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1. “The impact of tariffs will likely be felt only in the next reporting season.”

“It will be interesting to see how European companies respond: by reducing margins, passing costs through to US customers, or probably a mix of both,” says SocGen strategist Roland Kaloyan.

He retained his 530 points target for the index. “In the meantime, Stoxx 600 2025 EPS estimates continue to be revised down, with 2025 EPS growth now standing at 2%.” Meanwhile, exports to the U.S. from the 27 nations that make up the European Union dropped 10% on year in June to hit their lowest level since the end of 2023, according to figures released Monday by statistics agency Eurostat. The bloc's overall trade surplus shrank to just 1.8 billion euros, down from 12.7 billion euros a month earlier.

2. UBS boosts gold forecast to $3,700 as Fed cuts will weaken the dollar.

“A combination of below-trend US growth and“sticky” inflation will prompt the Fed to ease, pushing the dollar and real yields lower, they say.

De-dollarization trends, questions over Fed’s independence, sustainability of US fiscal position, and central bank buying will boost prices.

For this year, global gold demand is forecast to increase 3% to 4,760 tons, which would be the highest since 2011.”

3. European defense stocks drop amid diplomatic maneuvers to end Ukraine war.

However, regardless of how the next few days play out, Europe will have to increase its defence spending over the next decade.

4. Renewable stocks rise after U.S. tax credit guidance.

Shares in European renewable companies rose after the Trump administration published better-than-expected guidelines on which projects will qualify for wind and solar tax credits.

The new guidelines are materially positive for renewable energy companies and component manufacturers as they should provide visibility on the subsidies for projects coming online through 2030, J.P.Morgan analysts wrote in a note to clients.

5. The Global X Guru ETF, built to track top hedge fund holdings, has underperformed the S&P 500 over the past decade, even before fees.

And those fees matter. The classic “2 and 20” model (2% of assets + 20% of gains) can seriously eat into returns. No wonder many individual investors are choosing simpler, lower-cost strategies.

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