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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 politics 26th July 2024

Macron to not name prime minister until end of August, after Olympics are over

Banca March: Emmanuel Macron has announced that he will not appoint a prime minister until the end of August, once the Olympic Games are over. The French president declared that ‘until mid-August we must focus on the Olympics’. He also indicated that after that time and depending on the progress of the negotiations, it will be his responsibility to choose a prime minister and entrust him with the task of…

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…

European economy 19th July 2024

ECB keeps all three policy rates on hold at neutral July meeting

Peter Goves (MFS Investment Management) | As widely expected, the ECB kept all three of its policy rates on hold at the neutral July meeting. The deposit rate therefore remains at 3.75% following the cut at the June meeting. The central bank still considers prevailing rates are contributing to lowering inflation and that monetary policy is keeping financing conditions restrictive. Future decisions will still ensure that the policy rates remain “sufficiently…

European economy 18th July 2024

Investors’ and analysts’ expectations for future of German economy worsen in July

Link Securities | Expectations (economic sentiment) among major investors and analysts for the future of the German economy worsened in July, with the index measuring them falling from 47.5 points in June to 41.8 points, according to the German ZEW institute yesterday. FactSet consensus analysts had expected a slightly higher reading of 42.0 points. July’s decline was the first drop in a year for this indicator. The decline was mainly…

European economy 18th July 2024

Germany expects €50.3 billion in new debt with 2024 supplementary budget

Alphavalue / Divacons | Germany’s 2024 supplementary budget foresees an increase in previously planned new debt by €11.3 billion to a total of €50.3 billion, according to finance ministry sources. The German cabinet will approve on 17 July the draft supplementary budget for 2024, the draft budget for 2025, the financial plan until 2028 and the economic package. The German government foresees record investments of €78 billion in 2025, including…

European economy 17th July 2024

Eurozone inflation down 1/10 of a percentage point to 2.5% in June, core stable at 2.9%; Spain’s rate at 3.6%

The inflation rate in the Eurozone stood at 2.5% year-on-year in June, one tenth of a percentage point lower than the rise in prices observed in May, according to the second reading of the data published by the EU statistics office, Eurostat, while in the European Union (EU) as a whole the rate fell by one tenth of a percentage point to 2.6%. The slight moderation in price increases in…

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