AEM

GDX dropped 21% in Q2 2026 but remains up 50% over the trailing year, creating a contrarian setup for gold miner bulls. GLD returned 22% over the past year while GDX returned 50%, showing that miners' operational leverage amplifies gold's upside just as it amplifies its downside. Genesis Minerals' $3.9 billion rival bid for Vault Minerals signals producers view gold ounces as cheap and their cash flows as durable. Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today. Gold miners just got taken to the woodshed. The VanEck Gold Miners ETF (NYSEARCA:GDX) shed 21% in the second quarter of 2026, sliding from $96 in early April to roughly $75 by June 30, one of the ugliest three-month stretches for the sector in over a decade. Yet GDX is still up almost 50% over the trailing year. Contrarians hunt exactly that gap between recent pain and the underlying trend, and GDX is the cleanest way to express it. GDX tracks the NYSE Arca Gold Miners Index, a basket of large-cap producers led by Newmont (NYSE:NEM), Agnico Eagle (NYSE:AEM), Barrick Gold (NYSE:B), and royalty companies like Franco-Nevada (NYSE:FNV) and Wheaton Precious Metals (NYSE:WPM). You are buying the businesses that dig it up, refine it, and sell it, which is a very different animal from owning the metal itself. Most Americans suspect they're behind on retirement and never find out. Advisor.com's free matching tool pairs you in about three minutes with a vetted fiduciary advisor who can help you with investing, taxes, retirement, estate planning, and more. No minimums. No sales call. Find out where you stand. The return engine is operational leverage. A miner's all-in sustaining cost might sit around $1,400 an ounce. When gold trades at $2,000, that spread is one thing. When gold pushes to $3,000, the extra revenue drops almost entirely to the bottom line. Free cash flow explodes, dividends get raised, and the equity re-rates. That mechanic runs in reverse on the way down, which is what just happened. SPDR Gold Shares (NYSEARCA:GLD), the physical bullion proxy, fell roughly 12% from early April through early July. GDX fell...

Stock Symbol: AEM (NYSE and TSX) TORONTO, June 29, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it will release its second quarter 2026 results on Wednesday, July 29, 2026, after normal trading hours. Second Quarter 2026 Results Conference Call and Webcast Agnico Eagle's senior management will host a conference call on Thursday, July 30, 2026, at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results. Via Webcast: To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here. Via Phone: To join the conference call by phone, please dial 437.900.0527 or toll-free 1.888.510.2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call. To join the conference call without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back. Replay Archive: Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 02161 #. The conference call replay will expire on August 30, 2026. The webcast, along with presentation slides, will be archived for 180 days on the Company's website. About Agnico Eagle Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983. View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-second-quarter-2026-results-and-conference-call-302812621.html

Newmont Corporation NEM saw lower gold production in the first quarter of 2026, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 16% year-over-year and 10% sequential decline in attributable gold production to 1.3 million ounces. Newmont expects second-quarter 2026 production to be below the first-quarter level. For 2026, the company anticipates gold production at about 5.26 million ounces, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.Lower production is also expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. This is expected to stem from lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. The production decline and higher costs could undercut the company’s profitability goals.Looking across the competitive landscape, Barrick Mining Corporation B saw a 5% year-over-year decline in first-quarter gold production to 719,000 ounces. First-quarter production also fell 17% from 871,000 ounces in the fourth quarter of 2025. Barrick expects production to increase sequentially throughout the remainder of 2026, with second-quarter gold production projected in the band of 730,000-770,000 ounces. Barrick reaffirmed its production forecast for 2026, with attributable gold production expected in the range of 2.9-3.25 million ounces.Agnico Eagle Mines Limited’s AEM gold production fell nearly 6% year over year in the first quarter to 825,109 ounces, impacted by reduced output at Macassa and Meadowbank on lower grades. AEM expects gold production to be weighted to a stronger second half. For full-year 2026, Agnico Eagle maintained gold production expectations between 3.3 million and 3.5 million ounces. Shares of Newmont have shot up 84.9% in the past year against the Zacks Mining – Gold industry’s rise of 49.6%. Image Source: Zacks Investment Research From a valua...

