Monthly Coffee Break

As Lionel Richie put it in his 1980’s hit, “What is happening here? Something’s going on that’s not quite clear.”

After a sustained period of outperformance versus other regions, European equity markets have underperformed in recent weeks. This shift was marked by a notable rotation into US technology stocks during the month of June.

June proved to be a fraught month for market participants—marked not only by record-breaking heatwaves, but also by a barrage of geopolitical and macroeconomic developments that tested investor nerves.

Markets have benefited from the de-escalation of the tariffs narrative but uncertainty levels remain very high.