It’s the “Whatever it takes” moment for future German Chancellor Friedrich Merz. In our Global Outlook client presentations, we have repeatedly said that “Europe is cheap, it’s cheap for a good reason, and we would not be courageous to buy Europe only for the reason it is cheap, we need a strong catalyst”. Here we go: can the situation get any better? We take a positive view on the latest developments in Europe but are cautious not to chase the rally waiting for a better entry point, especially as uncertainty runs phenomenally high around Trump tariffs.

Click here to download the CIO perspectives