US stocks: Back in the game?

While European equities have so far shone in 2025, the USA has been caught in the economic crossfire - triggered by erratic trade measures and unilateral political action. But how long will Europe's lead last? The recent surprise trade deal between the US and China feels like a liberating blow - is it the turning point or just the calm before the next storm?

We shed light on why US equities continue to be a driver of earnings despite political turbulence, what the technology sector has to do with the stability of European markets - and why investors should also take a close look beyond the major indices. Which earnings expectations are realistic, which markets are overvalued - and what happens if Trump turns everything upside down again?