The euro is king
Five charts to start your day
Donald Trump’s tariff tango is shaking the old hierarchy. The euro just touched a three‑year high. German bunds out‑performed Treasuries by the widest margin on record. European shares, bruised but resilient, are up roughly 10 percent this year while the S&P 500 is down eight.
Why the glow‑up? Investors question whether US assets are still the ultimate haven when policies whipsaw weekly. Germany’s pledge of hundreds of billions for defence and infrastructure adds fiscal muscle just as the ECB gears up to cut rates.
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