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In Europe 21st October 2024

Eurozone August trade balance disappoints: surplus falls sharply to €11.0 billion from €17.6 billion

Intermoney | Eurozone trade balance figures for August disappointed as the trade surplus narrowed quite a bit, to €11bn (vs. an estimated €17.6bn). At the same time, July’s data was revised down to a surplus of €13.7 billion. The euro area’s surplus in trade in goods with the rest of the world also narrowed, mainly due to lower exports of machinery and vehicles. Trade tensions were more than evident with…

In Europe 18th October 2024

Iberdrola and Masdar complete installation of wind turbines for Baltic Eagle offshore wind farm

Alphavalue/DIVACONS | Iberdrola (IBE) and Masdar, the Abu Dhabi Emirate’s renewable energy group, have completed the installation of wind turbines at the Baltic Eagle offshore wind farm, the two companies announced on Wednesday. A total of 50 turbines with a capacity of 476 MW have been installed. This project is part of the strategic agreement between the two companies. When fully operational, Baltic Eagle, which is already connected to the…

In Europe 18th October 2024

German industrial production falls by 2.7% in August compared with 3.8% drop estimated

Banca March: In Germany, industrial production surprised on the upside in August. Specifically, the indicator climbed 2.9% in the monthly comparison, the biggest advance since October 2021. On a year-on-year basis, German industrial production fell by 2.7% compared with an estimated 3.8% decline. Still in Germany, analysts’ confidence, measured by the ZEW index, gave mixed signals. On the one hand, the expectations component surprised positively at 13.1 versus the 10…

In Europe 17th October 2024

ECB to cut rates

Ben Nichols, Managing Director at RAW Capital Partners | The European Central Bank (ECB) has been signalling for several weeks that another rate cut was imminent, so this morning’s announcement is unlikely to trigger a significant market reaction. With Eurozone inflation falling to 1.8% in September, policymakers appear optimistic about the trajectory of the European economy, though inflation may rise again in Q4 due to base effects from last year’s…

In Europe 16th October 2024

IAG: British Airways readjusts long-haul capacity due to delays in delivery of Rolls-Royce engines and parts

British Airways (BA; 52% of IAG 2024 BS(e) capacity) is readjusting its long-haul capacity schedule in the face of delays in the delivery of Rolls-Royce engines and parts, particularly the Trent 1000 engines installed in B-787s. They do not expect the problem to be solved in the short term. In any case, the company has said it can offer the vast majority of those affected a same-day flight with British…

In Europe 16th October 2024

Iberdrola doubles UK investment plan to €28bn on back of strong growth prospects for energy demand

Banco Sabadell: According to press reports, the company will revise upwards its investment forecasts in the UK until 2028, to £24,000 million (approximately €28,000 million) compared to the €14,000 million planned so far. This update is due to the significant growth prospects for energy demand in the UK and energy policies aimed at electrification; two thirds of the investment will be in networks. Assessment: Positive news with limited impact, highlighting…

In Europe 16th October 2024

Lagarde should act now

j.P. Marín-Arrese | Headline inflation is markedly dropping in Europe, even if the core one trails behind. Plummeting energy costs have played a key role in reining in prices. Yet, the ongoing Middle East crisis could derail this process. Later this year, the unfolding of tax rebates to relieve consumers badly hit by the inflationary bout will feed fresh pressures. Thus, unless the ECB resolutely cuts rates in the October…

In Europe 15th October 2024

Banco Santander acquires CLM Fleet Management in UK, specialist in passenger car and commercial vehicle leasing management

Link Securities | Banco Santander (SAN) has taken new steps to grow in the leasing business, which has become one of its strategic priorities and where it aims to stand out among the leaders in Europe, reports elEconomista. The subsidiary Santander Consumer Finance has acquired CLM Fleet Management in the UK, a specialist in the integrated management of leasing for fleets of passenger cars and commercial vehicles for corporate clients,…

In Europe 15th October 2024

Fitch maintains France’s rating at AA-, but reduces outlook to Negative due to sharp rise in public deficit, potentially 6.1% at year’s end

Bankinter: Fitch maintained its rating at AA-, but downgraded its outlook to Negative. It justified its decision on the sharp rise in the Public Deficit: it is expected to close this year at 6.1%, far from the limit imposed by the EU, 3%, from Fitch’s previous estimate, 5.1%, and from the 2023 level, 5.5%. They do not expect it to reach the 3.0% target until 2029. Consistently, they estimate that…

In Europe 14th October 2024

France’s budget foresees €60 billion in spending cuts and tax hikes for rich and big companies

Norbolsa | French Finance Minister Antoine Armand commented on Friday that an adjustment budget was aimed at regaining control over debt, adding that the government was closely monitoring how financial markets view the French debt situation. Presenting its 2025 budget with plans for spending cuts and tax hikes worth €60 billion for the rich and big business to tackle a spiralling fiscal deficit, with a target of putting the deficit…

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