Both the Eurozone and the US grew 0.4% q/q in Q2 2026. It confirms that European growth rests on foundations solid enough to absorb this kind of shock. Country-level detail was incomplete on the day, but manufacturing business sentiment held firm across the board in H1, underwritten by a set of drivers (AI, defence, electrification, aerospace). But it remained robust, powered by AI investment and accelerating household consumption. France: growth led by aerospace, electrification and healthcareThe rebound we had flagged duly occurred in Q2, at 0.2% q/q, as anticipated by our nowcast of July 23.