling back to 45.8 from 46.4 and below the 46.7 expected. This performance was mainly explained by a sharp drop in confidence in the German services sector (48 vs. 50.3 previously) while manufacturing continued to contract (40.7 vs. 39.6 previously). In…
Banco Sabadell| France is considering going ahead with its plan to raise taxes on motorway concessionaires in France and could now also include airport concessionaires. The aim would be to raise some €2.5 billion between 2024 and 2030. In addition, taxes could be raised on first class airline tickets, on larger vehicles because of their higher CO2 emissions, and on companies with fleets of vehicles. We recall that in June…
Santander | EDF has announced that the takeover bid for its shares by the French state has raised the state’s stake in the company to 97.69% of the share capital and that the state will now seek to acquire the minority stakes through a squeeze-out process, which it expects to result in full state ownership by 8 June. In addition, EDF issued a press release yesterday to announce that the…
Santander Corporate & Investment’s flash services PMIs released this morning will once again be a headache for the ECB, as they show an unexpectedly strong rebound in France at a delicate time of rallies (56.3, 53.5e, 53.9p). But also in Germany (55.7, 53.4e, 53.7p). And at a time when services inflation remains one of the real workhorses as our economists recalled after the release of the final March figure a…
Banca March | The lack of support from Germany and Spain for labelling nuclear-derived hydrogen – pink hydrogen – as “green” within the European taxonomy has infuriated the French government, which claimed to have the commitment of both countries. The dispute could call into question the construction of a gas pipeline linking Germany and Spain, as well as delaying European green legislation.
Emmanuel Macron, President of France, the most centralist and Jacobin of European states, will be received today in the most decentralised country on the continent, Spain. The government has chosen Barcelona as the meeting place, the Barcelona mountain of Montjuic, which was the site of the 1929 Universal Exhibition and the 1992 Games, where the pro-independence supporters, led by Oriol Junqueras, await them. The ERC leader pardoned by Sánchez’s government…
The downturn in the German private sector economy deepened in August, as business activity fell for the second month running and at a fasterrate in August. This is according to the latest ‘flash’ PMI® data from S&P Global. The deepening downturn was linked by surveyed businesses to a combination of factors, S&P Global noted. These included uncertainty, high inflation and rising interest rates. That said, companies’ expectations registered an uptick…
The candidates of Macron’s centrist grouping and the left-wing candidates of Mélenchon’s “New Popular Ecological and Social Union” (NUPES) obtained around 25% of the vote each in the first round of the French legislative elections, which ended with a record abstention rate in France’s recent history. More than half of the electorate (around 53%) stayed away from the polls. All will be decided in the second round next Sunday. The…