Damstahl Bi-Monthly Stainless Steel Briefing June 2012
|
|
- Darleen Gibbs
- 6 years ago
- Views:
Transcription
1 Damstahl Bi-Monthly Stainless Steel Briefing June 2012 Report: Bi-Monthly Briefing No. 30, June 2012 Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 1 -
2 Damstahl Bi-Monthly Stainless Steel Briefing Issue 30, June 2012 Contents Stainless Steel at a Glance European Industry News & Business Climate Market Performance: Relevant Issues in Germany Netherlands United Kingdom Denmark Sweden Norway Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 2 -
3 Stainless Steel at a Glance Increasing Recession Fears in Europe Demand: Stainless steel demand disappointed since a short legged boom early this year. Falling nickel prices lead to reduced orders from stockists since April. In addition, orders from end users substantially weakened since April. Demand indicators such as new car sales, order intake in the process industry or the European PMI (purchasing manger index) are all heading south. The market in Damstahl-Land is however still much better than in the rest of Europe. In Damstahl-Land, stainless fabricators suffer from falling exports to South-Western Europe and China. Also former bright spots such as the Middle East, Brazil and India are rather stagnant export destinations. The only export destination that is so far intact is the USA. Euro Crisis: The debt crisis is far from being solved. The new Greek government wants to re-negotiate the austerity package and in Spain the banking sector is in a very poor shape making the credit situation for Spanish companies increasingly difficult. European politicians are looking for ways to get out of the crisis but there is no quick fix and it seems that things will get worse, before they get better. What is new in June is that the crisis has now also arrived at the previous healthy parts of Europe such as Germany and Scandinavia, demonstrating that these are also no Teflon economies as previously assumed. We are not yet in a recession but the risk of that happening in HY2/12 is increasing. Stocks: Stainless steel stock levels are inhomogeneous. Whilst being at normal levels in the North- and Central Europe, they are high in Southwest and also eastern Europe. There is definitely no intention to restock before the summer holidays as few expect a strong demand for Q3. A strong price signal from the LME is also unlikely before the end of summer. It seems that Ni prices will continue to move sideways for some time (current 3-month price: 16,000-17,000 US$/t). Mills: Profit situation at European stainless steel mills remains difficult. They fear a return of a situation like 2008/2009, which is however highly unlikely. The Outokumpu/Inoxum merger is (again) delayed to October 24 th anti-trust authorities seem to have a more difficult job than previously expected. At the end of the day there has also to be a political decision, as this merger is one needed step towards a healthier E.U. stainless steel industry. Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 3 -
4 European Industry News Falling Production Levels lead to increasing Uncertainty in the European Stainless Steel Community The European stainless steel crude steel production has dropped by 4% yoy in the first four months of Production volumes declined since February and in April 2012 they were even 13% below (the relatively strong) April 2011 level. It is expected that May and June crude steel production was pretty stable on a similar low level (600, ,000 t). At current comparatively low nickel prices, European mills and distributors are increasingly concerned about their profitability for the rest of As a result of the growing concern Schmolz+Bickenbach (Germany) and BE Group (Sweden) replaced their top management. Acerinox has cut ~40 jobs in Q2/12 in Spain (mainly sales personnel). On the other hand, Acerinox plans to increase its staff in South East Asia (particularly Malaysia, Vietnam and Indonesia) and Russia. Acerinox also confirmed to fully continue with the expansion of its Bahru plant in Malaysia. Outokumpu/Inoxum: EU anti-trust authorities have delayed its decision to approve the merger to October 24th. Miko Seitovirta (CEO Outokumpu) announced in a meeting with union members that Outokumpu will secure the location Krefeld they will invest around 240 mill. in equipment related to the transfer from Benrath to Krefeld. They will also invest 20 mill. in R&D facilities there. Outokumpu will issue an 150 mill. 4-year bond with an annual coupon of 5.875% in order to refinance its business. Schmolz + Bickenbach: the board of the company has announced that contracts with CEO B. Niemeyer and CFO A. Euchner are terminated immediately without having successors for these positions. The company stated that the change in management is caused by a new company policy of transparency after issuing a 258 mill. high yield bond (interest rate 9.875% p.a to 2019). Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 4 -
