Spanish integrated energy company Repsol first quarter earnings crushed earnings expectations. Repsol posted a net income of €1.112 billion ($1.227 billion) up from just over €1 billion in the corresponding quarter of 2022. The result was powered by its gas trading business and beat adjusted net income forecasts by 26% Redburn said. Upstream results beat forecasts, with adjusted net income of €474 million ahead of the €454 million consensus, according to Redburn. Josu Jon Imaz, chief executive of the company, … Continue reading “Gas Trading Drives Spanish Energy Major Repsol Positive Earnings Surprise”
Bank of Spain cuts 2023 Inflation Forecast to 3.7% from 4.9% on Global Financial Tensions
The Bank of Spain has revised it’s financial forecasts for 2023. The central bank said the global financial sector tensions have created new adverse shock of yet uncertain magnitude and persistence. The Spanish bankers said uncertainty will likely have an adverse effect in the coming quarters and weaken inflation dynamics. They see the 12-month inflation rate falling to 3-4% in March from 6% in February. Bank of Spain Forecasts Spain Inflation Rate Spain’s consumer price inflation rate was revised slightly … Continue reading “Bank of Spain cuts 2023 Inflation Forecast to 3.7% from 4.9% on Global Financial Tensions”
Inflation Helped Most Indebted Eurozone Budgetary Positions Improve
With all the doom and gloom headlines you maybe somewhat surprised to find out there have been huge improvements in budgetary positions in many European nations. More significantly the biggest debtor nations have seen the biggest improvements. Why? Inflation is adding more to revenues than it is to spending, this is reducing debt-to-national-income ratios by both lowering debt and by boosting (nominal) income. Europe was affected by the Russian gas supply cut; however, it could have been much worse. The … Continue reading “Inflation Helped Most Indebted Eurozone Budgetary Positions Improve”
Inflation Pace Slows in German States in November off Reunification Highs
Germany’s consumer inflation slowed more than expected in November in five states, data showed on Tuesday. The European Central Bank has been raising rates to tame prices. Germany’s most populous state, North Rhine-Westphalia, annual inflation slowed this month to 10.4% from 11.0% in October. Inflation also eased slightly in Saxony, Baden-Wuerttemberg, Bavaria, Brandenburg and Hesse. The German national reading was at 10.4% in October 2022, a fresh peak since the reunification, amid euro weakness, a deepening energy crisis, and lingering … Continue reading “Inflation Pace Slows in German States in November off Reunification Highs”
German Annual Producer Inflation Slowed to 2.3% in September, From 7.9% in August
German producer prices in September on a monthly basis, producer prices were up 2.3%, slowing sharply from the 7.9% surge in August but topping expectations of 1.3%. On an annual basis PPI matched the surge in August to a record high of 45.8% and above market forecasts of 44.7%. Energy prices remained the biggest upward contributor (132.2% vs 139.0% in August), the distribution of natural gas (192.4%) and electricity (158.3%). Excluding energy, producer prices rose 14.0% from a year earlier. … Continue reading “German Annual Producer Inflation Slowed to 2.3% in September, From 7.9% in August”
German Annual Producer Inflation Record High 45.8% in August with Natural Gas +209.4% and Electricity +174.9%
German producer prices surged in August annual PPI in Germany rose to a new record high of 45.8% in from 37.2% in July and above market forecasts of 37.1%. On a monthly basis, producer prices were up 7.9%, also the most on record, after a 5.3% rise in July and crushing a consensus 1.6% gain. Inflation continues to run rampant throughout the world with central banks raising rates ad nauseum. Energy and food pricing pressures continue to elevate globally. The … Continue reading “German Annual Producer Inflation Record High 45.8% in August with Natural Gas +209.4% and Electricity +174.9%”
German Annual Producer Inflation Record High 37.2% in July with Natural Gas +163.8% and Electricity +125.4%
German producer prices surged in July over 5% as prices rose significantly for intermediate goods (+19.1%) and capital goods (+8.0%) as well as for durable and non-durable consumer goods (+10.9% and +16.2%, respectively). Inflation continues to run rampant throughout the world. Energy and food pricing pressures continue to elevate around the world. The effect is showing some variance by location. The sharp rise in electricity prices have been well documented and contributed to energy prices +14.7% more than doubling. Germany’s … Continue reading “German Annual Producer Inflation Record High 37.2% in July with Natural Gas +163.8% and Electricity +125.4%”
German Inflation Pace Slows While Spanish Inflation Soars Past 10% in June
Inflation continues to run rampant throughout the world. Energy and food pricing pressures continue to elevate around the world. The effect is showing some variance by location. Germany’s consumer inflation for June slowed more than expected to 7.6% from 7.9% in May which was the highest reading since German reunification. Figures compare with market forecasts of 8%. Spain however saw annual inflation jump to 10.2% in June of 2022 from 8.7% in May, much higher than market forecasts of 9% … Continue reading “German Inflation Pace Slows While Spanish Inflation Soars Past 10% in June”
Eurozone Inflation Accelerates in May to New Records, Follows German and Spanish CPI
Eurozone May CPI numbers came in much higher than expectations released Tuesday confirming the soaring German and Spanish inflation reports released the day prior. Energy and food pricing pressures continue to elevate around the world. Eurozone May preliminary CPI +8.1% was versus +7.7% y/y expected. Core CPI +3.8% was higher also +3.5% y/y expected. Germany’s consumer inflation for May was 8.7% from a year ago and the highest reading since German reunification. Analysts predicted 8.1%. advance. Spain’s May CPI also … Continue reading “Eurozone Inflation Accelerates in May to New Records, Follows German and Spanish CPI”
German and Spanish Inflation Soar to Records with Consumer Sentiment at All Time Lows Ahead of ECB Meeting
Energy and food pricing pressures continue to elevate around the world. Germany’s consumer inflation for May was 8.7% from a year ago and the highest reading since German reunification. Analysts predicted 8.1%. advance. We already know people’s sentiment continues to suffer; GfK Consumer Climate Indicator for Germany edged up to -26 heading into June of 2022 from a record low of -26.6 in May. Spain’s May CPI also soared to +8.7% y/y vs +8.3% expected. The ECB meet in 10 … Continue reading “German and Spanish Inflation Soar to Records with Consumer Sentiment at All Time Lows Ahead of ECB Meeting”