CdM | Eurozone inflation rose two tenths of a point in May to 2.6%, while the underlying rate, which excludes the impact of energy and food, also rose two tenths of a point to 2.9%, according to data published by Eurostat, the European Union (EU) statistics office. This means that the Consumer Price Index (CPI) recorded its first increase since December last year, reaching the highest level since last February….
Singular Bank: The French supermarket multinational fell 4.8% today after falling nearly 10%. The French finance minister has recommended that the company be fined €200m in the course of a lawsuit by its franchisees. The franchisees denounce practices such as forcing them to source their supplies from companies in the group, thus preventing them from having access to more competitive prices. The company has denied any irregular practices and hopes…
Link Securities | Eurostat published yesterday that, according to its first estimate of the data, the Eurozone goods trade balance reached a surplus of €15,000 million with the rest of the world in April, compared to a deficit of €11,100 million in April 2023. In April, exports of goods from the Eurozone to the rest of the world amounted to €247.6 billion, an increase of 14.0% year-on-year. For their part,…
Norbolsa | The Dutch bank celebrates this Monday’s CMD at 14:00, and announces that it expects total revenue growth of between 4-5% per annum between 2024 and 2027, with fee income expected to exceed €5 billion, leaving RoTE at around 14% over the same period.
Norbolsa | The European Commission (EC) is finalising new tariffs on Chinese EV imports, following a lengthy investigation into state subsidies. Taxes on these vehicles could rise from the current 10% to around 25%, according to EU sources, but the figures are still being fine-tuned and countries such as Germany are pushing to lower them because of their dependence on China. Berlin has accepted higher tariffs, but is trying to…
Link Securities | The company communicated yesterday through a Significant Event sent to the National Securities Market Commission (CNMV) that the Environment area, through its subsidiary FCC Environment UK, Ltd., has completed the purchase from Urbaser of its subsidiary’s business in the United Kingdom, a transaction announced in December 2023. The estimated enterprise value of the transaction (including debt and equity) is £398 million (approximately €464 million). The transaction was…
Morgan Stanley | Our analyst A. S. reiterates the OW on European banks as, among other things, he believes that earnings are going to be more resilient than the market is discounting. The savings rate in Europe is at 15% (the highest in the world) and should be able to be monetised in a positive rate environment into deposits and asset management products, rather than the bond market. He estimates…
emisores | The European banking (EBA), insurance (EIOPA) and finance (ESMA) regulators have published their respective Progress Reports on Greenwashing, in which they ‘present a high-level common position on greenwashing applicable to market participants in their respective competences’. The reports of the so-called ESAs – or European Supervisory Authorities – assume a coordinated definition of what greenwashing is, ‘a practice whereby sustainability-related communications, statements or actions do not clearly and…
CdM | Eurozone retail trade sales fell by 0.5% in April compared with the previous month, while compared with the same month in 2023, volumes remained stable, according to data from Eurostat, the European Union (EU) statistics office. Across the EU, retail trade recorded a 0.6% fall in sales on a month-on-month basis and a 0.1% fall on a year-on-year basis. In the monthly comparison, in the euro area, volume…
Morgan Stanley | Rob Pulleyn raises the scenario of the purchase of the grid company Electricity North West by Iberdrola (IBE) or Engie, as they are mentioned in press articles: Iberdrola, in the final bid for Electricity North West as potential buyers (expansion.com). Rob sees no problems in financing the operation in either of the two, at the valuation that has been put forward in the press (€4-5bn). In both…