5 Where do we stand in the business cycle? Status May 2012 PMI fell in all Regions - Europe remained the worst May-12 Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 5 -
6 China Monthly Exports Chinese Exports somewhat down in April but remained on a comparatively high Level China monthly Exports* 200, , ,000 Flat Products Long Products 140,000 [ metric tonnes] 120, ,000 80,000 60,000 40,000 20,000 - *excl. internal trade Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 6 -
7 Relevant Issues In Damstahl-Land Germany, Netherlands, United Kingdom Germany: Stainless steel market is suffering from weaker demand from process industry related end uses. Particularly demand from bars has softened in recent weeks but the market is still far from being depressed. Nevertheless, a higher price pressure in the stainless market is obvious. It is expected that the situation will not change much before end of Q3/12. Machinery/process equipment: VDMA reported that orders dropped in the sixth consecutive month in April Order intake declined by 11% yoy. Missing orders from Southern Europe and China contributed to this downturn, while orders from Russia and Eastern Europe grew. VDMA is still optimistic for the rest of the year, but the current trend is negative. However, current stainless demand is better than order development due to (still) full order books. The German PMI dropped by 0.8 points to 48.5 in June and the index for the industry was even worse with 44.7, which is the lowest reading in three years. Such a drop has not even occurred at the climax of the 08/09 crisis. Germany is losing substantial export orders due to weak global economic development from European countries particularly. Automotive: car registrations in Germany declined by 5% (yoy) in May 2011, production even by minus 20%. Production remained 6% behind last year in January-May. The trend provides reason for concern: the yoy gap to 2011 is widening since March (March: -6%, April -9%, May -20%). Netherlands: The average output generated by Dutch manufacturing industry in April 2012 was approximately the same as in April Weakening orders from the important chemical industry and petrochemicals in the Netherlands are explained by an uncertain trend for these products in HY2/12. Dutch consumer confidence was in June at a historic low. Private sector investments fell by another 6% in April, after declines in all months between January to March. United Kingdom: The market activity is below average and prices remain flat. Although the day to day business is quieter, there is an increase in project based orders. The most notably project is a 1 mill. contract to supply stainless steel tubes and fittings for the construction of a new dairy for Arla Foods on the outskirts of London. Industrial output dropped surprisingly by -0.7% in April. Falling export markets could intensify the industrial crisis in the course of Due to the weak economic situation, the government considers to support the construction sector with infrastructure projects and allowing state borrowing to stimulate the housing market. Also all stimulus from the Olympic games investments ceased now as all infrastructure in London is now in place. Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 7 -
8 Relevant Issues In Damstahl-Land Scandinavia Denmark: The Danish market is showing good activity and sub-suppliers are still optimistic. There is a strong competition among the dealers. The order intake is satisfying and there are good reasons to look forward towards HY2/12. Consumer Confidence: Danish consumers' faith plunged further than expected in June. The negative slide that started the month earlier continued. The consumer confidence indicator fell to -2.6 in June, from -0.4 in May. Analysts have expected a drop to only -0.8 in June. Denmark's GDP grew by 0.3 percent in Q1/12 after two consecutive quarters with negative GDP. However, bank analysts warned to consider this as turning point. Denmark as export oriented country is highly dependent on the further development in the -zone. Sweden: Some promising signs on the Swedish stainless steel market just before the summer holidays get started in July. This is a quite normal pattern, many customers produce "some extra" before they close down for a couple of weeks. Prices are right now quite stable, and according to several stockists - HY2/12 is expected to be stable in volume, which sounds better than in many other European countries. BE Group: Roger