Highlights: Unlike Q1, which was clouded by tariff-related uncertainties, Q2 earnings season reflects stronger fundamentals with less external disruption. Companies delivering positive results are not seeing the usual share price gains, signalling potential market fatigue despite strong year-to-date performance. Contrary to earlier expectations of a regional rotation to Europe, the US market has shown a robust recovery, supported by developments like the Genius Act legitimizing stablecoins. The swift turnaround in the US market serves as a reminder of the risks of over-relying on market consensus and the importance of staying adaptable.