Fiona Sincotta

Yeah, so we've seen a real change in sentiment.

We've seen European markets have set off the day significantly stronger as risk sentiment returns and investors are more optimistic about the outlook as President Trump denounced that he will be withdrawing tariff threats.

So, you know, those concerns that had been over sort of potential impact to corporate earnings, to, you know, broader economic growth and to inflation are

have all calmed down.

And as a result, we're seeing investors buying into equities once again.

And we're also seeing those safe havens, so that gold and silver coming off as investors feel more optimistic about the outlook.

That's right.

The so-called taco trade, right?

Trump always chickens out.

It seems to be becoming a bit of a trend.

I think the thing is with Trump is he's so unpredictable.

It's always difficult to know whether he will actually go ahead with those threats or not.

Obviously, if he does go ahead with those threats, such as trade tariffs,

These are big moves that he's threatening that would have a large impact on corporations' earnings, on global growth, on the inflation in several countries.

So that's why the market is nervous when he makes those threats.

But then we do see and we have been seeing this tendency for Trump to then rein in or row back on those threats.

And then we see this recovery and a rebound in market sentiment.

I mean, there is a sense, right?

If we think back to sort of Liberation Day, I mean, the move that we saw in the markets, obviously, that was a much larger scale than what we've

seen from Trump just with the tariff threats on eight countries.