Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 5
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, the Bank of England cut interest rates to 4% in August.                     |
|         |     | Portugal       |     | +1.8%       |     | The economy returned to growth in Q2 2025, driven by private consumption. The labour market remained strong with the unemployment rate falling to 5.9% in August, reflecting full employment, and real wages grew 3.7%. Headline inflation declined to 2.4% in September, boosted by lower prices in the leisure, culture and hospitality component, and core inflation fell to 2.0% amid continued rigidity in service prices. Public finances were solid, with a fiscal surplus, debt reduction and an improved sovereign credit rating.                      |
|         |     | Poland         |     | +3.4%       |     | GDP growth accelerated in Q2 2025 on the back of stronger consumption, although investment declined following a very strong Q1 2025. The labour market, while still solid, is weakening. The unemployment rate rose to 5.6% in September and wage growth slowed to 7.1% in August. Inflation continued to ease, reaching 2.9% in September which led the central bank to cut interest rates to 4.5% in October.                                                                                                                                                 |
|         |     | United States  |     | +2.1%       |     | Leaving aside the volatility caused by bringing forward imports, the economy slowed down in the first half of the year, although by less than expected. Labour market cooling became more evident, with the unemployment rate at 4.3% in August. Even though inflation remained elevated (3.0% in September), increased risks to employment led the Fed to resume interest rate cuts in September, lowering rates by 25 bps and setting the federal funds target range at 4.0%-4.25%.                                                                           |
|         |     | Mexico         |     | 0.0%        |     | The economy surprised to the upside in Q2 2025, with 0.6% quarterly growth, driven by expansion in industry and services. The labour market remained resilient, with low unemployment (2.7%). The annual headline inflation rate was below 4% (3.8% in September) but core inflation remained sticky at 4.3%. The central bank continued to cut the official interest rate, albeit at a more moderate rate, -25 bps per meeting, reaching 7.