While stressful, equity volatility and intra‑year pullbacks are surprisingly common. Since 1980, the S&P 500 has averaged an intra‑year decline of around 14 %, with individual drawdowns reaching up to 40 %. This helps put the recent market disturbance into perspective.

Shielded by NATO’s safety assurances and the US’s defence umbrella, Europe has long been lulled into a false sense of security. However, Russia’s encroachment on Europe’s borders and a polarising presidency across the Atlantic have finally forced the Old Continent to wake up from its decade-long slumber. It is a rude awakening, one that calls for strategic investment, bold action, and serious commitment.

The eurozone has shown clear signs of resilience this year, with GDP up 0.4% in Q1, driven by strong job markets and falling inflation, currently at 2.2%. But growth prospects took a hit after the US announced a 20% levy on EU goods, denting exports and business confidence.