European and US indices pulled back following recent gains, despite a strong earnings season in the United States, where the majority of companies have exceeded expectations. Sector performance remained mixed, with energy and technology showing resilience, while more rate-sensitive areas lagged.

We also cover key central bank developments, with the Federal Reserve, the European Central Bank, and the Bank of England all holding interest rates steady, signalling a cautious approach as inflation risks persist.

Finally, we examine rising transatlantic tensions, including new tariff proposals and military repositioning, and what these developments could mean for markets in the weeks ahead.