Earnings strength, and a complex tariff picture

A strong fourth-quarter earnings season so far "comes just as the right time, because we have so many things to deal with on the political side and a lot of uncertainty about future economic developments,” says Dr. Dirk Steffen, the Private Bank's EMEA CIO. “It's more than welcome that we are presented with company results that I would say are quite encouraging.”

A big source of uncertainty however is the new U.S. tariff agenda, Dirk says, because of its halting start and the difficulty of calculating how it may affect company supply chains.

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