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European economy

European economy, European politics, In Europe, Relevant News Item 22nd August 2024

EC lowers tariffs on Chinese car imports after concluding investigation

Link Securities | As part of the conclusions of the European investigation into China’s anti-competitive subsidies, the European Commission (EC) has revised tariffs on Chinese car imports downwards, after gaining a clearer picture of the support enjoyed by China’s car industry, according to Expansión newspaper on Tuesday. In this sense, the EC said yesterday that it considers that Chinese manufacturers enjoy an “unfair” advantage because of the subsidies they receive…

European economy, In Europe, Relevant News Item 20th August 2024

Eurozone trade surplus rises to €22.3 billion in June

Link Securities | According to Eurostat data, the Eurozone’s trade surplus rose to €22.3 billion in June, exceeding analysts’ consensus forecast of €13.3 billion and also surpassing the €18 billion surplus in the same month last year. Imports decreased by 8.6% year-on-year to €214 billion, mainly due to lower purchases of manufactured goods (-11.0%); transport equipment and machinery (-11.0%); mineral fuels, lubricants and related products (-9.1%); and chemicals (-6.8%). Meanwhile,…

European economy, In Europe 16th August 2024

Eurozone maintains pace of expansion: GDP grows 0.3% in second quarter

CdM | The Eurozone maintained the pace of expansion in the second quarter, when gross domestic product (GDP) grew by 0.3% over the previous three months, according to the second reading of the data published by Eurostat, the statistical office of the European Union (EU), which coincides with the first estimate. Compared with the same quarter of the previous year, GDP increased by 0.6% in the euro area following growth…

European economy, In Europe 12th August 2024

Germany’s inflation rises to 2.3%: falling energy prices fail to offset higher services prices

CdM: Germany’s inflation rose by one tenth of a percentage point in July to 2.3%, Destatis, the Federal Statistical Office, has confirmed, blaming the rise on higher services prices. “The fall in energy prices is holding down inflation,” but “on the other hand, we continue to see above-average price increases in services,” said the agency’s president, Ruth Brand. Specifically, prices for services were 3.9% higher than in the same month…

European economy, In Europe 6th August 2024

German economy weak, but households optimistic: better income prospects and greater purchasing power

Norbolsa | Germany’s economy may be weak, but households are optimistic. Sentiment is close to the level of February 2022 before the collapse brought about by the war in Ukraine. That mismatch was in evidence on Tuesday when it was revealed that the country was the only major currency area member to suffer a fall in output in Q2. July survey data showed another improvement in German consumer confidence ,…

European economy, In Europe 1st August 2024

Eurozone GDP rises to 0.6% year-on-year in 2Q24, beating forecast, on resilience of France, Spain and Italy

Banca March: In the eurozone, GDP growth in the second quarter beat forecasts, both in quarterly and year-on-year terms. This resilience is based on the fact that three of the four main economies – France, Spain and Italy – have delivered better than expected figures, offsetting the unexpected contraction in Germany. Aggregate GDP variation in the quarter remained at +0.3%, the same as in the previous quarter, but better than…

European economy 29th July 2024

German business climate IFO disappoints in July, weighed down by both expectations and current situation

Bankinter | The German Business Climate IFO disappointed in July, weighed down by both Expectations and the Current Situation. The IFO Business Climate index fell in July to 87.0 points from 88.6 previously and 89.0 expected. By components, both the Current Situation and Expectations showed a non-negligible deterioration. The Current Situation stood at 87.1 vs. 88.5 esp. vs. 88.3 previously and Expectations 86.9 vs. 89.3 vs. 88.8. The indicator remains…

European economy 28th July 2024

26.86% of Ercros shareholders reject takeover bids by Portugal’s Bondalti and Italy’s Esseco

Link Securities | As reported yesterday by the Bolsamania.com portal, around 150 Ercros shareholders holding a total of 24,554,822 shares in the company, representing 26.86% of the share capital, have expressed their rejection of the takeover bids launched by Portugal’s Bondalti for 100% of the company on 5 March and by Italy’s Esseco on 28 June. In a statement sent by Ercros itself to the Spanish National Securities Market Commission…

European economy 26th July 2024

ECB assures its opinion on BBVA’s takeover bid for Banco Sabadell will not be delayed for too long

Link Securities | In an interview with Europa Press, the Vice-President of the European Central Bank (ECB), Luis de Guindos, said yesterday that the institution’s opinion on BBVA’s takeover bid for Banco Sabadell (SAB) will not be delayed for long. BBVA requested authorisation from the ECB to launch the takeover bid on 4 June and this is one of the necessary steps for the National Securities Market Commission (CNMV) to…

European economy 24th July 2024

Peter Kazimir (ECB) says bets on two rate cuts this year are not misplaced

Link Securities | Slovak central bank governor and European Central Bank (ECB) Governing Council member Peter Kazimir said yesterday in an opinion piece reported by Bloomberg that market bets on two more rate cuts this year are not ‘completely misplaced’. However, he pointed out that they should not be taken as ‘a given or a reference scenario’. In that sense, Kazimir said that they (ECB) are on the way back…

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