Davy Morning Equity Briefing
Dec 17, 2025
Kenmare
Update on WCP A and 2025 guidance
Kenmare has issued a statement providing an update on the upgrade of its Wet Concentrator Plant A (WCP A). Operating performance has improved and further measures are being taken to resolve issues that have emerged. Production and shipments guidance has been lowered for 2025.
Irish economy
New forecasts: risks are tilted to the upside of consensus
For Ireland and the global economy more broadly, 2025 has been a year characterised by economic resilience to disruptive trade developments and geopolitical tensions. An important factor underpinning this outcome is new technology, from which Ireland’s economy has long been well-placed to benefit. While downside risks remain ever abundant, we find that new policies to support housing and infrastructure in Ireland imply that upside risks are likely to crystallise. We also find that consumer spending and employment growth remain strong heading into 2026. As such, we remain comfortable with our above-consensus forecast for Ireland’s national income to grow by 4-5% a year in real terms.
UK economy
UK inflation lands well below consensus in November
Annual UK inflation fell well below consensus expectations in November, reaching 3.2% compared to a 3.5% consensus figure. The declines were quite broadly based, and core inflation also undershot expectations. Last month, the Bank of England (BoE) noted concerns that there could be a material undershoot to inflation owing to a weak backdrop for the labour market and economy-wide demand; we expect four more cuts to Bank Rate next year.
