Making Europe Great Again

Bloomberg: “For years, there was little reason to look beyond the U.S., where soaring tech giants and relentless economic strength fueled an era of market dominance. But doubts have grown around the U.S. exceptionalism trade due to uncertainty from Donald Trump’s tariff policies and government job cuts — and Europe is emerging as a beneficiary.”

“The pan-European Stoxx 600 outpaced the S&P 500 by nearly 17 percentage points this quarter in dollar terms — a record outperformance. The rally — a surprise amid expectations that Trump’s ‘America First’ agenda would have the opposite effect — has left both skeptics and bulls asking if this is the start of a lasting revival, or just a fleeting moment.”