A seismic shift against the Trump administration...

"It's hard to decide which one I like the most. It is almost like you have two children and have to decide which one is more beautiful."

Accountability begins...

U.S. officials have said they view European speech regulations as censorship...

Macron interview: Trump is being "openly anti‑European" & dismantling EU security...

This leadership shift toward growth-sensitive stocks means risk sentiment is now more exposed to incoming economic data than previously...

Strong inflows, easing financial conditions, and resilient growth are reshaping the outlook for emerging markets. And BlackRock stops just short of saying "it is different this time".

CEO Arturo Pires de Lima, who took over in October, is focused on reducing excess inventory and repairing dealer relationships...

...weakest YoY retail sales growth since Sept 2024 (after strong November)

“What’s at stake with this week’s US data is to know whether we can move from a K- to a V-shaped rebound. There are signs that the US consumer’s morale is improving, but we’re not there yet. It’s clearly the objective of the Trump administration ahead of the midterms.”

"The board has decided to suspend the share buyback and fully allocate excess..." 

"The UBS Luxury basket {UBXELUX} is up 1.9% on Kering results after Q4 sales fell less than anticipated, boosting hopes of a turnaround. Positioning exacerbating..." 

Boomer Esiason says the players should block any future Super Bowls in California...

In sum, the macro backdrop remains stable, the broader AI theme is intact (albeit with greater investor scrutiny), and the current combination of high-volatility factor rotations and elevated correlations should provide good opportunities...

...the investor rotation in hard assets can keep several metals prices high for longer, including above what physical fundamentals justify...

Given details thus far, how exactly is this "exporting"?

As money keeps pouring into companies that will never be profitable, concerns grow about the wider impact on the economy...