Looking forward, slowing growth, persistent geopolitical frictions and a delayed easing of financing conditions would push up corporate insolvencies by +2% in 2025 before stabilizing at high levels in 2026. In the US, we expect bankruptcies to increase by +12% in 2025 (reaching a total of 27,800 companies) before falling by -4% in 2026. In Germany, business insolvencies will increase by +4% to 23,000 companies before falling also by -4% in 2026. In France and the UK, the number of insolvencies will decrease slightly by -6% for both countries in 2025 to 63,000 and 27,480 companies filing for insolvency, respectively, and continue to decrease further by -3% and -4% in 2026. Meanwhile in Italy, liquidations will…