The small upward revision to the euro-zone's third-quarter GDP growth, from +0.2% to +0.3% q/q, does not change our view that there has been no meaningful increase in momentum in the second half of the year. We expect growth to remain fairly subdued in 2026, as monetary policy easing is proving ineffective, fiscal policy will be loosened only slightly, and consumer confidence remains weak.
Will the AI bubble continue to inflate? How will US-China tensions shape trade flows? Will a new Fed chair lead to much lower US rates? We’ll be highlighting what we expect to be the key drivers of macro and markets in the coming year in online Drop-In briefings on Wednesday, 10th December. Register here for our World in 2026 Drop-Ins.
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