Sector Report from the Bank Austria Group Economics Department: Slower economy brings losses for Austria’s automotive industry
Against the backdrop of an economic decline and the associated decrease in demand, Austria’s automotive industry saw losses in sales and cuts in production in 2007. The sector’s sales decreased by 3.3 per cent to €14.3 billion and production stagnated.
BA-CA Purchasing Managers’ Index in December: Renewed slowdown at year-end
The BA-CA Purchasing Managers’ Index (PMI) fell in December from 55.0 to 53.2. After the upturn in November, the Purchasing Managers’ Index dropped in December to its third lowest level this year.
UniCredit Markets & Investment Banking: economic & capital markets
UniCredit Markets & Investment Banking assumes that the impacts of the credit crisis will still be significant in the first quarter of 2008.
BA-CA Business Indicator:
No further decline in economic sentiment
Bank Austria Creditanstalt's (BA-CA) business indicator slightly increased to 4.1 in November (4.0 in October). However, this does not change the fact that economic sentiment already passed its peak this summer. This came as no real surprise in light of the high level of growth in the last few years.
Rapidly growing significance of CEE in automotive industry
Central and Eastern Europe (CEE) has become an important factor for the world's automotive industry, which is a highly consolidated and globalised business. In 2006, the overall production of motor vehicles reached 69 million units and was dominated by three traditional automotive regions: North America, Japan and Western Europe.
Sectoral Report of Bank Austria Creditanstalt Economics Department: Austrian electrical and electronics industry to slow down
In 2007 the manufacture of electrical and electronic products has been growing only slightly slower than in 2006, whereby production is expected to increase by around 5 percent and sector sales by approximately 7 percent.
Bleak prospects for Austrian stocks and Austrian football in 2008
Regardless of which index one looks at, the development of prices on the Vienna stock exchange is expected be on the lower end of the success scale in 2008.
Holiday Euro Winter 2007: Holiday euro abroad at lowest level, despite the strong euro and the higher inflation in Austria
In comparison with December 2006, Austrians' holiday euros will be worth less this year.
CEE countries continue their outstanding performance
All over the CEE region good economic performances and improved labour market conditions are driving fast accumulation of financial wealth creation.
BA-CA Purchasing Managers’ Index in November:
Austria’s industry posts strong growth
The BA-CA Purchasing Managers’ Index (PMI) rose from 52.8 to 55.0 in November. Austria’s industry was able to break from the pack in November and posted good growth in spite of the poor global conditions overall.
Sector Report from the Bank Austria Creditanstalt Group Economics Department:
Machine building on a record-breaking pace again in 2007
In 2006, the Austrian machine building sector again posted one of the best performances when compared both to other industries in Austria and the sector throughout the rest of Europe. Production increased by 9.3 per cent and sales increased by 15.1 per cent, reaching about €18 bn.
BA-CA Purchasing Managers' Index in October:
Austria's industry unable to avoid the global slowdown
The BA-CA Purchasing Managers' Index (BA-CA PMI) fell from 55.4 to 52.8 in October, which is the lowest level for two years. The main trigger for the fall in the BA-CA PMI was the decline in incoming orders.
BA-CA Money Investment Barometer on World Savings Day:
Austria's financial institutions await customer rush
Austrian financial institutions are bracing themselves for a veritable customer rush. Around two million savers, or one in four Austrians, intend to visit their bank on World Savings Day. This is one of the findings of the current BA-CA Money Investment Barometer, a representative survey conducted by the market research institute FESSEL-GfK for Bank Austria Creditanstalt (BA-CA).
Bank Austria Creditanstalt Asset Allocation for Q4 2007
Summer storms on the stock exchanges
The final quarter of this year is set to be dominated by the question of how much the financial crisis in the summer will leave its mark on other areas of the economy, if it has not done so already. There are definitely signs of a minor cool-down in economic activity (real estate market in the USA still weak, labour market data also slightly disappointing), but the interest rate cut of the US Federal Reserve in September fuelled the hopes of market players that the intervention of the Fed would calm things down.
BA-CA Business Indicator:
Economic mood begins to turn
Bank Austria Creditanstalt's (BA-CA) business indicator fell in September from 4.8 to 4.3. This equals the biggest drop in 2.5 years.
Things quiet down on the ATX
Economists around the world continue to advise caution because the crisis is not yet over, but the warnings are falling on deaf ears as far as the stock markets are concerned.
Slovakia is in line with Maastricht for the euro accession in 2009
In Slovakia the inflation reached a historical low point in August, meeting the relevant Maastricht criterion for the first time.
