Q3 results in the US have been particularly strong, with earnings and margins surprising to the upside. Europe has been more mixed, though underlying trends look more resilient, after accounting for sector and FX effects. At the same time, dispersion is rising. In this week’s podcast, Dorothée Deck, Head of Cross Asset Strategy, explores how strong numbers in the US are not always rewarded, while even modest disappointments face sharper reactions ‒ a clear sign that investors are becoming more discriminating.