Johansson has resigned as CEO of BE Group but will remain in the position until January The Group (> 900 employees) reported sales of 5.9 bn SEK in 2011 (after 5.1 bn SEK in the previous year) and a margin of 1.6% on operating results (2010: 1.9%). Alfa Laval has received a significant order to supply heat exchangers to a refinery in South Korea. The order value is about 120 mill. SEK and delivery scheduled for A second order (60 mill. SEK) has been received from a Russian distillery for dried distillery grain equipment (co-product of ethanol process), also scheduled for Norway: The Norwegian industrial market is mostly good, especially the part related to oil & gas is very strong. The recent green light for the start-up on field development of a few minor oil/gas fields will eventually increase demand for all sorts of steel products. The traditional land-based export industry is facing tougher challenges, due to the turbulent world economy. But even with a good market there is a pressure on prices. For some products, the price level in Norway is now lower than the rest of Europe. Aker Solutions has gained a contract for all Statoil s recent major discoveries on the Norwegian Continental Shelf; the Skrugard and Havis fields in the Barents Sea and the Johan Sverdrup discovery in the North Sea. Contract values are undisclosed. Aker will open a centre for subsea and umbilical services in Malaysia in order to expand in the S.E. Asian market. Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 8 -
9 Report: Stainless Steel in Damstahl-Land, No. 11, March 2012 Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 9 -
Damstahl Bi-Monthly Stainless Steel Briefing December 2012
Damstahl Bi-Monthly Stainless Steel Briefing December 2012 Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 1 - Damstahl Bi-Monthly Stainless Steel Briefing Issue 32, December 2012 Contents
More informationBi-Monthly Stainless Steel Briefing
Bi-Monthly Stainless Steel Briefing Summary of Main Industry Events Issue 27, December 2011 Contents Stainless Steel at a Glance PMI (Economic Indicator) Chinese Exports European Industry News Relevant
More informationDamstahl Bi-Monthly Stainless Steel Briefing March 2013
Damstahl Bi-Monthly Stainless Steel Briefing March 2013 Damstahl 2013, Damstahl - a member of the NEUMO-Ehrenberg-Group - 1 - Damstahl Bi-Monthly Stainless Steel Briefing Issue 33, March 2013 Contents
More informationDamstahl Stainless Steel Briefing November 2016
1 Damstahl 2016. Damstahl - a member of the NEUMO-Ehrenberg-Group Damstahl Stainless Steel Briefing November 2016 Contents Stainless Steel at a Glance 3 European Industry News 6 Where do we Stand in the
More informationDamstahl Stainless Steel Briefing March 2016
Damstahl Stainless Steel Briefing March 2016 Damstahl 2016. Damstahl Contents Stainless Steel at a Glance 3 European Industry News 7 Business Climate (PMI) 10 China Monthly Exports 11 Relevant Issues in
More informationDamstahl Stainless Steel Briefing November 2015
Damstahl Stainless Steel Briefing November 2015 Damstahl Stainless Steel Steel Briefing Briefing No. 97 No. November 97 November 2015 2015 Damstahl 2015, 2015, Damstahl Damstahl - a member - a member of
More informationDamstahl Stainless Steel Briefing September 2015
Damstahl Stainless Steel Briefing September 2015 2015 Damstahl Damstahl 2015, 2015, Damstahl --a member of of the the NEUMO-Ehrenberg-Group - 1 - Report on Market Highlights Contents Stainless Steel at
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Turnover and orders picking up s. 5. Economic Outlook
Economic Outlook Technology Industries of Finland 2 217 Global And Finnish Economic Outlook Broad-Based Global Economic Growth s. 3 Technology Industries In Finland Turnover and orders picking up s. 5
More informationJAPANESE ECONOMY Mixed scenarios regarding corporate earnings... 1
JAPANESE ECONOMY Mixed scenarios regarding corporate earnings... 1 US ECONOMY The U.S. economy remains steady.... 3 Second quarter current account deficits fell to $19.7 billion.... 3 EUROPEAN ECONOMY
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Economic uncertainty has not had a major impact yet p. 5.
Economic Outlook Technology Industries of 1 219 Global And Finnish Economic Outlook Uncertainty dims growth outlook p. 3 Technology Industries In Economic uncertainty has not had a major impact yet p.
More informationFinancial results briefing Q3/2012
Financial results briefing Q3/2012 Jyri Luomakoski President and CEO Uponor Corporation NCC Uponor s new head office, which will be taken into use 1 Jan 2013, will showcase sustainable and innovative Uponor
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Significant growth in the value of orders due to ship orders s.
