According to the ECB's survey on corporate financing conditions for the second quarter of 2026, the Middle East conflict clearly disrupted the expectations of Eurozone companies: net 79% expect investment costs to rise in the next 12 months, net 58% expect sales prices to rise, net 43% expect wages to rise; and 40% of net corporate profits are expected to turn negative. In terms of risk exposure, the trading industry, exporters, and SMEs were hit the hardest: 35% of SMEs scored 7 points or more on a 10-point scale, compared to only 28% of large enterprises. Business employment growth expectations fell from 1.4% in the first quarter before the war to 1.0% in the second quarter. About two-thirds of companies have already begun to respond: 36% seek alternative suppliers, 31% increase energy efficiency investments, and 29% change energy channels. The mid-June memorandum of understanding between the US and Iran had limited impact on business expectations, and geopolitical risks continued after the restart of the maritime attacks in early July.

According to the ECB's survey on corporate financing conditions for the second quarter of 2026, the Middle East conflict clearly disrupted the expectations of Eurozone companies: net 79% expect investment costs to rise in the next 12 months, net 58% expect sales prices to rise, net 43% expect wages to rise; and 40% of net corporate profits are expected to turn negative. In terms of risk exposure, the trading industry, exporters, and SMEs were hit the hardest: 35% of SMEs scored 7 points or more on a 10-point scale, compared to only 28% of large enterprises. Business employment growth expectations fell from 1.4% in the first quarter before the war to 1.0% in the second quarter. About two-thirds of companies have already begun to respond: 36% seek alternative suppliers, 31% increase energy efficiency investments, and 29% change energy channels. The mid-June memorandum of understanding between the US and Iran had limited impact on business expectations, and geopolitical risks continued after the restart of the maritime attacks in early July.