Eurozone Q2 GDP resilience: the bloc grew THROUGH the Middle East energy shock rather than contracting — eurozone +0.4% QoQ, Germany +0.2% (export-led as Asian competitors bore the harder Hormuz hit), Netherlands +0.4%, Italy +0.2%. Mechanism: a growth-not-recession read removes a key dovish counterweight and reinforces the >90%-priced September ECB hike, and feeds the US-vs-Europe growth-divergence FX debate. Bears on 6E (rate/growth support), ZN/Bund (European rates), CEE crosses. Distinct from the disinflation-undershoot and deindustrialisation legs.