Sabri Beneshour

Julia Coronado is here to talk about it.

She's founder and president of Macro Policy Perspectives.

Hi, Julia.

So as a baseline, remind us what all the tariffs we already have have done economically.

Can we handle more tariffs at this point?

I mean, what would these do for us, for the European economy?

Julia Coronado is founder and president of Macro Policy Perspectives.

Thank you so much.

My pleasure.

When people are stressed out economically, they may cut back, they may save, they may also micro splurge on small, comforting luxuries.

This is what's known in economics as the lipstick effect, and it is expected to be big in 2026.

Marketplace's Elizabeth Troval has that.

All right, let's do the numbers.

Hong Kong's Hang Seng closed down a percent.

Japan's Nikkei closed down seven-tenths percent.

U.S.

stocks and bond markets are closed today in observance of Martin Luther King Day.

The United Arab Emirates has reportedly emerged as the top destination for the world's most wealthy.

The BBC's Samir Hashmi looks at what's driving the rich to the Gulf and how their arrival is fueling a boom in luxury real estate.

In New York, I'm Sabree Beneshour with the Marketplace Morning Report.