After two consecutive years of 25 per cent plus returns, the S&P 500 index in the US is down 2.5 per cent this year as investors fret over tariffs. However, there’s always a bull market somewhere and right now, that seems to be in Europe. European shares are up ten per cent this year, led by German shares which have surged 15.6 per cent. That’s the best start to a year in at least a decade, but the question now is whether those gains will keep on coming.