European growth is gaining momentum. Leading indicators confirm the recovery. Inflation stabilizes. The ECB takes a break. Moderate outlook for bonds. More favorable environment for real estate and equity markets.

Key points

• European recovery takes hold in Q3
• A positive end to 2025
• Leading indicators confirm the upturn
• Household confidence finally confirms its rebound
• Towards price stabilization at the end of the year
• The ECB takes a break, the downward cycle is over
• Stability expected on the bond markets
• The interest rate differential, a new driver for the euro
• Securitized real estate remains undeniably attractive
• A new, more favorable environment for European equities

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