Flights and congestion grow in EU, e-commerce slides - Jefferies

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03/03/2022 10:03

** Jefferies assesses economic activity in the European
Union in the past week, seeing higher flight numbers and
congestion levels, while e-commerce showed a slight decline
    ** The broker points to increased flight activity and
congestion, at 54% and 89% of pre-COVID levels respectively,
while energy consumption at 104% and employment at 82% stayed
flat
    ** On the other hand, Jefferies' e-commerce index fell by
86% of normal levels
    ** The broker warns of lower grocery site visits, with
grocery web traffic dropping to 97% of pre-pandemic levels vs.
160% in November
    ** Visits on auto dealer sites are also trending down at 85%
from 87%, while property site visits fell 5ppts to 127% of
normal levels, the broker says
    ** For the four biggest EU economies, congestion and flights
increase in Germany and Italy, Spain remains unchanged, while
France's activity suffers from a material decrease in congestion
- Jefferies
    ** Spanish Inditex  ITX.MC  is among the broker's favourites
in European retail, as it sees the group emerging even stronger
from the pandemic
    ** Jefferies says Italian Nexi  NEXII.MI  benefits greatly
from digital payments acceleration within Italy and Central
Europe
    ** The brokerage also flags German ABOUT YOU  YOUG.DE 
gaining power as a fashion e-commerce platform across 26
European markets thanks to pandemic boosts 

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))