European Cyclicals Have Priced In Massive Improvement And Unrealistic Upside

By Michael Msika, Bloomberg Markets Live analyst and reporter

With tariffs back atop the list of worries after being ignored for weeks, there’s an argument that a little caution may actually be good for this market.

Friday’s price action was quite telling: we saw decent selling of stocks reliant on good news about the economy, while defensives held up well. The problem created by cyclicals’ stellar performance this year is that