1. Tariff concerns, lackluster earnings, and the fear of a new virus.

Researchers at the Wuhan Institute of Virology in China reportedly discovered a new coronavirus in bats that enters cells using the same gateway as the virus that causes COVID-19.

While it hasn’t been detected in humans, the mere idea of another potential pandemic caused vaccine makers like Moderna, Novavax, BioNTech SE, Pfizer, and others to jump.

Meanwhile, the bulls are still betting on Nvidia earnings on wednesday as the next catalyst to push prices higher.

However, weekends present a tricky situation for investors, who are a bit nervous to take risks in their portfolios due to the number of times a new headline risk appears and causes a market meltdown on monday.

2. Strategists were wrong on Europe and are now stuck between the will to chase and the need for caution.

The Stoxx Europe 600 Index has surged nearly 9% in 2025, hitting records this week above 550 points. That’s outstripped the average end-year target of 540 points in a Bloomberg survey of strategists.

Deutsche Bank is the most optimistic at 590 points, implying 7% upside. Meanwhile TFS Derivatives sees the benchmark dropping 11% to 490, the lowest in the poll.

Investors have been moving faster, as they diversify out of US assets and bet on a ceasefire in Ukraine.

But, Europe’s rally has been so strong and the rotation by investors so significant that some strategists like Barclays’s Emmanuel Cau now see the region back at fair value. The risk from any US tariffs on European exports, and the potential indirect hit from a trade war on global growth, are also still looming. “To achieve an above-average valuation, we think Europe needs two things to happen: activity data must continue to improve and rates must become lower,” he said.

3. US Bankruptcies are accelerating again.

4. Time to switch from physical gold to goldminers?

5. Buffett is bullish on Japanese stocks.

However, interest-rate hikes have delivered Japanese stocks their worst start to a year relative to global peers since 2016, but strategists see the market poised for a rally in coming months as 3Q results confirmed strong fundamentals for Japanese companies.

Although the uncertainty over US trade policy and a rise in long-term yields in Japan could cause multiples to correct, the sustained uptrend in EPS should keep Japanese equities in demand.

Worries over tariffs may also dissipate once Trump’s plans are implemented in April, given the “relatively low” risk for Japan. Prime Minister Shigeru Ishiba’s smooth first meeting with Trump this month makes Japan look a safer bet than many other developed markets.

The relatively low valuation of Japanese stocks, at a time when US shares are looking increasingly overvalued, also points to a possible uptick in foreign demand. The Topix is trading at a price-to-earnings ratio of around 14, compared with 22 for the S&P 500, data compiled by Bloomberg show.

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