Subscribe to receive these charts every morning!

1. Europe’s improving economic prospects.

While investors haven’t lost sight of the risks posed by trade tariffs, they are growing more optimistic about the economy, which will feed into corporate profits, the survey showed.

“Our view is that the diversification theme has further to go,” says Goldman Sachs partner and chief global equity strategist Peter Oppenheimer, adding the weakening dollar favors European assets.

“In total returns, European stocks offer quite a compelling story for investors, especially given their starting point of having very concentrated portfolios, particularly in US equities.”

2. Tariffs and geopolitics may slow the European stock rally, instead of derailing it, according to Wall Street strategists.

Europe’s loosening monetary policy and increased government spending are forecast to give the region’s stocks the impetus they need to overcome risks from tariffs and rising international tensions.

“Equity markets have been remarkably resilient, despite many risks,” says Citi strategist Beata Manthey. She noted that global equity market valuations reflected relatively average levels of geo-economic risk in the lead up to the Israel-Iran conflict. “This could be worrisome from a short-term perspective, but over the longer term we see many structural tailwinds to support European equities.”

“Many investors we are speaking with are awaiting the end of the truce on US tariffs on July 9 to gain better visibility,” says Societe Generale strategist Roland Kaloyan. “Looking ahead, we anticipate that the European equity market will remain within a trading range.”

Most strategists have had to chase the rally in Europe as the outlook brightened, updating the cautious price targets they drew up in January. Challenges to so-called US exceptionalism in stocks, Europe’s improving economic prospects, as well as a wide interest-rate differential have fueled bets on the region.

3. Year-to-date European sector returns.

4. Which country has the second-largest goods-trade imbalance with the U.S.? (behind China)

Ireland is at the epicenter of the global rush for weight-loss drug ingredients.

It is a major hub for U.S. drug giants, who have been expanding operations there in part because of Ireland’s favorable tax policies. Planes have been jetting from Ireland to the U.S. this year carrying something more valuable than gold: $36 billion worth of hormones for popular obesity and diabetes drugs. The frantic airlift of those ingredients—more than double what was imported from Ireland for all of last year—reflects the collision of two powerful forces: tariff-driven stockpiling and weight-loss drug demand.

Meanwhile, the argument for weight-loss drugs is evolving from cosmetic to potentially extending lifespan by combating age-related diseases and improving metabolic health. “GLP-1s should be first step to prevent heart disease”, says the American college of cardiology.

5. Tesla has finally launched its robotaxi service.

Tesla is officially entering what Wedbush calls “the golden era of autonomous” with the launch of its robotaxi service in Austin this Sunday, a milestone the firm believes could eventually add $1 trillion to Tesla’s valuation.

In a note on Friday, Wedbush said the service will begin with around 20 Model Y vehicles operating in a geofenced area around Austin, with plans to scale to “roughly 25 cities in the U.S. over the next year.”

Analysts described the event as a “foundation of autonomous growth for years to come” and called it “one of the most important” chapters in Tesla’s history.

“We believe the AI future at Tesla is worth $1 trillion to the valuation alone over the next few years,” Wedbush wrote. The firm reiterated its Outperform rating and $500 price target, citing Tesla’s unmatched global scale in AI and autonomy. Wedbush also sees regulatory tailwinds under a Trump presidency, predicting that federal oversight will soon simplify approval for full self-driving technologies. “Trump wants the U.S. to stay ahead of China in this AI Arms Race,” the analysts said, adding that autonomous technology “is a key factor in who wins AI… with Tesla playing a major role on robotaxis.”

The launch marks only the beginning, according to Wedbush. “Rome was not built in a day… and neither will Tesla’s autonomous and robotics strategic vision,” they said. Full-scale production of Tesla’s purpose-built robotaxi, the Cybercab, is expected to start next year. Wedbush concluded, “We believe Tesla could reach a $2 trillion market cap by the end of 2026 in a bull case scenario.”

Not a subscriber yet?