 Risk appetite remains solid in Europe, with the FTSE 100 hitting a fresh record high as traders look through escalating US trade actions. US equity futures are holding steady too, and markets are showing little fear that the widening scope of tariffs will derail global growth. The upbeat mood comes despite US President Donald Trump’s latest tariff letters targeting 21 countries and a surprise 50% duty on Brazilian goods. Mining stocks are leading the FTSE advance, bolstered by surging copper prices and rising US premiums amid Trump’s looming 50% copper tariff set to take effect August 1. The global copper market has entered a state of dislocation, and traders are scrambling to secure US-bound supply. That’s feeding optimism for producers, for the near term at least, and adding fuel to equity gains across Europe’s commodity-heavy indexes. The rally also found support from upbeat signals out of China, where a reported rise in construction machinery sales is viewed as a positive sign for the country's industrial sector. The data suggests that domestic infrastructure activity remains resilient, offering a degree of insulation to global supply chains despite mounting trade headwinds. Sentiment in the UK has also been buoyed by the early trade agreement secured with the US, allowing Britain to avoid the steepest tariffs imposed elsewhere. While uncertainty persists for other major economies—especially those among the 21 recipients of Trump’s tariff letters—London’s relative insulation is helping drive capital inflows and stock outperformance...... | 
