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18/9/2025 Research EN
Euro area inflation pressures balanced; higher long-end yields a concern
The decision to keep rates on hold last week confirms that the ECB remains in wait-and-see mode. With inflation around 2%, there is little justification for a cut next month. The economy is relatively resilient and risks to inflation are balanced.

17/9/2025 Research EN
Italian NPL collections: July broadly on trend in relative terms but actual collections down 35%
July collections fell 23% month-on-month, slightly better than the previous three years when average collections were 28% lower. But while July was relatively on trend, actual collections were 35% below the previous three-year average.

16/9/2025 Research EN
Federal Reserve runs risk of loosening before inflation is contained
The Fed’s expected 25bp rate cut on Wednesday appears premature given the latest increase in headline inflation to 2.9%, an economy still expanding at around 2%, the uncertain effects of higher tariffs and only modest signs of labour market softening.

15/9/2025 Research EN
JD.com-backed Ceconomy to intensify competition in Europe’s consumer-electronics sector
The planned acquisition of Ceconomy AG by Chinese retailer JD.com could mark an important shift in European consumer-electronics retailing by creating a more formidable, deep-pocketed player in an already highly competitive sector.

12/9/2025 Research EN
Scope updates its Sub-Sovereign Rating Methodology
Scope has updated its sub-sovereign methodology by integrating ESG factors into the core analytical framework and enhancing the institutional and individual credit profile assessments. No rating changes are expected as a result of this update.

11/9/2025 Research EN
Cyprus: robust fiscal performance and sustained declines in NPLs strengthen country’s resilience
Cyprus’s public debt is set to fall below 60% of GDP this year driven by robust growth and prudent fiscal policy while bad debts on bank balance sheets continue to decline, offsetting risks from a challenging geopolitical and external environment.

10/9/2025 Research EN
Climate risk in covered bond ratings can have counterintuitive credit impacts
Housing, the main collateral for covered bonds, contributes more than a third of Europe’s GHG emissions. Yet while climate change can significantly amplify credit risk in covered bonds, mitigation can add more credit risk than actual climate impacts.