Global equity markets advanced steadily through the third quarter, supported by a combination of constructive policy developments, resilient economic fundamentals, and stronger-than-expected corporate earnings results.

A key tailwind was the improvement in trade policy visibility. The U.S. secured agreements with several trading partners on terms that were considerably less restrictive than initially anticipated, easing concerns about a protracted global trade conflict. Meanwhile, the U.S. economy demonstrated notable upside: second-quarter GDP growth was revised upward to 3.8% from the initial 3.0% estimate, led by a meaningful positive revision to consumer spending.