Highlights: Global equity markets have recovered significantly since the initial sell-offs following the announcement of the Rose Garden tariffs, despite ongoing uncertainties of trade negotiations. "Goldilocks" or “stagflation” scenarios are weighing on investors’ minds. Economic data is being closely monitored, with hard data providing a reliable but lagging indicator of past performance and soft data offering more timely but less definitive insights. The RBC Global Equity team remains focused on identifying strong businesses with attractive valuations which look better positioned to navigate macroeconomic uncertainties.