EU UTILITIES: Terna: 3Q25 Results

Following Prime Minister Sebastien Lecornu's general policy speech, in which he announced the suspension of the 2023 pension reforms to Jan 2028, the reaction of the various groups and parties in the National Assembly will prove crucial to the prospects of both the gov't avoiding an immediate censure motion and getting its budget passed in parliament. 

• Leader of the Republican Right (the parliamentary group of the conservative Les Republicains), Laurent Wauquiez, said his bloc would not vote in favour of the censure of the Lecornu gov't, saying "We do not censor a government a priori and we will not be among those who bring down prime ministers."
• Leader of the environmentalist Ecologists group in the National Assembly, Cyrielle Chatelain, said her group will vote alongside the far-left La France Insoumise (LFI) in favour of the censure of the gov't, dismissing the suspension as 'only temporary'.
• French Communist Party (PCF) leader Fabien Roussell welcomed the suspension. Ahead of Lecornu's speech, his group said it would vote in favour of censure. It remains to be seen whether the suspension will alter this stance.
• Crucially, there is no formal confirmation of whether the centre-left Socialist Party (PS) will instigate a censure motion. PS National Assembly leader Boris Vallaud will be the penultimate party/group leader to speak, at around 17:30CET (11:30ET, 16:30BST). PS First Secretary Olivier Faure will speak on TF1 at 20:00CET. With LR set to oppose a censure motion, the actions of the PS will determine the Lecornu gov't's fate. 

Comments from ECB President Lagarde on CNBC are fully in line with her previous stance:

• "*LAGARDE: ECB GENERALLY IN A GOOD PLACE" Bloomberg
• "*LAGARDE: MONETARY POLICY IN EUROPE HAS DONE ITS JOB" Bloomberg
• "*LAGARDE: ECB WELL-POSITIONED TO RESPOND TO POTENTIAL SHOCKS" Bloomberg
• "*LAGARDE: RISKS TO INFLATION OUTLOOK `FAIRLY BALANCED'" Bloomberg
• "*LAGARDE: RISKS TO ECONOMIC OUTLOOK ARE MORE BALANCED" Bloomberg

She noted on Sep 30 that "We are in a good place today, but that place is not fixed. Our task is to sustain it with agility, humility and a firm grounding in the data"

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