McKinsey & Co. Urges CFOs to ‘Lean Into' Change
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Euro zone industry shrinks more than feared in June but GDP holds up
FRANKFURT (Reuters) -Euro zone industrial output dipped more than expected in June even as overall economic growth held up in the second quarter, challenging views that the 20 nation currency union remains resilient to the fallout from a global trade war. Industrial output fell 1.3% on the month in June, driven by a big dip in Germany and weak consumer goods production, underperforming expectations for a 1.0% fall, data from Eurostat showed on Thursday. Adding to the negative surprise, Eurostat also revised its output growth estimate for May to 1.1% from 1.7%, suggesting that the underlying trend is weaker than thought. Meanwhile GDP grew by 0.1% on the quarter, in line with a preliminary estimate, and employment rose just 0.1% on the quarter, in line with expectations in a Reuters poll, but below the 0.2% in the previous three months. A recent string of relatively upbeat indicators from purchasing managers (PMI) data to the European Commission's sentiment reading have fuelled a narrative that consumption is keeping the bloc resilient to trade tensions, but more recent numbers, like industrial orders and a key sentiment reading from Germany, have challenged this view. Still, investors continue to bet on a modest upturn on the premise that a recent EU trade deal with the U.S. provides much needed certainty and Germany's plans to sharply boost budget spending will support growth. This is why financial investors think the ECB may be done cutting interest rates and policymakers will sit out a temporary dip in inflation below the 2% target, as price pressures over the medium term are already building up. Growth is unlikely to take off, however, and the euro zone is facing modest expansion of only around 1% a year in the coming years, trailing other major economies, given structural inefficiencies. Compared to a year earlier, second quarter economic growth was 1.4%, a figure that is boosted by a one-off demand surge before U.S. tariffs took effect. This figure is now seen slowing steadily before picking up in 2026. The monthly industrial fall was driven by a 2.3% drop in Germany and an 11.3% fall in Ireland, a figure that is unlikely to concern many, since Irish data is exceptionally volatile due to activity among big multinational companies, mostly in pharmaceuticals, based there for tax purposes. Industry figures showed that besides energy production, every sector took a dip last month, led by a 4.7% fall in non-durable consumer goods and a 2.2% fall in capital goods production. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Birkenstock misses quarterly sales estimates
(Reuters) -Birkenstock missed Wall Street expectations for third-quarter revenue on Thursday, as affluent shoppers curbed spending on the German sandal maker's high-end footwear amid global economic uncertainty. The company reported quarterly revenue of 635 million euros ($741.49 million), compared with analysts' average estimate of 636.74 million euros, according to data compiled by LSEG. ($1 = 0.8564 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Titanbay Appoints ex-UBS Exec as Head of Switzerland
LONDON and ZURICH, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Titanbay, Europe's leading private markets infrastructure provider, has appointed Timo Paul as Head of Switzerland, reinforcing its commitment to growth across Europe with a focus on local relevance and client-centric delivery. Timo joins the firm's Wealth Solutions team, where he will support Titanbay's efforts in Switzerland, collaborating with private banks and wealth managers to enhance their private markets offering. Titanbay's platform addresses operational, regulatory, and technological bottlenecks, providing the infrastructure needed to make private markets access seamless and scalable. With more than two decades of experience across UBS and Natixis Investment Managers, Timo brings deep understanding of the Swiss financial ecosystem and strong relationships across institutional and wholesale channels. His appointment comes as Titanbay, headquartered in London, continues to scale its presence across the continent to meet rising demand for institutional-grade private markets infrastructure. Michael Gruener, Co-CEO of Titanbay, said: 'We're excited to welcome Timo to the Titanbay team. His arrival marks another important step in our European expansion. Timo's insight into the Swiss market and his ability to translate client needs into real-world solutions will help us strengthen our partnerships and support the next phase of private markets growth across the region.' Timo Paul, Head of Switzerland at Titanbay, added: 'Private markets are a key focus for wealth managers in Switzerland, but many still face operational roadblocks. Titanbay is uniquely positioned to help institutions cut through that complexity. I'm thrilled to join the team and support our partners as they deliver better access and outcomes for their clients.' Switzerland is a strategic priority for Titanbay as the company continues to grow across Europe. Titanbay's model combines global infrastructure with regional expertise, empowering local teams to deliver tailored solutions backed by technology, compliance, and operational excellence. About Titanbay Titanbay is Europe's leading private markets infrastructure provider, dedicated to making private markets simpler and more accessible. The company's integrated platform connects asset managers and distributors, providing the essential technology, operations, and regulatory framework required to effectively manage private market funds. Titanbay supports every stage of the investment lifecycle, including fund structuring, onboarding, capital flows, reporting, compliance, and third-party integrations. Whether raising capital, distributing funds, or expanding a private markets offering, Titanbay enables clients to reduce complexity, improve efficiency, and focus on serving their investors and growing their business. Media Enquiries Danielle Wilde marketing@ A photo accompanying this announcement is available at while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
