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 FOMC kept the target range for the Fed Funds rate at 4.25% - 4.5% at the 18-19 March meeting, as widely expected.</li><li>Jerome Powell and the committee have started to price in downward risks to economic activity and upward risks to inflation.</li><li>In the short term, the stability of the dot plots, the downplaying of the long-term tariff related risks and the consistent message of patience are aimed, implicitly, at providing stability in the midst of the current turmoil.</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 FOMC kept the target range for the Fed Funds rate at 4.25% - 4.5% at the 18-19 March meeting, as widely expected.Jerome Powell and the committee have started to price in downward risks to economic activity and upward risks to inflation.In the short term, the stability of the dot plots, the downplaying of the long-term tariff related risks and the consistent message of patience are aimed, implicitly, at providing stability in the midst of the current turmoil.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>We are almost a week away from a vote that could change the face of Germany.</li><li>On 18 March, the Bundestag will decide on the adoption of two structural defence and infrastructure projects.</li><li>A massive budget plan that could exceed EUR 1,000 billion over the next ten years and revive German growth, which has been absent for almost 3 years.</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.

We are almost a week away from a vote that could change the face of Germany.On 18 March, the Bundestag will decide on the adoption of two structural defence and infrastructure projects.A massive budget plan that could exceed EUR 1,000 billion over the next ten years and revive German growth, which has been absent for almost 3 years.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>Inflation has probably eased in February, particularly in France due to the marked cut in the regulated electricity price.</li><li>However, this overall movement masks divergent trends.</li><li>Although disinflation is becoming more widespread (two-thirds of the components in Insee’s index show inflation below 2% y/y in January in France), prices continue to rise rapidly in services, in France as well as elsewhere in the Eurozone.</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.

Inflation has probably eased in February, particularly in France due to the marked cut in the regulated electricity price.However, this overall movement masks divergent trends.Although disinflation is becoming more widespread (two-thirds of the components in Insee’s index show inflation below 2% y/y in January in France), prices continue to rise rapidly in services, in France as well as elsewhere in the Eurozone.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.

February Inflation: Sharp Drop Expected in France, Stability in the Rest of the Eurozone

<ul><li>The result of the German election reveals a clear winner: the CDU/CSU.</li><li>Only five parties were able to enter parliament, thereby reducing the fragmentation of the Bundestag. A grand coalition with the SPD is possible.</li><li>Negotiations should begin soon to establish a common roadmap. </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 result of the German election reveals a clear winner: the CDU/CSU.Only five parties were able to enter parliament, thereby reducing the fragmentation of the Bundestag. A grand coalition with the SPD is possible.Negotiations should begin soon to establish a common roadmap. 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 deficit on the trade in goods published by the French Customs authorities on 7 February is likely to have been EUR83 billion for 2024, from EUR100 billion in 2023 (but EUR58 billion in 2019).</li><li>The improvement in the nominal deficit hides the fall in goods exports.</li><li>However, the improvement in the balance in volume terms and the strength of services exports are positive factors.</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 deficit on the trade in goods published by the French Customs authorities on 7 February is likely to have been EUR83 billion for 2024, from EUR100 billion in 2023 (but EUR58 billion in 2019).The improvement in the nominal deficit hides the fall in goods exports.However, the improvement in the balance in volume terms and the strength of services exports are positive factors.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.

France: Trade Deficit Down and Current Account Nearly in Balance