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Spending is set as a share of a portfolio the state does not choose. The cushion below it is now thinner than the fund's own expected annual swing

Siemens Energy's grid orders grew 26% over nine months and group capital spending grew 8%. Margins rose two points in the meantime

France and Italy borrow at nearly the same spread over Germany. Italy earned this over years. France reached it in a month

Germany's health reform freezes a payroll charge by capping hospital payment growth below rising costs.

The Commission's December package proposes central supervision of Europe's capital markets. Its scope stops at the dozen biggest, leaving the rest national by design

Berlin's first monitoring report calls the SVIK a strong start. Whether any of it is additional turns on a baseline the law never set

The headline surplus drop is almost entirely a US tariff unwind. The deficit with China is the part that compounds

Siemens Energy, ABB, and others are selling into a supply-constrained AI buildout. The dependency runs both ways.

Markets are pricing a June ECB hike on sustained energy prices. That treats a supply shock as if it were second-round inflation.