The ECB's shift in tone when announcing last week's rate cut is clearly teeing up investors for another rate cut in June, and a downgrade to its economic outlook

While the tariffs U-turn is something of a reprieve for now, European trade partners have little certainty on eventual US trade policy

Further market turmoil or a rapid deterioration in the US economy might yet persuade Trump to row back on the announced tariffs

Cautioun prevails, despite global growth risks, amid poltical uncertainty in Washington

The €500bn plan could be a game-changer if spent wisely on growth-enhancing projects

Eurozone data has been trending slightly stronger, but dollar weakness had been the key driver of the euro rally

Relative calm in France and the imminent formation of a new German government bring more positive outlook

EU has window of opportunity to strike a deal with US administration

Overarching sense is all will proceed cautiously with rate cuts in the current uncertain environment

With the EU in the crosshairs for Trump’s next round of tariffs, the European Commission must act with urgency to implement the measures to kick-start the moribund economy