BA-CA Purchasing Managers' Index in September: Austria as Elysium? Industrial growth gains momentum again
The BA-CA Purchasing Managers' Index (PMI) confounded expectations again in September, rising from 54.5 to 55.4.
BA-CA Business Indicator:
Austrians remain optimistic despite financial market upheaval
In August, the value of the business indicator of Bank Austria Creditanstalt (BA-CA) remained unchanged at 4.7. Spirits remained high in Austria, both in industry as well as amongst consumers, even rising again slightly after the downturn in July. It was only industry in the euro area that experienced a slight downturn in sentiment once again.
BA-CA Purchasing Managers’ Index in August:
Brief correction: industry growth swells again
The BA-CA Purchasing Managers' Index climbed up to 54.5 in August, after having improved modestly to 53.8 in July (any values over 50 signal growth).
Turkish real estate market: just as attractive as South Eastern Europe, but twice as big
The Turkish real estate market is at least as attractive for commercial real estate investors and developers as the growth region South Eastern Europe.
Don't kiss the carry trade good-bye
Carry trades - investing in high yield currencies funded by loans in low yield currencies - were among the most popular trading strategies in the course of the last few years.
BA-CA Business Indicator: Economic growth this year stronger than expected, loss of momentum for 2008 confirmed
In July the business indicator of Bank Austria Creditanstalt (BA-CA) fell from its record high of 4.9 to 4.7.
BA-CA Purchasing Manager's Index in July:
Industry keeps its summer break short
The Bank Austria Creditanstalt Purchasing Manager's Index (BA-CA PMI) rose again slightly in July from 53.5 to 53.8 after its dip in June. This is indicative of stabilising industrial growth
BA-CA Money Investment Barometer:
"Contingency Fund" Greatest Motivation to Save
Building up a "contingency fund" is the single most frequent motivation for Austrians to save.
BA-CA Economic Indicator:
Modest consumption despite buoyant sentiment, but inflation spike round the corner
In June the economic indicator of Bank Austria Creditanstalt (BA-CA) rose to 4.9, yet another record high.
Bank Austria Creditanstalt Asset Allocation for Q3 2007: Forecast good, but brief showers possible
International equities markets continued on their merry way during the first half of the year, even though some soft patches did manage to dampen the optimistic stock exchange sentiment from time to time, while volatility has also risen sharply recently.
Holiday Euro Summer 2007:
"Holiday Euro" at Record Low Value Abroad
While the value of the holiday euro has increased slightly in the most popular vacation destination, Italy, for the first time in years, the value of the holiday euro has fallen in many other popular countries because of inflation and relative value gains.
Vienna Stock Exchange: Real Estate Stocks Cheaper Than Ever
After falling steadily in price since the first quarter, Viennese real estate stocks have now reached especially attractive valuation levels. The prices are approaching those seen 12 months ago, spurring the analysts at UniCredit (CA IB) to take a closer look at the sector.
BA-CA Purchasing Managers’ Index in June: After a good Q2, orders from abroad decline for first time
After rising slightly in May, the Purchasing Managers’ Index of Bank Austria Creditanstalt (BA-CA) fell again in June from 54.1 to 53.5.
BA-CA Economic Indicator: Dip in consumption should be overcome
In May the economic indicator of Bank Austria Creditanstalt (BA-CA) rose to 4.7, its highest level since 1990.
Further interest hikes due in second half of year
A balanced macro environment coupled with continued low volatility in growth and inflation figures has enabled central banks to continue their steady process of normalisation.
BA-CA Purchasing Managers’ Index in May:
Less support for industry from exports
The Purchasing Managers’ Index of Bank Austria Creditanstalt (BA-CA) recovered somewhat after the sharp fall in April, rising from 52.9 to 54.1.
Sectoral Report of Bank Austria Creditanstalt Economics Department:
Austrian chemical industry posts record sales revenue in 2006
The chemical sector in Austria recorded an increase in turnover of 17.7 percent in 2006. Yet this record figure did not translate into corresponding gains in earnings.
UniCredit Group CEE analysis:
CEE households continue to improve their standards of living
In 2006, financial assets held by CEE households continued to increase, posting double-digit growth for the third year in a row to reach EUR 583 billion (+14 per cent, 2005: EUR 510 billion), or 57 per cent of GDP.
BA-CA Business indicator:
Strong first quarter pushes growth in 2007 to over 3 percent
The economic indicator of Bank Austria Creditanstalt (BA-CA) rose in April to 4.7, its highest level since 1990.
The takeover fever gripping stock markets has reached Austria
The positive market sentiment prevailing on global stock markets and the vast amounts of liquidity sloshing around companies and investment companies looking for attractive investments give grounds for hoping for some exciting developments.
