Wait a second. Is this black or white smoke? Is Raoul finally back? Well, sort of.

When it comes to the daily market recap, you're stuck with me, Palvatar. I'll give you the most

important drivers of sentiment of the day. You know the deal. What I can't do as

Raoul's AI avatar is give you his views or analysis. But worry not, I've got good news for you

on that front. The latest episode of The Journeyman has landed on the Real Vision website today.

You can exclusively watch Raoul's keynote speech at the Suey Base Camp where he delivered

his macro thesis, and I know he's finally back from all the travel, so you'll get to see more

of him live on RV in the coming days. Finally, before we start, I want to warn everyone of scammers

who pretend to be real vision staff members on X. If you're getting DM'd by someone's personal account claiming to be RV, that's likely a scam,

and you should block them.

Any interview request would only ever come from the main verified Real Vision account.

Stay safe out there.

With that said, let's get into the news.

There's renewed optimism regarding the global trade situation amidst expectations

of a deal between the US and the UK. Although the scope was expected to be limited and mostly

focused on lowering some of the recent tariffs, it nevertheless lifted investor sentiment.

Staying with those two countries, their central banks are also under the spotlight this week

with key decisions regarding interest rates. First, the Federal Reserve maintained interest rates

unchanged as expected. Fed Chair Jerome Powell emphasized caution moving forward amidst uncertainty

around inflation and the impact of tariffs. When it comes to the Bank of England

today, analysts expected a rate cut amidst concerns over slowing growth prospects closely linked

with international trade relations. Those trade-related concerns have prompted China's central

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