With over 2,000 companies having reported, the Q3 2024 results season for rated nonfinancial corporates is 77% through. Excluding resource companies, global EBITDA growth is rising at its fastest annual rate (+8.1%) since Q2 2022. However, this improvement is margin driven rather than reflecting strong revenues. Measured at an annual rate, global revenues for companies rated by S&P Global Ratings that report quarterly are up 0.9% based on current results, and 2.2% if commodity-linked sectors are excluded. Technology companies lead the growth contribution tables -notably NVIDIA, Amazon, Alphabet, and Microsoft - while oil companies have the biggest negative impact on EBITDA growth. Interest-rate pressure is continuing to abate. Transcript sentiment analysis shows a widening of the already substantial gap between more optimistic North American companies and their gloomier peers in Asia-Pacific and Europe.