Economic Outlook Technology Industries of Finland 1 218 Global And Finnish Economic Outlook Good global economic outlook s. 3 Technology Industries In Finland Significant growth in the value of orders
More informationHamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York
Hamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York 1 Global macroeconomic trends Major headwinds Risks and uncertainties Policy questions and
More informationHSBC Trade Connections: Trade Forecast Quarterly Update October 2011
HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow
More informationEconomic situation and outlook
Economic situation and outlook 2/215 ELECTRONICS AND ELECTROTECHNICAL INDUSTRY MECHANICAL ENGINEERING METALS INDUSTRY CONSULTING ENGINEERING INFORMATION TECHNOLOGY Global and Finnish Economic Outlook Divergence
More informationAlfa Laval 04/02/2009
Alfa Laval 04/02/2009 Report for Q4 and full year 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President
More informationGlobal Economy is Expected to Grow by 3.4 % in 2016 GDP growth in 2016, %
Russia Brazil Mexico Rest of Latin America Rest of Eastern Europe Middle East and Africa Global Economy is Expected to Grow by 3.4 % in 216 GDP growth in 216, % 9 8 7 6 5 4 3 2 1-1 -2-3 -4 North America
More information1 World Economy. about 0.5% for the full year Its GDP in 2012 is forecast to grow by 2 3%.
1 World Economy The short-term outlook on the Finnish forest industry s exports markets is overshadowed by uncertainty and a new setback for growth in the world economy. GDP growth in the world economy
More informationSCHMOLZ + BICKENBACH with good progress in a challenging 2016 more optimistic for 2017
Media release SCHMOLZ + BICKENBACH with good progress in a challenging 2016 more optimistic for 2017 Efficiency improvement and cost reduction measures taking effect Adjusted EBITDA margin improved to
More informationA decrease in the contribution of Polish exporters on Scandinavian markets
JULY 9, 2015 A decrease in the contribution of Polish exporters on Scandinavian markets The Scandinavian central banks have decreased interest rates, in order to protect their own economies from excessive
More information1 World Economy. Value of Finnish Forest Industry Exports Fell by Almost a Quarter in 2009
1 World Economy The recovery in the world economy that began during 2009 has started to slow since spring 2010 as stocks are replenished and government stimulus packages are gradually brought to an end.
More informationProducto interno bruto vs. Cantidad de contenedores comercializados
Producto interno bruto vs. Cantidad de contenedores comercializados 1. GDP vs. TEU Drewry 2 8 de Septiembre 2014 GDP vs. TEU Drewry BY MAREX The strength of first-half 2014 container flows from Asia to
More informationGlobal Resources Fund (PSPFX)
Global Resources Fund (PSPFX) Global Resources are the building blocks of the world we live in. As the world s population grows and emerging regions develop a more vibrant infrastructure for commerce,
More informationEconomic Outlook. Technology Industries In Finland Growth of new orders and tender requests stalled s. 4
Economic Outlook Technology Industries of Finland 4 218 Global And Finnish Economic Outlook Growth continues to slow down s. 3 Technology Industries In Finland Growth of new orders and tender requests
More information: Monetary Economics and the European Union. Lecture 8. Instructor: Prof Robert Hill. The Costs and Benefits of Monetary Union II
320.326: Monetary Economics and the European Union Lecture 8 Instructor: Prof Robert Hill The Costs and Benefits of Monetary Union II De Grauwe Chapters 3, 4, 5 1 1. Countries in Trouble in the Eurozone
More informationSTEEL MARKET DEVELOPMENTS
4 TH QUARTER 2011 by Laurent Daniel and Anthony de Carvalho OECD, Paris Note for Israel The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities.
More informationThird-quarter earnings burdened by raw material-related losses. Group adjusted EBITDA at EUR 56 million
1 (23) Contents Highlights in the third quarter of 2017... 2 Highlights during the first nine months of 2017... 2 Business and financial outlook for the fourth quarter of 2017... 3 CEO Roeland Baan...
