Here are some of the most interesting points I gleaned from a Morningstar presentation last week, taking a look at prospects for European markets in the second quarter. Although the focus was Europe, the head of global equity strategy was on the call, so the macroeconomic content of the call was actually quite broad.
Naturally the message running through all the commentary was, stick of rock like, Trump’s tariffs. I actually thought it was quite bold of Morningstar (MS) to even offer a forward-looking commentary, and the European lead had to admit that he had needed to redo several of his charts in the days approaching the call, which was at the end of last week, and by today had already been overtaken to a certain extent by further vague prognostications from members of the US administration.