Tariff Talk Is Loud. Europe’s Turnaround Is Louder.
Trump Tweets ≠ European Macro
Tariff headlines tied to Greenland make good copy, but the numbers barely matter. Growth has stopped contracting, earnings downgrades have paused, flows are turning, and Europe is still underowned. It’s not good, but after years of bad, getting less bad is how turns begin. Brace for short-term headline volatility, but do not get shaken out of the trade.