1. The Federal Reserve delivered its 25 bp cut as expected.

Powell said that the Fed will include the potential outcomes of Trump’s fiscal policy in its model as more details come out and adjust policy as needed.

Meanwhile, stocks continue to melt-up on optimism about what the Trump administration’s policies could mean for the economy and markets.

2. Trump is bad for the clean energy industry? Yes, but…

Of the 10 States where clean energy jobs are growing the fastest, 7 are fully represented by republicans in the senate.

More than150k clean energy jobs were created between 2022 and 2023, including jobs in battery manufacturing, renewable power generation, and grid modernization, most of them in states with greater elected Republican representation.

3. Investment in clean tech manufacturing has increased nearly ~5x since the passing of the IRA.

More than 80% of the total announced investments in projects over $1bn have been in districts represented by elected Republicans.

4. Trump is bad for Europe? Yes, but…

Only c. 6% of MSCI Europe's (marketcap weighted) revenues relate to goods exported to the US, i.e. potentially subject to incremental US tariffs.

Below you can find the European stocks with the highest potential exposure to possible US tariffs.

Highest export exposure in Medtech, Aerospace, Life Sciences, Pharma, and Luxury

5. Trump is bad for China? Yes, but…

MSCI China has only 13% exposure to revenue generated outside the country, and exposure to the US is even smaller at 3%.

Nevertheless, despite MSCI China's minimal US revenue exposure, the potential tariff hike may increase market uncertainty, sentiment and valuations.

6. Meanwhile, Xpeng unveiled "Iron", their humanoid robot working in its EV factory in China.

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