JD.com’s arrival in European consumer goods retail sets an important precedent for the sector and represents a further shift in commercial spheres of influence in the region.

Resilient profitability, solid asset quality and capital buffers make for a balanced base case for European banks. Alongside stable expected collateral performance, most covered bond programmes can withstand issuer downgrades of up to three notches.

Scope Ratings has published the performance overview of notes issued by Marzio Finance, a EUR 10bn securitisation programme backed by ‘cessione del quinto’ and ‘delegazione di pagamento’ (CQS) loans originated by IBL Banca.

Geopolitical tensions, continued political uncertainty in France, and poor operating efficiency may cloud the outlook for French banks in 2026 in an otherwise supportive operating environment where stable interest rates favour improved profit margins.

The Trump administration’s escalation of political pressure on the Federal Reserve underlines the White House’s increasingly unconventional policy approach which has placed pressure on the long-standing checks and balances of US governance.

Collections in November 2025 were around 40% below the three-year average for the month, and 3% lower than October. In absolute EUR terms, volumes received between September and November were stable in a narrow range.

The EU NPL ratio continues to be low and stable, but corporate NPLs are elevated in some core countries. At a time of rising geopolitical risk, trade tensions and an uncertain economic outlook, we expect a modest deterioration in asset quality.

European CMBS issuance accelerated in 2025 to EUR 8.7bn, almost 75% higher than the previous three years combined. We expect the momentum to continue, driven by the growing role of private credit in CRE financing and sustained demand for securitisation.

Our 2026 base case for credit is defined by a resilient economy and tight labour markets. Transaction performance will be supported by an easing in lending and refinancing conditions and robust securitisation structures will support rating stability.

The proposed new methodology lays out Scope’s analytical approach for telecommunication companies. The methodology as proposed is expected to have no rating impact on outstanding ratings if implemented as proposed.