The ECB’s decision to raise its base rate to 3.25% has led to one financial giant warning it was “sufficient” to cause a recession. According to Anna Stupnytska, global macro economist at Fidelity International, the European economy is set to follow a similar path to that of the US after the Federal Reserve raised rates…
Inflation on the continent may be starting to slow after months above 10%, according to the latest figures. Inflation in the European area fell to 7% in April, down from 10.1% in November. Quoting statistics from Eurostat, however, French newspaper Le Monde warned that food prices – the sentiment barometer of most consumers – remain…
UniCredit has released its results for the first three months of 2023, noting its net operating profit in Germany jumped nearly 80% between quarters. The Italian banking giant revealed earlier this week its net operating profit within Europe’s largest economy jumped from €481m in Q4 2022 to €864m in Q1 2023, an increase of 79.8%.…
The number of sustainable fund launches fell sharply in the first three months of 2023, Morningstar data has revealed. According to the firm’s latest quarterly report, there were 113 new sustainable funds launched in the quarter around the world – the lowest number since the start of 2020. Previously, Reuters wrote, new launches had exceeded…
The lawsuits over UBS’s ‘shotgun wedding’ rescue of Credit Suisse are growing in number. US law firm Quinn Emanuel Urquhart & Sullivan has already been instructed by key holders of Credit Suisse’s ‘additional tier one’ (AT1) capital instruments to represent them in discussions with the Swiss authorities and in any possible litigation. Now, however, it…
The national bank of Sweden has said it will raise its policy rate to 3.5%, with further increases expected. In a statement, Sveriges Riksbank said the rise would become effective from 3 May after the executive board gave assent to the increase of 0.5 percentage points. It added the rate would be raised by another…
The European Parliament and EU Member States have reached agreement on the European Chips Act, which seeks to make the market competitive with the US and Asia in the production of microchips. A statement from the European Commission said the continent’s dependence on chips from Taiwan and South-East Asia had been illustrated by the shortage…
Savills Investment Management has agreed to buy €100m worth of residential property in Sweden, adding the buildings to its European Living platform. The firm said the deal would comprise six buildings across the cities of Uppsala, Västerås and Gävle, all of which were built in the last four years. It added that five out of…
Asset manager DWS has restructured some of its senior management team, reports from Germany have indicated. As reported by the German site Fonds Online, Björn Jesch, the firm’s global head of investment, has seen his duties transferred to Vincenzo Vedda, head of active at the firm, with immediate effect. Fonds Online quoted a message it…
The implications of UBS’s takeover of Credit Suisse last month is continuing to roil the Swiss financial space, according to reports throughout the country’s media. UBS will look to shed between 25,000 and 36,000 roles within the company, with 11,000 of those being in Switzerland, Sonntags Zeitung has reported. The newspaper went on to note…
The ongoing volatility in the global banking sector has seen UBS take on Credit Suisse – a move likened around Europe to a ‘shotgun wedding’, with the role of the gun-toting parent being assumed by the Swiss government. Under the terms of the deal, the cumulative financial risk the general public is shouldering to save…
ESG policies around investing are causing unease for some institutions, a survey from Robeco has suggested. The Robeco Global Climate Survey 2023 highlighted a number of issues in the market that respondents say are causing tension. These include the energy crisis, which – while reinforcing net-zero convictions – has increased short-term exposures; and whether policies…
