Coffee, Croissants & Credit/Snam, Engie, Proximus, and Cellnex

Utilities: Snam: 2023 targets confirmed. Engie: 1H23 EBITDA up on higher volumes and prices

EU proposals for energy/Not too disruptive for European utilities but also not without dangers

A week ago, the 27 EU member states gathered in Strasbourg to start conversations on common initiatives to tackle energy inflation. Talks were arduous in some cases as divergences remain. All in all, the package would bring relief to final consumers as well as to utilities. Yesterday, European Commission President Ursula von der Leyen delivered her State of the Union 2022 speech and laid down some of the measures included in the proposed package. EU energy ministers will meet again on 30 September to finalise the energy emergency package.

Coffee, Croissants & Credit/The message for Credit from CSPP

We continue to believe CSPP will not benefit from other programmes re-financing into 2019. Last week, saw the ECB meeting that could have given corporate credit markets a bit of a nudge tighter. Re-financings though were not discussed. Some market participants believe (or hope) that there would be talk of the re-allocating of some of the refinancing from other programmes to the corporate programme. These re-investments would benefit corporate credit, especially since re-investments from CSPP alone would, for example, only see volumes of €830m, €120m and €529m for the first three months o...

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...