External broker reports(aggregated public sources), BNP Paribas

BNP Paribas

External broker reports(aggregated public sources)

Based in Paris, BNP Paribas' Economic Research Department is composed of economists and statisticians: The OECD Economics team, in charge of macroeconomic and financial forecasts, and the team of statisticians, both headed by Hélène Baudchon. The Emerging Economies and Country Risk team, led by François Faure and assisted by Christine Peltier, responsible for assessing country risk and its components. The Banking Economics team, led by Laurent Quignon, studies the banking systems of major developed countries and the impact of prudential standards. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>The Italian economy has seen strong recovery since the end of the Covid-19 pandemic.</li><li>Since 2021, its annual growth has far exceeded that recorded on average in the eurozone, thanks to the implementation of expansionary fiscal policies, which have buoyed consumption and investment, and the gradual recovery of tourism.</li><li>Since the beginning of 2023 however, economic activity has started to moderate, due to an unfavourable international environment and the gradual abolition of these fiscal measures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Italian economy has seen strong recovery since the end of the Covid-19 pandemic.Since 2021, its annual growth has far exceeded that recorded on average in the eurozone, thanks to the implementation of expansionary fiscal policies, which have buoyed consumption and investment, and the gradual recovery of tourism.Since the beginning of 2023 however, economic activity has started to moderate, due to an unfavourable international environment and the gradual abolition of these fiscal measures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Italy: growth is up but significant fiscal imbalances remain

<ul><li>Since the beginning of 2024, the Nigerian authorities have accelerated the implementation of reforms aimed at curbing the deterioration in external accounts and restoring macroeconomic stability.</li><li>By relaxing the exchange rate regime and raising interest rates, the central bank has sent a strong signal to foreign investors.</li><li>However, it will take time and the implementation of major structural reforms for capital inflows to take off significantly and durably.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Since the beginning of 2024, the Nigerian authorities have accelerated the implementation of reforms aimed at curbing the deterioration in external accounts and restoring macroeconomic stability.By relaxing the exchange rate regime and raising interest rates, the central bank has sent a strong signal to foreign investors.However, it will take time and the implementation of major structural reforms for capital inflows to take off significantly and durably.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Ley Bases (a set of measures designed to liberalise the economy and, more generally, society) presented by Javier Milei after his inauguration last December was finally adopted at the end of June.</li><li>As the President's party has no majority in either the Chamber of Deputies or the Senate, the final version was watered down.</li><li>However, it is a victory for Milei, who is racing against time between an economy sinking into deep recession and the first signs of disinflation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Ley Bases (a set of measures designed to liberalise the economy and, more generally, society) presented by Javier Milei after his inauguration last December was finally adopted at the end of June.As the President's party has no majority in either the Chamber of Deputies or the Senate, the final version was watered down.However, it is a victory for Milei, who is racing against time between an economy sinking into deep recession and the first signs of disinflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Claudia Sheinbaum was elected President of Mexico on 2 June.</li><li>The political and economic challenges she will face during her mandate are numerous, and mainly concern the sustainability of public finances, the reform of the energy sector (a particularly sensitive point in Mexico, especially in the context of nearshoring and renewed appeal to foreign investors) and the renegotiation of the trade treaty with Canada and the United States (UMSCA) in 2026.</li><li>In the short term, as a member of the Morena party of the former outgoing President, the new President needs to find the appropriate distance from Andres Manuel Lopes Obrador and his supporters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Claudia Sheinbaum was elected President of Mexico on 2 June.The political and economic challenges she will face during her mandate are numerous, and mainly concern the sustainability of public finances, the reform of the energy sector (a particularly sensitive point in Mexico, especially in the context of nearshoring and renewed appeal to foreign investors) and the renegotiation of the trade treaty with Canada and the United States (UMSCA) in 2026.In the short term, as a member of the Morena party of the former outgoing President, the new President needs to find the appropriate distance from Andres Manuel Lopes Obrador and his supporters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The messages sent out by the Brazilian financial markets and those of the real economy have become increasingly incongruent.</li><li>Robust economic growth, low unemployment and relatively subdued inflation have become steadily overshadowed by rising political and fiscal risks, which have weighed more heavily on the currency, equity prices and the yield curve.</li><li>Lula's parliamentary setbacks, his frictions with the Central Bank and increased interventionism have rattled investors already shaken by major revisions to global and local interest rate projections.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The messages sent out by the Brazilian financial markets and those of the real economy have become increasingly incongruent.Robust economic growth, low unemployment and relatively subdued inflation have become steadily overshadowed by rising political and fiscal risks, which have weighed more heavily on the currency, equity prices and the yield curve.Lula's parliamentary setbacks, his frictions with the Central Bank and increased interventionism have rattled investors already shaken by major revisions to global and local interest rate projections.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Brazil: the real economy and markets - the quest for synchronicity