EBF MORNING BRIEF Thursday 1 February 2024 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Euronews: Cooling inflation in France and Germany, hopes for ECB cuts
Europe's two biggest economies seem to be winning the battle against inflation, Euronews writes. "There's still one more inflation release to take into account before the European Central Bank (ECB)'s March meeting, but the numbers for January make us more confident in our forecast that the first rate cut will be in April," Andrew Kenningham, Chief Economist at Capital Economics says. Read more FT: Santander earnings boosted by strong performance in Europe Santander expects its profitability to improve as the Spanish bank’s quarterly earnings were helped by a strong performance in Europe. The bank said it was targeting “mid-single digit” growth in revenue for 2024, according to the Financial Times (FT). Read more
Bloomberg: Hedge funds with 2,000% leverage catch EU's eye
As reported by Bloomberg, EU regulators are closely following a group of hedge funds with exposure to mortgage bonds and average gross leverage in excess of 2,000%, a position so large it risks impacting markets. The European Securities and Markets Authority (ESMA) added that markets are set to remain very sensitive, especially to the impact of higher-for-longer interest rates, the macro-financial outlook, and geopolitical risks. Read more |
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MAIN EVENTS
Thursday 1 February
Friday 2 February
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FROM EBF MEMBERS
Febelfin: The recovery of the Belgian market for mobility financing
For the first time, the number of credits taken out for the purchase of new cars increased by 12.4%, according to Febelfin. "As more and more credits are focused on sustainable offers, it is not surprising that electric and hybrid vehicles are of increasing interest to Belgians," Bart Vervenne, President of the Professional Credit Union (UPC) says. Read more (FR) Finance Denmark: Danish homeowners pay their mortgages on time Danish homeowners have defied both higher consumer prices and higher housing interest rates: the vast majority pay their mortgages on time. Record high employment, slowing inflation and higher wages may be part of the explanation. This is shown by the latest figures from Finance Denmark. Read more (DK)
ABI: 2.5 million from Prosolidar Foundation for solidarity initiatives
The activities of the Prosolidar Foundation, a philanthropic organization, are growing. Also thanks to the support of the Italian Banking Association (ABI), contributions have significantly exceeded previous years and the Prosolidar Foundation was able to fund 78 new projects, dedicating 2.5 million euros to initiatives in Italy and beyond. Read more (IT) |
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FROM THE INSTITUTIONS
ECB: The need to reach our inflation target
"We need to bring inflation down to our 2% target," European Central Bank (ECB) Vice-President Luis de Guindos says in an interview. If inflation is significantly above that target, people may start expecting rising inflation and so demand higher wages, increasing the risk of a wage-price spiral. Read more ESMA: Remarkable resilience of financial markets in a higher-for-longer interest-rate environment The European Securities and Markets Authority (ESMA) published its first risk monitoring report of 2024, where it sets out the key risk drivers currently facing financial markets. Beyond the risk drivers, ESMA’s report provides an update on structural developments and the status of key sectors of financial markets, during the second half of 2023. Read more
BIS: International banking statistics and global liquidity indicators
The Bank for International Settlements (BIS) published the BIS international banking statistics and global liquidity indicators as of the end of September 2023. According to the figures, cross-border bank credit to advanced economies expanded. Read more |
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FROM THE EBF
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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This newsletter is published by the EBF Mediacentre.
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