The report prepared at the request of the European Union (EU) by former ECB President Mario Draghi on economic competitiveness in the region states that the EU needs a much more coordinated industrial policy, faster decisions and massive investments if it is to keep up with the economic pace of its rivals the US and China. Moreover, Draghi told the conference at which he presented the report, Europe is the…
Norbolsa | The ECB will not oppose Sabadell’s takeover bid, its analysis being on the solvency of both entities (without entering into competition). The ball is now in the court of the National Securities Market Commission (CNMV), which has 20 days to authorise the operation; this decision could come before the authorisation by the National Markets and Competition Commission (CNMC), which would delay the operation further, implying the entry of…
Bankinter: German industrial production data was released this morning: -5.3% year-on-year vs. -3.5% estimated and -3.7% previous (revised from -4.1%). Month-on-month -2.4% in July vs. -0.5% estimated and +1.7% previously (revised from +1.4%). On the other hand, the Trade Balance came in at €16.8 bn in July vs. €20.9 bn estimated and €20.4 bn previous. Exports +1.7% vs +1.1% estimated and -3.4% previous. Imports +5.4% vs. +0.7% estimated and +0.2%…
Singular Bank: In August, the final Eurozone services PMI rose to 52.9 (vs. 51.9 in July), representing its highest level in the last three months. In turn, this trend explained the rebound of the composite indicator to 51.0 (vs. 50.2 in July), slightly below the analysts’ consensus estimate (51.2). In Germany, the services PMI fell to 51.2 (vs. 52.5 in July), in an environment marked by the deterioration in private…
Norbolsa | The British prudential regulator has authorised BBVA to take indirect control of TSB (Sabadell’s UK subsidiary). This authorisation is one of the conditions to which the takeover bid is subject, as it required 50.1% of Sabadell’s share capital, the approval of the National Markets and Competition Commission (CNMC), and finally this authorisation from the UK Prudential Regulation. On the other hand, yesterday, the Minister of Economy, Carlos Cuerpo,…
CdM | The expansion of Spanish factory activity moderated in August to seven-month lows, according to the Purchasing Managers’ Index (PMI), which stood at 50.5 points from 51 points the previous month, reports Europa Press. Operating conditions in the Spanish manufacturing economy, in general, continued to improve in August, although the latest data showed divergent trends in several key areas. Thus, although new orders increased, production fell slightly, employment declined…
Alphavalue/ Divacons | The bank chaired by Josep Oliu has carried out the 250 redundancies included in its restructuring plan in the first half of 2024. According to its latest financial report, TSB had a workforce of 4,990 employees at the end of June, 436 fewer than at the end of 2023. It was on 8 May, a week after BBVA announced its interest in taking over Sabadell, when TSB…
Link Securities | CAF subsidiary Solaris has announced three hydrogen bus deals for cities in Germany, the Czech Republic and France, with the overall volume awarded exceeding €30 million, Bolsamania.com reported yesterday. In this way, the company continues to consolidate its leadership in the European market as the largest manufacturer of hydrogen buses. In Germany, the operator REVG Kerpen has chosen CAF to supply a total of 26 Solaris Urbino…
Norbolsa | The company has strengthened its presence in Portugal by acquiring six new telecommunications tower sites from NOS, extending its partnership initiated in 2020. Through its subsidiary On Tower Portugal, Cellnex already manages some 6,400 sites across the country. The transaction is pending approval by the Portuguese Competition Authority. Under the agreement, Cellnex and NOS have signed an initial 15-year contract, extendable to successive additional 15-year periods, under which…
Singular Bank: According to the preliminary reading from Destatis, the year-on-year rate of change in Germany’s headline CPI for August came in at 1.9% (vs. 2.3% in July), below the analysts’ consensus estimate (2.1%) and registering its lowest level since March 2021. This is a trend that has been accelerated by the reduction in the cost of energy. On a monthly basis, prices fell by 0.1% in August (vs. 0.3%…