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European Financials and Industrials: Navigating Earnings Risk Amid Tariff and Rate Volatility
The Stoxx Europe 600 index is down 12% since the close on 2 April, prior to the announcements of US tariffs and subsequent retaliatory measures. We update our estimated net income sensitivity to market declines, as originally set out in our 2025 outlook: Quid games (published 6 January 2025).
