Fatigue.
US markets were closed on Monday for President’s Day. This left the focus on Europe where local stock markets, which have outperformed US stocks so far in 2025, were priced for what they perceive as a near-perfect outcome from the high-stakes German federal election coming up this weekend, which of course raises the risk of a nasty surprise if that doesn’t happen. A chasm is also opening up between Europe and the Trump administration over both tariffs and the Ukraine conflict.
Most European stocks fell on Monday but defense names spiked dramatically on the prospect of increased military…
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