The following data describing the economic parameters are based on S&P Global Market Intelligence.
The ongoing uncertainty with respect to international supply chains and the impacts of geopolitical conflicts continued to weigh on business and consumer sentiment in many countries. In Europe, moderately improving leading indicators in the first half of 2025 have fueled hopes of a gradually emerging recovery in industrial activity, but the risk of a renewed setback remains relatively high, given the global political instability.
The European Central Bank eased its monetary policy recently, albeit signaling that the remaining leeway for rate cuts is limited. In the United States, the Federal Reserve has paused its rate-cutting cycle for the time being due to the inflationary risks of US tariffs.
