Darius McDermott: Are we seeing the end of US exceptionalism?

The Euro Stoxx 50 Index is up 10.8% since the start of the year

clock • 5 min read

Thus far, it looks like Donald Trump is working hard to Make Europe Great Again rather than Making America Great Again, writes Darius McDermott

It may feel like decades, but it is only two months since Donald Trump took up his place as the 47th President of the US. It hasn't been boring, as he has ripped up historic alliances, announced (and cancelled) trade tariffs, and threatened to annex sovereign nations. For financial markets, it has sounded the death knell for US exceptionalism. The first significant change, as Trump has settled into office, has been the unwinding of the ‘Trump trade' – the wave of exuberance that saw the technology giants, the dollar, Bitcoin and banks gain after Trump's election in anticipation of tax cu...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Technology cited as main barrier to private market access for advisers

Technology cited as main barrier to private market access for advisers

Follows Oliver Wyman’s and Clearstream’s private markets whitepaper

Sophia Panayi
clock 04 August 2026 • 3 min read
Ascot Lloyd links up with BlackRock for investment offering

Ascot Lloyd links up with BlackRock for investment offering

A move to a single investment provider

Isabel Baxter
clock 04 August 2026 • 2 min read
Beyond London: Adviser opportunities in regional investment

Beyond London: Adviser opportunities in regional investment

Hugi Clarke unpacks the regional growth agenda

Isabel Baxter
clock 31 July 2026 • 1 min read