‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis. Following the shutdown, the resumption of macro data releases will enable an assessment of the US economy, which is showing signs of a labour market slowdown, while consumer spending and investment remain resilient. In the Eurozone, growth is stabilising, consumer spending remains resilient and investment is growing, providing a basis for further support in 2026, in view of the defence and infrastructure plans. Discover Eurizon's positioning for December 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 26.11.2025.