Sectoral report by Bank Austria Creditanstalt Economics: Plastics processing closes 2006 with double-digit rise in sales
Rubber and plastics manufacture, or plastics processing for short, increased its output in Austria by 16 percent and sales by 14 percent in 2006. Total sales in the last year stood at EUR 5.1 billion.
BA-CA Purchasing Managers’ Index in April:
Industrial activity in Austria past its peak
The Purchasing Managers’ Index of Bank Austria Creditanstalt (BA-CA) fell again in April from 55.6 to 52.9 (values above 50 indicate growth), its lowest level since October 2005.
BA-CA Business indicator:
Economy remains robust despite US downturn and strong euro
The economic indicator of Bank Austria Creditanstalt (BA-CA) remained at a high level again in March at 4.4, down only marginally on its high in February of 4.5.
Bank Austria Creditanstalt Asset Allocation for Q2 2007: Stock market correction survived in good health – equities outlook positive
If you take a look over the last twelve months from the end of March 2007, two corrections are visible on the international equities markets, the first in the early summer of 2006 and the second, softer adjustment at the end of February / beginning of March 2007.
Ukraine – Wirtschaftliche Auswirkungen der politischen Krise eher moderat
Nach der Entscheidung von Präsident Viktor Juschtschenko das Ukrainische Parlament, die Verchowna Rada, aufzulösen muss nun der ukrainische Verfassungsgerichtshof beurteilen, ob diese Auflösung rechtskräftig ist.
BA-CA Purchasing Managers' Index in March:
Industry growth still robust, but clear signs of slowdown
The Purchasing Managers' Index of Bank Austria Creditanstalt (BA-CA) fell in March from 57.8 to 55.6 (values above 50 indicate growth), the lowest level for one year.
Holiday Euro Spring 2007: Holiday euro worth more overseas, less in neighbouring countries
On average, the holiday euro is worth as much abroad in spring 2007 as it was last year. However, the calculations of the Bank Austria Creditanstalt (BA-CA) economists show that there have been a number of changes in the price ratios.
Bank Austria Creditanstalt Group Economics Sector Report:
Austrian Tourism Industry Shows its Competitive Strength
The domestic tourism sector was not able to increase the number of overnight stays in 2006, but still upped its revenue by 4 per cent. Foreign and domestic holidaymakers spent nearly EUR 20 million in Austria last year.
BA-CA Economic Indicator:
2007 will not surpass 2006
The economic indicator of Bank Austria Creditanstalt (BA-CA) in February remained at the record level achieved in January of 4.5. The continued rise in consumer and business sentiment in Austria has kept the BA-CA economic indicator in a lofty position despite the less positive sentiment in business throughout the euro area.
Slovakia is the frontrunner for euro accession in 2009
Among Central Eastern European countries (CEE), Slovakia is the frontrunner for euro accession in 2009, after Slovenia adopted the euro at the beginning of 2007.
BA-CA Purchasing Managers' Index in February:
Industry must expand capacities continuously
The decline in the BA-CA Purchasing Managers' Index in January was followed in February by another increase.
BA-CA Business Indicator:
Economy remains buoyant in Q1 2007
The Bank Austria Creditanstalt (BA-CA) business indicator rose from 4.1 to 4.5 in January.
Full Steam Ahead as Vienna Stock Exchange Enters New Year
The Vienna stock market continues to offer numerous incentives. On the one hand, it is not too expensive, and on the other, the economic environment for ATX companies is looking extremely good.
BA-CA Purchase Managers' Index in January:
Rapid industrial growth slows
Following the sharp rise in the BA-CA Purchase Managers' Index (BA-CA PMI) during the past year, growth is likely to have peaked in November 2006. Having fallen slightly for the first time in December to 57.7, the PMI recorded a perceptible downturn to 56.0 in January.
Bank Austria Creditanstalt Asset Allocation for Q1 2007: Successful start to new stock market year
After what in principle was a very pleasing stock exchange year in 2006 the equity markets have kept their momentum going into the New Year, even though the very first trading days were somewhat volatile.
BA-CA Business Indicator: Austria Increases Real Income Lead Again
The Bank Austria Creditanstalt (BA-CA) business indicator fell slightly in December from 4.2 to 4.1, but remained above 4 for the fourth time in a row.
BA-CA Sentiment Indicator: Austria optimistic about 2007
Austria is optimistic about 2007. 33 percent of all Austrians believe that the economic conditions of their country will be better this year than in 2006, contrasted with the 15 percent who believe the situation will get worse.