Announcements
Drinks

24/7/2025 Research EN
EU’s sluggish economy faces moderate growth slowdown from US trade tensions
Transatlantic trade tensions are contributing to a moderate deceleration in near-term economic growth in the European Union and euro area by around 0.4pps, even in a baseline scenario of the United States and the EU reaching a preliminary trade agreement.

24/7/2025 Research EN
Mid-year European bank outlook: earnings expected to stay resilient through risks skewed to downside
European bank earnings will remain resilient in 2025, although we expect net interest margins to shrink. Given the low visibility around the impact of trade wars and geopolitics and the uncertain economic environment, risks remain skewed to the downside.

21/7/2025 Research EN
Navigating China’s economic challenges: a difficult task for the PBOC
China is confronting several daunting challenges: persistent deflation, historically low interest rates, structurally declining economic growth and rising levels of government debt. This raises significant obstacles for economic stability.

17/7/2025 Research EN
France: multi-year budget plan supports fiscal outlook but great uncertainty remains
The government’s commitment to fiscal discipline is challenged by a rising interest burden, an economic slowdown and a fragmented and uncertain political environment weighing on the country’s fiscal and reform outlook.

16/7/2025 Research EN
Covered Bond Quarterly: higher mortgage rates highlight need for macroprudential measures in Europe
Higher mortgage rates have increased pressure on housing affordability. Longer fixed-rate mortgages periods limit the risk of shocks to the banking system and support the resilience of euro-area mortgage markets.

14/7/2025 Research EN
Germany: Successful implementation of infrastructure investment key to growth, fiscal sustainability
Germany’s ambitious defence and infrastructure borrowing plans will lead to a marked increase in its deficit and debt-to-GDP. Sustaining fiscal space over the long term will depend on associated growth effects but also pension and labour market reforms.

11/7/2025 Research EN
French bank quarterly: net interest income and strong CIB performance support revenue momentum
Competitive pressures have intensified but we still expect French banks’ profits to grow this year, supported by retail and corporate and investment banking. But profitability still lags EU peers, as large operating structures weigh on cost efficiency.

7/7/2025 Research EN
Santander’s TSB acquisition strengthens UK focus, Sabadell re-focuses on domestic market
Santander’s acquisition of TSB from Banco de Sabadell reflects a broader trend among EU banks of strengthening core markets via acquisitions, while for Sabadell, it represents a renewed focus on its domestic market.