Markets have staged a remarkable recovery from the sell-off that began in early April, and "it's been an incredible month", says Dr. Dirk Steffen, the Private Bank's EMEA CIO. "We are still talking about significant tariffs, but there seems to be more of a managed approach", Dirk says.

A big part of the rally was "a very supportive earnings season", Dirk says, noting that the important data in the week ahead will be figures on business confidence. "These will be at the centre of the market discussion."

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