Geopolitical tensions, continued political uncertainty in France, and poor operating efficiency may cloud the outlook for French banks in 2026 in an otherwise supportive operating environment where stable interest rates favour improved profit margins.

The Trump administration’s escalation of political pressure on the Federal Reserve underlines the White House’s increasingly unconventional policy approach which has placed pressure on the long-standing checks and balances of US governance.

The EU NPL ratio continues to be low and stable, but corporate NPLs are elevated in some core countries. At a time of rising geopolitical risk, trade tensions and an uncertain economic outlook, we expect a modest deterioration in asset quality.

The proposed new methodology lays out Scope’s analytical approach for telecommunication companies. The methodology as proposed is expected to have no rating impact on outstanding ratings if implemented as proposed.

BP’s appointment of Meg O’Neill, the CEO of Woodside Energy, as the first woman and the first outsider to head the integrated oil and gas company (IOC), completes the reset of top management and strategy.

Norway’s power utilities are facing rising capex demands against a constant call on cash to pay dividends to municipal owners. This is creating a cash squeeze on utilities in the north of the country.

The European retail sector, particularly in food and electronics, continues to face a challenging operating environment shaped by shifting consumer behaviour, rising cost pressures and investment-heavy structural transformation, says Scope Ratings.

Europe’s telecoms operators are on course to reduce leverage to the lowest level in a decade as the capex cycle continues to turn down over the next two years, assuming no major outlays on M&A and technology.

We have a balanced base case for European banks going into 2026. Profitability is resilient, asset quality and capital buffers are solid. We have upgraded our profitability forecasts for 2026 and 2027. But several risk factors could test the outlook.

Economic growth across the CEE region in 2026 will hinge on the effective absorption of EU funds and the recovery in external demand, which will be crucial for investment and productivity dynamics.