More informationGlobal Trade Flow Index
Supported by: Global Trade Flow Index Q Roy Lenders AGENDA Executive Summary Index Impact of Japan s Tsunami in Q Impact of E.coli food crisis in Q Preview Window for Q3 forecast of China s trade Appendix
More information2018 Q4 Macro Quarterly update: Party like it s 1999
Macro Quarterly update: Party like it s 1999 1 Please see important disclosures and disclaimers on page 25 Index 1. Executive summary 2. Current economic topics 3. Global macro GDP, unemployment & inflation
More informationEU steel market situation and outlook. Key challenges
70th Session of the OECD Steel Committee Paris, 12 13 May 2011 EU steel market situation and outlook http://www.eurofer.org/index.php/eng/issues-positions/economic-development-steel-market Key challenges
More informationABGSC affected by complicated market conditions in the quarter Revenues fall 35% and Pre-tax Profits decrease 44%
Press Release ABG Sundal Collier First Quarter 2008 - Report to Shareholders ABGSC affected by complicated market conditions in the quarter Revenues fall 35% and Pre-tax Profits decrease 44% Oslo, 24 April
More informationInterim Report - Three months ended 31 March 2000
Press Release SANDVIK AB Interim Report - Three months ended 31 March 2000 Profit after financial income and expenses nearly doubled to SEK 1,560 M (810). Capital gain of SEK 300 M included. Continued
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationIndustry anticipating 1.8 percent rise in GDP. Global upturn is the main factor
QUARTERLY REPORT GERMANY Industry anticipating 1.8 percent rise in GDP. Global upturn is the main factor Quarter III / 2017 The German economy is picking up speed considerably. We are expecting real economic
More informationReport for Q Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook
Report for Q4 2010 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group Key figures
More informationNickel Stocks. Introduction
INSG Insight INSG SECRETARIAT BRIEFING PAPER March 21 No.9 Nickel Stocks Introduction This report, the ninth in the series of INSG Insight briefing reports, provides members with information on nickel
More informationNordic Companies in China less optimistic - But they continue to expand their presence
Nordic Companies in China less optimistic - But they continue to expand their presence THE SEB CHINA FINANCIAL INDEX AT 63.4, down from 70 in March. All indicators are falling in the September survey.
More informationEconomic Stimulus Packages and Steel: A Summary
Economic Stimulus Packages and Steel: A Summary Steel Committee Meeting 8-9 June 2009 Sources of information on stimulus packages Questionnaire to Steel Committee members, full participants and observers
More informationQuarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War
Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai
More informationOperating profit was MSEK (524.2), representing a 29.3% increase with an operating margin of 13.1 (11.7)%
Fourth Quarter - 20 YEAR-END REPORT 20 Order intake was MSEK 5,238.4 (4,653.0), which is an overall growth of 12.6% adjusted to 0.9% for acquisitions (MSEK 576.6) and currency effects (MSEK -35.2) Net
More informationGlobal Trade Flow Index
Supported by: Global Trade Flow Index Q4 - January AGENDA Summary Index Preview Window for Q The West-to-East Switch: BRIC Appendix Global Trade Flow Index Q4 edition Copyright Capgemini. All rights reserved.
More informationThe European Value Premium BY JASON M. THOMAS
Market Commentary July 2012 The European Value Premium BY JASON M. THOMAS The ongoing euro currency crisis has led to substantial declines in European asset prices. Measured relative to operating cash
More informationSwedish portfolio holdings. Foreign equity securities and debt securities
Swedish portfolio holdings Foreign equity securities and debt securities 2007 Swedish portfolio holdings Foreign equity securities and debt securities 2007 Statistiska centralbyrån 2008 Swedish portfolio
More informationVERBAND DER CHEMISCHEN INDUSTRIE e.v.
