Announcements

    Drinks

      EU’s sluggish economy faces moderate growth slowdown from US trade tensions

      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.

      Mid-year European bank outlook: earnings expected to stay resilient through risks skewed to downside

      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.

      Navigating China’s economic challenges: a difficult task for the PBOC

      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.

      France: multi-year budget plan supports fiscal outlook but great uncertainty remains

      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.

      Covered Bond Quarterly: higher mortgage rates highlight need for macroprudential measures in Europe

      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.

      Germany: Successful implementation of infrastructure investment key to growth, fiscal sustainability

      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.

      French bank quarterly: net interest income and strong CIB performance support revenue momentum

      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.

      Webinar: Mid-year European banking outlook

      10/7/2025 Research EN

      Webinar: Mid-year European banking outlook

      Wednesday, July 23rd 2025 - 3:00 PM (CEST)

      Webinar: 'Big, beautiful bill' – implications for US sovereign rating

      9/7/2025 Research EN

      Webinar: 'Big, beautiful bill' – implications for US sovereign rating

      Tuesday, July 15th 2025 - 3:00 PM (CEST)

      Santander’s TSB acquisition strengthens UK focus, Sabadell re-focuses on domestic market

      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.