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Increased defence spending by European countries will hit households hard. We're not overly convinced by the positive effects on GDP growth. But if Europe works more closely together, member states could significantly mitigate the downside. It's another challenge for NATO members, currently meeting in the Hague

Cold weather and the Los Angeles fires certainly played a role in the poor start to the year for consumer spending and manufacturing, but it may be that confusion over tariff timing is also having an impact.




