VERBAND DER CHEMISCHEN INDUSTRIE e.v. Statement to the press on the business situation of the German chemical industry Mr Marijn Dekkers President of Verband der Chemischen Industrie (VCI) 9 December 2015,
More informationAtradius Country Report. Main Western European Markets - May 2018
Atradius Country Report Main Western European Markets - May 8 Contents Austria Belgium Denmark 7 France 9 Germany Ireland Italy The Netherlands 7 Spain 9 Sweden Switzerland United Kingdom Print all Austria
More informationSTEEL MARKET DEVELOPMENTS
2 ND QUARTER 2011 by Laurent Daniel OECD, Paris Note for Israel The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by
More informationBASE METALS - MONTHLY
June 6, 2011 BASE METALS - MONTHLY Base metal prices ended largely lower on the back of re-emergence of concerns from the Euro-zone, weak economic data and expectation of decline in demand. European debt
More informationQUARTERLY REPORT FOURTH QUARTER 1998
MAIN FEATURES The EU currencies appreciated by 5% against the US dollar but fell by 10.5% against the Japanese yen. These currency movements contributed to a small gain (about 1%) in the Union s average
More informationEurozone. Outlook for. Ernst & Young Eurozone Forecast. Summer edition 2012
Eurozone Ernst & Young Eurozone Forecast Summer edition 2012 Outlook for Published in collaboration with Andy Baldwin Head of Financial Services Europe, Middle East, India and Africa With key national
More informationAnnual Accounts CEO Roeland Baan CFO Chris de la Camp. February 2, 2017
Annual Accounts 216 CEO Roeland Baan CFO Chris de la Camp February 2, 217 Today s attendees from Outokumpu Roeland Baan CEO Chris de la Camp CFO Tommi Järvenpää Director Investor Relations 2 Disclaimer
More informationConsumer credit market in Europe 2013 overview
Consumer credit market in Europe 2013 overview Crédit Agricole Consumer Finance published its annual survey of the consumer credit market in 28 European Union countries for seven years running. 9 July
More informationPLATINUM QUARTERLY PRESENTATION Q London 28 November 2018
PLATINUM QUARTERLY PRESENTATION Q3 2018 London 28 November 2018 COPYRIGHT AND DISCLAIMER IMPORTANT NOTICE AND DISCLAIMER: This publication is general and solely for educational purposes. The publisher,
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee December 1-11, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationModerate but continued growth expected for global steel demand
PRESS RELEASE Moderate but continued growth expected for global steel demand worldsteel Short Range Outlook October 2017 Brussels, 16 October 2017 - The World Steel Association (worldsteel) today released
More informationMARKET OUTLOOK FOR UNITED STATES & SOUTH AMERICA
MARKET OUTLOOK FOR UNITED STATES & SOUTH AMERICA Grain Market Outlook for the United States and South America by Steve Freed, Vice President of Grain Research, ADM Investor Services The following report
More informationEuropean Automotive Survey Survey results
European Automotive Survey 2013 Survey results Structure of the study Survey of 300 companies active in the European automotive industry (15% OEMs, 85% suppliers) Phone interviews conducted by an independent
More informationInterim Report Q3 2008
Interim Report Q3 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group Key figures
More informationInterim report. January 1 September 30, 2010
Interim report January 1 September 30, 2010 Net asset value on September 30 was SEK 132 per share, an increase of 22% for the year to date including reinvested dividends The value of the equities portfolio
More informationBusiness performance compared with the first nine months of the prior year was mainly influenced by the following factors:
Despite the weak economic environment Aurubis AG breaks even in the first nine months of fiscal year 2008/09 and records a significantly higher net cash flow than in the prior year Hamburg, 12 August 2009
More informationExecutive Summary. The Transatlantic Economy Annual Survey of Jobs, Trade and Investment between the United States and Europe
The Transatlantic Economy 2011 Annual Survey of Jobs, Trade and Investment between the United States and Europe Daniel S. Hamilton Daniel S. Hamilton and Joseph P. Quinlan and Joseph P. Quinlan Center
More informationH Half-year financial report as at June 30
H1 2016 Half-year financial report as at June 30 Sales revenues up by 13 % to 1,136 million Earnings (EBIT) increase to 183 million (+7 %) Outlook reaffirmed Content FUCHS at a glance 03 Half-year financial
More informationEUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA. Delegation of the European Union to the Republic of Korea
EUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA 2016 Delegation of the European Union to the Republic of Korea 16 th Floor, S-tower, 82 Saemunan-ro, Jongno-gu, Seoul, Korea
More informationReport for Q Mr. Lars Renström President and CEO Alfa Laval Group
Report for Q1 2015 - Key figures - Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group
More informationUN: Global economy at great risk of falling into renewed recession Different policy approaches are needed to address continued jobs crisis
UN: Global economy at great risk of falling into renewed recession Different policy approaches are needed to address continued jobs crisis New York, 18 December 2012: Growth of the world economy has weakened
More informationThe Hong Kong Economy in Contraction Mode
Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com 22 December 08 The Hong Kong Economy in Contraction Mode Hong Kong is in recession and leading economic
More informationInterim results briefing. Jyri Luomakoski President and CEO Riitta Palomäki CFO 1 9 / 2016
Interim results briefing Jyri Luomakoski President and CEO Riitta Palomäki CFO 1 9 / 2016 Q3/2016: Performance in Europe improved, supply issues impacted North American business July - September, M Net
More informationKarolina Ekholm: International dependence and monetary policy
Karolina Ekholm: International dependence and monetary policy Speech by Ms Karolina Ekholm, Deputy Governor of the Sveriges Riksbank, at the Chamber of Commerce and Industry of Southern Sweden, Malmö,
More informationUkraine Macroeconomic Situation
In 2012, industrial production was down by 1.8% yoy as weakening global demand for steel exerted a toll on the Ukrainian metallurgical industry. Last year, harvested 46.2 tons of grains and overseas shipments
More informationAlfa Laval Slide 3.
