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Societe Generale reported a significant increase in eurozone bond purchases last week, with strong participation from both local and international investors across German, French, Italian, and Spanish bonds. Germany's Bunds ended a selling streak with local investors buying for the 12th consecutive week, while France’s OATs continued an 18-week buying trend. Italy’s BTPs saw a resurgence from domestic banks and asset managers, and Spain’s SPGBs attracted interest in longer maturities, reflecting renewed confidence in the eurozone amidst global economic uncertainty.
Barclays has maintained an 'Overweight' rating for Sanofi, noting the company's positive trajectory into FY25. As the largest European pharmaceutical group, Sanofi's net sales are primarily driven by pharmaceutical products (79.8%), with a focus on specialty and general medicine, alongside human vaccines (20.2%). The company operates 52 production sites globally, with significant sales in the U.S. (48.7%) and Europe (22%).
Barclays has expressed strong confidence in Sanofi, maintaining an 'overweight' rating and setting a price target of 125 euros, anticipating group net sales of 9.61 billion euros for Q1 2025. The optimism is fueled by Sanofi's direct-to-consumer campaign for Dupixent targeting COPD and upcoming product launches, which are expected to enhance market momentum. Sanofi's strategic vaccination approach and regulatory navigation further underscore its commitment to stable growth.
Greece is benefiting from increased interest in European assets, with stocks and bonds soaring. The head of UBS Global Wealth Management's EMEA Investment Office highlights that U.S. tariffs could lead to beneficial reforms in Europe, despite potential short-term economic impacts. He emphasizes that deregulation could enhance innovation and growth, positioning Greece as an attractive destination for investors.
Exane BNP Paribas anticipates a gradual recovery in the electronics and home furnishing sectors, spurred by easing cost-of-living pressures, innovations, and a replacement cycle. The firm rates Fnac Darty as "outperform" due to its strong market position in France and Italy, bolstered by the Unieuro acquisition. In contrast, it adopts a "neutral" stance on Ceconomy amid a recent share rally and expresses caution regarding Maisons du Monde, highlighting intense competition and high leverage concerns.
Societe Generale cautions against undue reliance on forward-looking statements, which are not updated unless legally required. The press release does not constitute an offer to buy or sell Notes and is directed only at relevant persons in the UK and qualified investors in the European Economic Area. The Offer is exempt from certain regulations in Italy and has not been approved by the CSSF in Luxembourg. For detailed terms, inquiries can be directed to D.F. King Ltd. and Societe Generale's contact points.
In March, Eurozone inflation is projected to slow to 2.2%, down from 2.3% in February, with core inflation also decreasing to 2.4%. This trend supports expectations of continued interest rate cuts by the ECB to stimulate economic recovery, despite rising inflation in Italy. The euro weakened against major currencies, with EUR/USD dipping below 1.08, indicating potential further declines if support levels are breached.
Ana Botín highlights a significant productivity gap between Europe and the U.S., urging for a cultural shift that embraces innovation and smart risk-taking. She calls for reducing regulatory complexity and establishing a new social compact between business and society. Meanwhile, Santander reports a profit of €12.6 billion, benefiting from higher interest rates and a focus on digital banking.
Societe Generale has launched an offer to purchase any and all of its outstanding Undated Deeply Subordinated Resettable Interest Rate Notes for $1,007 per $1,000 principal amount, excluding accrued interest. The offer commenced on April 1, 2025, and will expire on April 7, 2025, with a guaranteed delivery date of April 9, 2025. This initiative aims to manage regulatory capital efficiently while providing liquidity to holders, as the Notes will cease to qualify as Additional Tier 1 on June 28, 2025.
In 2024, UBS CEO Sergio Ermotti topped the list of Europe's highest-paid bankers with earnings of €15.6 million, followed by UniCredit's Andrea Orcel at €13.2 million, marking a 32% increase. Deutsche Bank's Christian Sewing rounded out the top three with €9.8 million. The surge in salaries is attributed to significant bank profits and rising stock prices.
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surge in eurozone bond purchases signals renewed investor confidence
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