Tag: Europe

European Union launches anti-subsidy probe into Chinese EVs

The European Commission, the executive arm of the European Union, on Wednesday launched an investigation into subsidies given to electric vehicle makers in China, according to President Ursula von der Leyen.

European gas prices jump 10% as strikes get underway at major LNG facilities in Australia

European gas prices moved sharply higher on Friday as workers at Australian natural gas facilities went on strike, prompting fears that a prolonged halt to production could squeeze global supplies.

Economic data in Europe just went from bad to worse

If pandemic months are excluded, the latest numbers point to the lowest reading since April 2013.

Euro zone economy shows resilience as second-quarter GDP beats expectation, inflation slips

Euro zone inflation fell in July, and new growth figures showed economic activity picking up in the second quarter of this year — but economists still fear a recession could be in the cards.

Buy European Stocks as Discount Hits New Low, Citigroup Strategists Say

European stocks are the cheapest they’ve ever been compared with their US peers, according to Citigroup Inc. strategists who have adjusted their global asset allocation to reflect this view.

Eurozone Economic Sentiment Weakened More Than Expected in June

Confidence among businesses and consumers in the eurozone tumbled in June by more than expected, reflecting greater concerns about the impact of rising European Central Bank interest rates and high inflation that is squeezing spending.

Euro zone lending takes another hit as rate hikes bite

Euro zone bank lending slowed in May as a record series of European Central Bank rate hikes work their way through the financial sector, though the data is unlikely to dissuade policymakers from further tightening.

A U.S. recession is coming this year, HSBC warns — with Europe to follow in 2024

The U.S. will enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024,” according to HSBC Asset Management.

Lagarde says inflation still too high in euro area, cannot declare victory yet

European Central Bank President Christine Lagarde said Tuesday that inflation is still too high and it’s still too early for her organization to declare victory over consumer price rises.

European business activity slows in June as higher interest rates begin to bite

Business activity growth in Europe slowed in June, pointing to a difficult end to the second quarter, according to preliminary data Friday.

ECB calls on lenders to manage growing risk from shadow banks

Shadow banks are growing quickly across the euro zone and represent a growing risk to the entire financial system, requiring lenders to be more stringent when dealing with such entities, European Central Bank supervisor Andrea Enria said.

European stocks drop as market jitters remain; 2-year gilt yields hit fresh 15-year high

European markets fell at the start of the new trading week as investors remained jittery over the economic outlook. The benchmark Stoxx 600 index was 0.7% lower shortly before midday London time, with most sectors declining. Chemicals stocks led losses, down 2.1%, as banks eked out a 0.16% gain.

Eurozone Retail Volumes Held Steady in April

Retail sales in the eurozone flatlined in April, a weaker result than expected, as high inflation and fears of an economic slowdown continue to weigh on household spending.

Eurozone May final services PMI 55.1 vs 55.9 prelim

The lower revision was already predicated by the earlier readings. All of this just points to a slowdown in momentum in euro area services activity.

Euro zone inflation falls more than expected to 6.1% as core pressures ease

Inflation in the euro zone eased more than expected in May, with flash figures showing the bloc’s annual headline inflation rate fell to 6.1% in May from 7% in April.

ECB’s de Guindos warns financial markets are vulnerable to a sharp sell-off

Financial markets could face a sharp downturn in the event of any further shocks to the global economy, European Central Bank Vice-President Luis de Guindos told CNBC on Wednesday.

Eurozone Economic Sentiment Fell More Than Expected in May

Confidence among businesses and consumers in the eurozone sank in May by more than expected, indicating that the economic revival after 2022’s energy-price shock has started to fade.

ECB’s Panetta: Digital euro could be launched in three to four years

A digital euro could be launched in three or four years but banknotes will be available as long as there is demand for them, Fabio Panetta, a member of the European Central Bank’s Executive Board, told Les Echos.

Eurozone May flash services PMI 55.9 vs 55.6 expected

The contrast between the services and manufacturing readings were already outlined earlier by the French and German reports.

ECB to keep raising rates, though most of tightening is done, De Guindos says

The European Central Bank will have to keep raising interest further to bring inflation back to its mid-term goal of 2% though most of the tightening has already been done, ECB’s Vice President Luis de Guindos said on Thursday.