Report for Q4 2011 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group Key figures
More informationTieto Q4/2011. Lasse Heinonen CFO Reeta Kaukiainen VP, Communications & IR. eto Corporation 2012 Tie
Tieto Q4/2011 Kimmo Alkio President and CEO Lasse Heinonen CFO Reeta Kaukiainen VP, Communications & IR eto Corporation 2012 Tie Summary Financial performance as expected solid order intake A number of
More informationDanske Bank March 1 ST 2016 Economic Update,
Monthly update: Tuesday 1 March 2016 Danske Bank Chief Economist, Twitter: angela_mcgowan Local job and investment announcements during January 2016: The NI economy suffered a significant blow during the
More informationEurozone Ernst & Young Eurozone Forecast Spring edition March 2012
Eurozone Ernst & Young Eurozone Forecast Spring edition March 2012 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain
More informationBalanced Plus Select Portfolio Pn
Factsheet as at : August 25, 2018 Balanced Plus Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10-12% over
More informationUK Trade in Numbers. February 2019
UK Trade in Numbers February 2019 Disclaimer The figures used in this pocketbook are the latest at the time of publication. We include figures from monthly and quarterly publications, such as ONS Balance
More informationGlobal Markets Group. Trade Performance: Depressed by the Eid holiday Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report
Global Markets Group Trade Outlook Monthly Report Economic Research August 2016 Trade Performance: Depressed by the Eid holiday Author: Juniman Chief Economist Trade Highlights Exports in June 2016 rose
More informationChina s Economy: Development Trends
China s Economy: Development Trends BRUSSELS INSTITUTE OF CONTEMPORARY CHINA STUDIES Duncan Freeman March 215 dfreeman@vub.ac.be CHINA S NEW NORMAL PRC GDP Growth 1978-214 (%) 16. 14. 12. 1. 8. 6. 4. 2..
More informationPresentation of the results
Presentation of the results 1 st QUARTER OF 2018 TUBACEX has made sales and production efforts geared to improving our market standing in the Premium product segment, which now enable us to face this financial
More informationSouth Korea: new growth model emerging?
ING Business Opportunity Report Economics Department South Korea: new growth model emerging? Summary conclusions The growth outlook for Korea in the short to medium term is positive. ING forecasts economic
More informationProgress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction)
Progress towards Strong, Sustainable and Balanced Growth Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Source: OECD May 2014 Forecast, Haver Analytics, Rogoff and
More informationReport on Finnish Technology Industry Exports
Report on Finnish Technology Industry Exports Last observation October 2018, 2.1.2019 Goods Export of Technology Industry from Finland Goods Export of Technology Industry from Finland by Branches Source:
More informationMay 2012 Euro area international trade in goods surplus of 6.9 bn euro 3.8 bn euro deficit for EU27
108/2012-16 July 2012 May 2012 Euro area international trade in goods surplus of 6.9 3.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationThe effects of the financial crisis on developing countries mapping out the issues. By Julian Jessop
The effects of the financial crisis on developing countries mapping out the issues By Julian Jessop 1. Plan of My Talk The outlook for advanced economies. Impact on developing countries. Some losers and
More informationWeekly Economic Commentary
LPL FINANCIAL RESEARCH Weekly Economic Commentary August 13, 212 China Has Already Landed Softly John Canally, CFA Economist LPL Financial Please see the LPL Financial Research Weekly Calendar on page
More informationAustria: Sluggish economic growth
Martin Schneider 1 1 Austrian economy grows by.3% in second quarter of 215 According to the first full release of national accounts published on August 28, 215, the Austrian economy grew by.3% in the second
More informationUNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008.
