surprised at all about this reaction with the US markets. We're seeing futures pull back a bit. We'd heard a lot about the the taco trade, quote unquote Trump always chickens out.Do you believe that investors now believe that these tariffs will take place on August the 1st. Uh, no. I I I think that clearly I think markets would be quite a bit lower if investors expected uh a reversion to, you know, near liberation day tariffs for a lot of countries in a couple of weeks.I think that pushing the the deadline ...

Geopolitical & Market Confidence - Investors appear to be largely shrugging off geopolitical tensions, with a baseline assumption that conflicts will not escalate significantly [1][2] - Despite potential ceasefire breaks, futures are higher, suggesting investor confidence in the situation remaining stable [1] Equity Strategy - The firm is modestly overweight equities, seeing opportunities more broadly across the asset class [3] - A neutral geographic allocation within equities is favored, indicating no strong conviction in a particular region or country [4][5] US Market Focus - With the Federal Reserve potentially easing and geopolitical tensions lessening, the US market remains a key area of focus [6] - Cyclical sectors like financials or industrials are attractive investment areas, potentially leading the market [7] US Small Cap Opportunities - US small caps are being considered, especially if sustained US economic growth holds up despite tariffs [8][9] - Small caps offer diversified access to US growth, excluding the mega-cap tech exposure prevalent in the S&P 500 [13][14] - Russell 2000 futures are up over 1%, outperforming NASDAQ [11]