External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Global growth expected to slow in the near term, 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, and the global economy (especially the US) will continue to be weighed by high policy uncertainty, downside risks have eased</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 expected to slow in the near term, as the US tariff shock drives an unwind of the frontloading of exports that occurred in Q1While the tariff hit to growth remains significant, and the global economy (especially the US) will continue to be weighed by high policy uncertainty, downside risks have easedInterest 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 June/July 2025