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27/9/2023 Research EN
Credit Lines: European companies need to readjust to high real rates as disinflation sets in
Poor business sentiment in Europe has led to a rapid worsening in growth forecasts as companies grapple with higher borrowing and wage costs. Disinflation provides some relief, but the reality is that firms have yet to fully adjust to higher real rates.

14/9/2023 Research EN
BP: a new CEO will inherit a financially sturdy company, with strategic challenges to meet
BP PLC is in rude financial health notwithstanding Bernard Looney’s unexpectedly shortened tenure as CEO, but his successor may have to revisit vexatious questions about the oil and gas giant’s long-term strategy for addressing the energy transition.

7/9/2023 Research EN
The Wide Angle: Mandatory sustainability disclosure should not run ahead of corporate reality
The EU is in the vanguard of the global push to achieve net-zero by 2050. It has achieved this position while reining in excessive political zeal around climate change. Mandatory disclosure should not run too far ahead of on-the-ground corporate realities

7/9/2023 Research EN
STC invests in Telefonica in politically sensitive move as cross-border synergies remain elusive
In a European telecoms industry still dominated by former national monopolies such as BT, Deutsche Telekom, Orange and Telecom Italia, nationality remains important – which is why Saudi Telecom Co’s investment in Spain’s Telefónica raises many questions.

25/8/2023 Research EN
Credit Lines: German businesses face bumpy months ahead; energy concerns linger
Germany’s economy is headed for an increasingly hard landing. Industrial, services and trade data continues to disappoint. Leading indicators out this week, such as PMIs and the IFO survey, suggest that weak activity may persist for some time.

24/8/2023 Research EN
European construction: healthy backlog supports stable outlook, thin margins remain challenge
The credit outlook for companies in the European construction industry remains mostly stable due to healthy order backlogs despite the uncertain economic environment. The squeeze on margins is pushing more firms to expand their concessions activities.

8/8/2023 Research EN
Italy has 30% exposure to EUR 32.7trn of modelled revenue losses from EU drought risk
Heatwaves are becoming more intense and persistent, exposing several regions to drought risk. Drought could cost Italy EUR 10 trn out to 2050, 8.3% of the country’s per capita GDP and 30% of the EUR 32.7 trn hypothetical loss for the whole of the EU.