26 Mar 2012 UNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008. U.S. home sales fell in February, but upward revisions to January's pace
More informationFinancial Statements Release 2017
Financial Statements Release 217 CEO Roeland Baan CFO Chris de la Camp January 31, 218 Disclaimer This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking
More informationNYNAS INTERIM REPORT JANUARY SEPTEMBER JANUARY 30 SEPTEMBER 2015
Q 3 INTERIM REPORT 1 JANUARY 30 SEPTEMBER Nynas AB (Publ.), corporate reg.no 556029-2509, parent company for Nynas. Nynas is a leading international group specialised in naphthenic specialty oils and bitumen.
More informationJune 2012 Euro area international trade in goods surplus of 14.9 bn euro 0.4 bn euro surplus for EU27
121/2012-17 August 2012 June 2012 Euro area international trade in goods surplus of 14.9 0.4 surplus for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationThe macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, 13 th September 2018.
The macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, th September 08. This note reports estimates of the economic impact of introducing a carbon tax of 50 per ton of CO in the Netherlands.
More informationMain Development Trends of Czech Economy in 2013 and the Perspective for (April 2014)
Main Development Trends of Czech Economy in 2013 and the Perspective for 2014 (April 2014) The Czech Industry Results in 2013 in the Context of the EU Market and the Perspective for 2014 The Development
More informationCECIMO Statistical Toolbox January 2016
CECIMO Statistical Toolbox European Association of the Machine Tool Industries Table of content Introduction 1 Data specific to the European machine tool market 1.1 CECIMO8 orders 1.2 Peter Meier s forecast
More informationEesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 2015
Eesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 215 216 Eesti Pank, 215 Address Estonia pst 13 1595 Tallinn Estonia Telephone +372 668 719 E-mail info@eestipank.ee Website www.eestipank.ee ISSN 1736-7859
More informationEuropean Automotive Survey Survey results
European Automotive Survey 2013 Survey results Structure of the study Survey of 300 companies active in the European automotive industry (15% OEMs, 85% suppliers) Phone interviews conducted by an independent
More informationAugust 2012 Euro area international trade in goods surplus of 6.6 bn euro 12.6 bn euro deficit for EU27
146/2012-16 October 2012 August 2012 Euro area international trade in goods surplus of 6.6 12.6 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the
More informationNickel Market Outlook
22/9/215 Nickel Market Outlook Stuart Harshaw This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about
More informationTHOMAS WHITE INTERNATIONAL
THOMAS WHITE INTERNATIONAL Capturing Value Worldwide PORTFOLIO STRATEGY OCTOBER 2016 Emerging Markets: Renewing The Promise After nearly five years of underperformance, emerging market equities have regained
More informationSCHMOLZ + BICKENBACH Q Results Investors & Analysts Conference Call Lucerne, August 11, 2017
SCHMOLZ + BICKENBACH Q2 2017 Results Investors & Analysts Conference Call Lucerne, August 11, 2017 Disclaimer Forward-looking statements This presentation contains forward-looking statements about developments,
More informationSecond quarter Yet another strong quarter!
Second quarter 2007 Yet another strong quarter! During the second quarter 2007 we had another record quarter with the highest ever operating result as well as operating margin. Orders received increased
More informationII. ESTONIAN BALANCE OF PAYMENTS FOR 2001
18 II ESTONIAN BALANCE OF PAYMENTS FOR 2001 In 2001 a rapid slowdown of economic growth was registered with all Estonia s major export partners The negative import growth of the euro area Finland and Sweden
More information