In a context still marked by trade tensions, global activity returned to a more normal pace this summer, following H1 2025 when the effects linked to anticipated trade flows prior to the US customs duty hikes led to uneven growth profiles in some countries. In the United States, growth would appear to have remained robust over the summer, with GDP rising by +1.0% after +0.9% in the previous quarter. In the Eurozone, growth rose slightly (+0.3% after +0.1%), but national performances remained disparate: Spain maintained solid momentum (+0.6% after +0.8%), as did France to a lesser extent (+0.5% after +0.3%), while activity in Germany and Italy stalled in Q3 (0.0% after -0.2%, and +0.1% after -0.1%, respectively). In the United Kingdom, activity slowed (+0.1% after +0.3%). Finally, in China, growth is estimated to have reached +1.1% in Q3, a pace consistent with a year-on-year rise of around 5%, close to its recent trend. Activity in China is still buoyed by foreign trade and seems resilient to the trade tensions with the United States, as Chinese manufacturers have rapidly redirected their sales towards other countries...