The week kicked off on a slightly positive note for European equities on continued expectations that the disinflationary impact of Trump’s trade policies would allow the European Central Bank (ECB) to give ample support to the underlying economies. But sentiment was much less bullish for US equities, which saw an initial drop on rising inflation expectations for the US economy and worries that any Federal Reserve (Fed) support would be limited due to a heat-up in inflation dynamics.

Calmer flow of Trump news may allow investors to focus on critical economic data (US jobs, GDP, Euro inflation) and earnings (including European bog banks, US Big Tech and Big Oil). But risks prevail and the latter keeps gold – and miners - a popular trade despite a more than 40% rally since last August.

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