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…

Bankinter | Preliminary CPI rises less than expected in September. Year-on-year 1.2% versus 1.3% expected versus 0.9% in August. In month-on-month terms, negative 1.0% versus negative 0.9% versus a rise of 0.4% previously. Producer prices rise (year-on-year) 0.1% versus 0.5% previously (revised from 0.4%). In month-on-month terms, down 0.2% versus 0.5% previously (revised from increase of 0.4%). Finally, consumer spending (year-on-year) fell 0.8% versus 0.3% expected and 0.4% previously (revised…