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European economy, In Europe 27th October 2025

Eurozone composite PMI rises 1 point to 52.2, highest level in 17 months, but with drop in France to 46.8

Singular Bank | According to preliminary data for October, the Eurozone manufacturing PMI has rebounded slightly to 50.0 points (against 49.8 points in September), representing the eighth consecutive month of increased production in the sector. At the same time, the services PMI rose to 52.6 points (against 51.6 points in September) due to the faster pace of growth in new orders. For its part, the composite PMI for the European…

European economy, In Europe 22nd October 2025

Eurozone current account surplus at €13 billion in August, compared to €25.3 billion in same month in 2024

Link Securities | According to the European Central Bank (ECB), the Eurozone current account surplus stood at €13 billion in August, compared to €25.3 billion in the same month of the previous year. In August, the goods surplus fell to €8 billion from €17.1 billion in August 2024, while the primary income surplus fell to €2 billion from €5 billion. Similarly, the secondary income deficit widened in August to €15…

In Europe 20th October 2025

S&P unexpectedly downgrades France’s credit rating to A+ with stable outlook due to ‘uncertainty over public finances’

Bankinter | S&P unexpectedly downgraded France’s credit rating to A+ with a stable outlook (from AA- with a negative outlook, since February 2025). S&P noted that ‘uncertainty over public finances remains high’ and that in the ‘absence of significant additional measures to reduce the deficit’, consolidation will be ‘slower than previously anticipated’. Furthermore, ‘the lack of visibility on the fiscal consolidation plan is weighing on France’s economic growth’. Bankinter analysis…

European economy, In Europe 16th October 2025

Eurozone industrial production contracts 1.2% in August compared to July

Link Securities | The European statistical agency Eurostat reported that seasonally adjusted industrial production contracted by 1.2% in the Eurozone in August compared to July, significantly less than the 1.8% decline projected by the FactSet consensus of analysts. In August, industrial production fell by 0.2% for intermediate goods, 0.6% for energy, 2.2% for capital goods, and 1.6% for durable consumer goods. Conversely, production increased by 0.1% for non-durable consumer goods….

European politics, In Europe 13th October 2025

Macron reappoints Sébastien Lecornu as Prime Minister for government with little chance of survival

Bankinter | Emmanuel Macron yesterday appointed a new government to be headed once again by Sébastien Lecornu. He made some changes to the Council of Ministers, notably in the Economy and Finance portfolio, with Roland Lescure taking charge of presenting the 2026 budget. The first Council of Ministers meeting will be held tomorrow. Analysis team’s view: Good news, although this new government offers little guarantee of survival. The fragmentation of…

European economy, In Europe 10th October 2025

ECB minutes suggest cycle of rate cuts over, despite continuing impact of US tariffs

Bankinter | ECB minutes from the 10/11 September meeting. Conclusions: Monetary policy is appropriate to respond to the inflation environment in the EMU and the ECB is in a comfortable position to wait for more visibility on fiscal and trade policies. Everything points to the cycle of cuts having ended for now, even if US tariffs continue to impact growth and prices: ‘the current level of interest rates is sufficiently…

In Europe 9th October 2025

Germany improves growth forecasts for 2025 while foreign sector continues to decline

Bankinter | Germany’s trade balance for August increases to €17.2 billion versus €16.3 billion (revised from €14.7 billion). Exports fell by 0.5% versus the rise of 0.2% expected against a 0.2% drop previously (revised from 0.6% down). Imports contracted by 1.3% versus a drop of 0.5% expected against a drop of 0.7% (revised from 0.1% down). Analysis team’s view: The increase in the balance is explained by the more pronounced…

European economy, In Europe 7th October 2025

Eurozone retail sales grow 1% year-on-year in August, compared to 2.1% previously

Bankinter | Retail sales in the Eurozone in August were lower than expected: up 1.0% year-on-year compared to the expected 1.3% and the previous 2.1% (revised from 2.2%). Noteworthy is the decline in France (which recorded a drop of 1.4% against a 1.2% gain previously) and Germany (up 1.8% against 2.9% previously). Analysis team’s view: Despite the weakness of the data, EMU retail sales have fluctuated within a stable year-on-year…

European economy, In Europe 3rd October 2025

Eurozone unemployment rate rises to 6.3% in August, aggregate increase of 11,000 workers

Intermoney | The unemployment rate rose by one tenth of a percentage point in August to 6.3% across the Eurozone as a whole. We could have guessed this once we saw the data, which was somewhat unfavourable and showed an increase of 14,000 in the number of unemployed. At the aggregate level for the eurozone, this increase was 11,000, offset by other more moderate readings. However, we continue to see…

In Europe 2nd October 2025

EC could announce tariffs on imported steel and reduce current quotas next week

Bankinter | The European Commission could announce tariffs on imported steel and reduce current quotas next week, according to press reports. The European Commission could establish a permanent mechanism to raise tariffs on imported steel and reduce current quotas and tariffs, which could reach 50% on imports exceeding those quotas. Bankinter analysis team’s view: If confirmed, this would be good news for companies with a presence in Europe, which would…

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