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In the euro area, while the service sector shows growth, manufacturing continues to decline, with PMI indices indicating a troubling contraction at 45.72 and no signs of recovery. The ECB's September meeting minutes highlight weak growth in Germany, the region's largest economy, as a significant concern impacting overall euro area growth amid structural challenges.
The French government has unveiled its 2025 Finance Bill, featuring a revised income tax scale and new taxes targeting the wealthiest individuals and large corporations to address a looming deficit. Key measures include an increase in the solidarity tax on airline tickets and the extension of zero-rate loans for first-time buyers. Additionally, pension increases will be indexed to inflation with a six-month delay, while budgets for the Army and Health remain stable amidst efforts to support farmers and address public spending.
The Global Digital Payment in Healthcare Market, valued at USD 10.4 billion in 2023, is projected to reach USD 21.62 billion by 2029, growing at a CAGR of 12.80%. This growth is driven by the rise of telehealth services, demand for enhanced patient experiences, and the need for regulatory compliance and data security. North America leads the market, supported by advanced technology infrastructure and significant investments in digital payment solutions.
The French government plans a significant budget overhaul to reduce the deficit, targeting 40 billion euros in spending cuts and 20 billion euros in tax increases. Key measures include a surtax on the wealthiest households and higher corporate taxes for large companies, alongside cuts to social security contributions and subsidies. With public debt soaring to 112% of GDP, the aim is to lower the deficit to 5% by 2025 and below 3% by 2029, amid a challenging political landscape.
A paradigm shift in taxation is being called for by the Socialist group, proposing an increase in corporate tax for polluting companies and an additional contribution on large firms' exceptional profits. Meanwhile, the French government plans to reduce Medicare reimbursements, impacting 2.5 million uninsured citizens, as it seeks to address a widening Social Security deficit projected at 18 billion euros for 2024. The upcoming 2025 budget aims for significant savings and tax increases to meet European deficit reduction commitments.
The French government aims to reduce the Social Security deficit to 16 billion euros by 2025, implementing measures such as a 2% revaluation of income tax brackets and a new tax on share buybacks by large corporations. A record 300 billion euros will be raised on the markets to finance spending, while a temporary contribution will target wealthier households. The High Council for Public Finance has deemed the budgetary approach "fragile," suggesting reliance on tax increases rather than expenditure cuts.
Pension increases will be postponed until July 2025, aiming to save 4 billion euros amid lower inflation expectations. The Social Security Financing Bill forecasts an 18 billion euro rise in spending, with significant cuts in health insurance reimbursements and sick leave compensation. Overall, the government seeks to contain the deficit to 16 billion euros next year.
GBP/USD found support at the 55-day SMA of $1.3066, with the $1.30 mark being crucial for the medium-term trend. If this level fails, the September low of $1.3002 and the 200-day SMA at $1.2784 could come into play. Meanwhile, EUR/JPY is trading below the ¥162.89-to-¥164.24 resistance area, while USD/JPY aims for key resistance levels.
IG
Glarner Kantonalbank (GLKB) shares closed at EUR 22.90 on October 9, 2024, marking a 0.22% increase and a 2.00% gain over the past month, despite a 6.15% annual decline. The bank boasts a 4.80% dividend yield and a P/E ratio of 11.89, indicating solid financial health. A recent analysis suggests shareholders may need to consider their next steps.
Glarner Kantonalbank (GLKB) shares closed at EUR 22.90 on October 9, 2024, marking a 0.22% increase and a 2.00% gain over the past month, despite a 6.15% annual decline. The bank's solid financials include a 4.80% dividend yield and a P/E ratio of 11.89, indicating stability in a challenging market. Investors are urged to consider their options as new analyses suggest a need for action regarding their holdings.
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