Recent resilience in eurozone activity, including a revised-up 0.6% quarter-on-quarter GDP gain in Q2 2026 and stronger-than-expected private consumption plus net exports, has lifted consensus forecasts for full-year 2026 growth to 0.9–1.0% from institutions such as the ECB, S&P Global, and Fitch. Persistent energy-price pressures from Middle East tensions, uneven performance across Germany, France, and Spain, and fading fiscal support create a narrow contest between the 0–1.0% and 1.0–2.0% brackets. Traders are weighing the durability of the recent momentum against downside risks from higher input costs and any winter energy volatility, with Q3 flash data due later this month serving as the next key catalyst for shifts in implied probabilities.