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First, HSBC is reportedly restructuring its compensation model to tilt more heavily toward performance based bonuses, according to Bloomberg. The move ties compensation closer to bottom line results, and equity markets seem to like the cost - discipline angle; shares are holding up well on the news. Second, Germany just revised its 2026 GDP growth forecast upward to 1.3%. After a sluggish stretch for Europe's largest economy, the upgrade reflects improving sentiment around exports and resilient domestic spending. Between banking cost structures tightening up and a bit of momentum returning to German manufacturing and consumer demand, the macro picture in Europe is showing some quiet resilience heading into the back half of the year.