Luke Vargas

And in the latest test for markets, a number of U.S. financial institutions are set to report first-quarter earnings this morning, including JPMorgan Chase, Wells Fargo, and Morgan Stanley. The U.S. and Iran are scheduled to meet tomorrow for high-stakes nuclear talks in Oman.

And in the latest test for markets, a number of U.S. financial institutions are set to report first-quarter earnings this morning, including JPMorgan Chase, Wells Fargo, and Morgan Stanley. The U.S. and Iran are scheduled to meet tomorrow for high-stakes nuclear talks in Oman.

I asked the journal's Benoit Faucon, who's in Oman, what to expect as Trump's special envoy for Middle East issues, Steve Witkoff, and Iran's foreign minister prepare to meet face-to-face.

I asked the journal's Benoit Faucon, who's in Oman, what to expect as Trump's special envoy for Middle East issues, Steve Witkoff, and Iran's foreign minister prepare to meet face-to-face.

Benoit, this all sounds a bit exploratory, and yet President Trump has threatened to take military action against Iran if no deal is reached. I'll also point out we've reported that some Western officials now see Iran as part of this axis called CRINC, China, Russia, Iran, North Korea, that is now united in defying Western sanctions. In light of that, what is Iran's urgency to make a deal?

Benoit, this all sounds a bit exploratory, and yet President Trump has threatened to take military action against Iran if no deal is reached. I'll also point out we've reported that some Western officials now see Iran as part of this axis called CRINC, China, Russia, Iran, North Korea, that is now united in defying Western sanctions. In light of that, what is Iran's urgency to make a deal?

And back in Washington, the Supreme Court has told the Trump administration to seek the return of a migrant mistakenly sent to a Salvadorian prison, rebuffing government claims that it need do nothing to remedy its error. Thursday's order directed the government to take steps to bring Kilmar Abrego Garcia back to the U.S. from a maximum security facility it sent him to in March.

And back in Washington, the Supreme Court has told the Trump administration to seek the return of a migrant mistakenly sent to a Salvadorian prison, rebuffing government claims that it need do nothing to remedy its error. Thursday's order directed the government to take steps to bring Kilmar Abrego Garcia back to the U.S. from a maximum security facility it sent him to in March.

administration maintained its only error was sending him to El Salvador rather than to a third country, and that federal courts had no power to command officials to retrieve him once he was in custody of a foreign government. Coming up after a whirlwind week for investors, is policy risk here to stay? How likely is a recession and is now a good time for action or patience?

administration maintained its only error was sending him to El Salvador rather than to a third country, and that federal courts had no power to command officials to retrieve him once he was in custody of a foreign government. Coming up after a whirlwind week for investors, is policy risk here to stay? How likely is a recession and is now a good time for action or patience?

Rathbones' Ed Smith joins us to take on those questions after the break. So As we near the end of one of the most topsy-turvy weeks for global markets in recent memory, how should investors view the road ahead? With reciprocal tariffs on pause, can we afford to put our recession worries on hold as well? Or could universal 10% levies be enough to shake confidence and dent growth forecasts?

Rathbones' Ed Smith joins us to take on those questions after the break. So As we near the end of one of the most topsy-turvy weeks for global markets in recent memory, how should investors view the road ahead? With reciprocal tariffs on pause, can we afford to put our recession worries on hold as well? Or could universal 10% levies be enough to shake confidence and dent growth forecasts?

To take on those questions and more, I'm joined by Ed Smith, the Co-Chief Investment Officer at Rathbones Investment Management. Ed, I guess the big question right out of the gate, can investors afford to put policy risk behind them? That risk was really what had been driving unease around the world in recent days.

To take on those questions and more, I'm joined by Ed Smith, the Co-Chief Investment Officer at Rathbones Investment Management. Ed, I guess the big question right out of the gate, can investors afford to put policy risk behind them? That risk was really what had been driving unease around the world in recent days.

How do you assess the disruption caused going forward here by 10% universal tariffs, as well as these now 100 plus percent tariffs on China, compared to maybe that worst case scenario some investors were thinking of a few days ago? Have we really, on balance, stepped down in terms of the disruption as we end the week?

How do you assess the disruption caused going forward here by 10% universal tariffs, as well as these now 100 plus percent tariffs on China, compared to maybe that worst case scenario some investors were thinking of a few days ago? Have we really, on balance, stepped down in terms of the disruption as we end the week?

It sounds like it would be unwise, given what you've just said, then, for investors to rule out the recession risks that were starting to dial up in recent days or slower growth expectations.

It sounds like it would be unwise, given what you've just said, then, for investors to rule out the recession risks that were starting to dial up in recent days or slower growth expectations.

Got it. It seems like consumer confidence measures, business confidence measures will be pretty crucial in the next few weeks to determine how jittery everyone remains after what we've just been through.

Got it. It seems like consumer confidence measures, business confidence measures will be pretty crucial in the next few weeks to determine how jittery everyone remains after what we've just been through.