External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Global growth is slowing, as the US tariff shock drives an unwind of the frontloading of exports that occurred in Q1</li><li>While the tariff hit to growth remains significant, the deals struck over the summer – to the extent that they stick – have limited the downside risks</li><li>Interest rate cuts and other forms of policy support are a cushioning factor in the eurozone and China, while in the eurozone specifically, defence spending, and in Germany new infrastructure spending will support growth in late 2025 and into 2026</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Global growth is slowing, as the US tariff shock drives an unwind of the frontloading of exports that occurred in Q1While the tariff hit to growth remains significant, the deals struck over the summer – to the extent that they stick – have limited the downside risksInterest rate cuts and other forms of policy support are a cushioning factor in the eurozone and China, while in the eurozone specifically, defence spending, and in Germany new infrastructure spending will support growth in late 2025 and into 2026Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key views Global Monthly August 2025