After a slow start, Europe’s vaccine rollout picked up speed in May, leading to an accelerating activity restart. Eurozone economic data and confidence indicators have remained robust, and earnings revision ratios are still improving in the region while stalling elsewhere. Our Fundamental European Equity team notes that alongside the supportive macro backdrop, attention has come back to company fundamentals after strong Q1 and Q2 earnings seasons that saw many companies deliver beats and upgrades. Rising virus cases could pose a risk, yet vaccines have so far proven effective against new variants and hospitalisations remain well below previous peaks. Should this continue, any rise in cases would likely be a temporary bump in the path of the overall restart.