Agnico Eagle Mines Limited AEM delivered forecast-topping earnings performance in the first quarter on gold price strength, but it remains exposed to headwinds from higher costs. Its all-in sustaining cost (AISC) — the most important cost metric of miners — was $1,483 per ounce in the quarter, marking a roughly 26% year-over-year rise. AISC increased year over year due to higher total cash costs and an uptick in sustaining capital expenditures. Total cash costs per ounce for gold were $1,093, 22% higher than $895 a year ago. Total cash costs rose due to increased royalty costs and lower production. While Agnico Eagle is taking action to control costs, the inflationary pressure is likely to continue, weighing on its overall financial performance. Maintaining cost discipline to sustain margin expansion will be crucial for the company.AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges. Cash costs are expected to increase in 2026, partly due to higher royalty costs, cost inflation (including higher labor and electricity costs) and lower grades across certain mines. Higher production costs warrant caution, as they will likely weigh on AEM’s profitability. Among AEM’s peers, Barrick Mining Corporation B saw a 4% year-over-year decline in AISC in the first quarter, reaching $1,708 per ounce. It, however, rose 8% sequentially. For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Barrick forecasts cash costs per ounce to be $1,330-$1,470, up from $1,199 in 2025.Kinross Gold Corporation KGC saw higher production costs in the March quarter. KGC’s first-quarter attributable AISC was $1,732 per ounce, marking a 28% increase from the year-ago quarter. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. Shares of Agnico Eagle have gained 8.4% in the past six months compared with the Zacks Mining – Gold industry’s rise of 14.1%. Image Source: Zacks Investment Research From a valuation standpoint, AEM is currently trading at a forward 12-month earnings multiple of 13.1, a roughly 22.9% premium to t...

Shares of Wheaton Precious Metals Corp. WPM gained 7% since it delivered adjusted earnings of $1.28 per share on Thursday, marking a year-over-year upsurge of 132.2%. The bottom line also surpassed the Zacks Consensus Estimate of $1.15 by 11.3% Revenues were a record $901 million, up 91.6% from the year-ago quarter and beating the Zacks Consensus Estimate of $767 million. Gold-equivalent production rose 21.5% to 211,951 ounces, reflecting stronger output from key partner assets. Our projection was 201,377 ounces. Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote Wheaton Precious Metals’s quarterly revenues reflected a sharp rise in realized pricing across its metal mix. The record revenues were driven primarily by a 98% jump in the average realized gold-equivalent price, partly offset by 3% lower gold-equivalent ounces sold. Sales were diversified, with gold accounting for 51% of revenues and silver 47%, while palladium and cobalt each contributed 1%. Operating performance was supported by higher attributable output, led by stronger contributions from Peñasquito, Antamina and Blackwater, along with the recommencement of production at Aljustrel. The company also cited Salobo’s outperformance in its opening-quarter commentary. Despite the production gain, gold-equivalent ounces sold declined year over year to 181,743. We predicted gold-equivalent ounces sold to be 156,429 for the quarter. Produced but not yet delivered inventory climbed to about 183,500 GEOs as of March 31, representing 2.8 months of payable production and sitting at the mid-point of the company’s guided range. Average cash costs increased to $681 per GEO from $392 a year ago, reflecting higher production payments under Wheaton Precious Metals’ streaming agreements as prices rose. Even with the higher cash costs, the cash operating margin expanded to $4,279 per GEO sold, soaring 103% year over year on the strength of realized prices. The quarter’s gross profit was $699.4 million, more than doubling from the prior-year level. Cash generated from operating activities was a record $766 million in the quarter, with WPM attributing the year-over-year increase primarily to a higher gross margin. The strong cash generation supported a sharply higher cash balance, with cash and cash equivalents at $2.2 billion at the quarter end compared with $1.15...

AngloGold Ashanti plc AU delivered earnings of $2.52 per share for the first quarter of 2026, skyrocketing 186% from the year-ago period and beating the Zacks Consensus Estimate of $2.21 by 14%. Quarterly revenues came in at $3.15 billion, surging 63.7% year over year but missing the Zacks Consensus Estimate of $3.34 billion by 5.5%. AngloGold Ashanti PLC price-consensus-eps-surprise-chart | AngloGold Ashanti PLC Quote AU’s gold production was 724,000 ounces in the first quarter, marking a year-over-year increase of 1%. The upside was driven by 10% year-over-year growth in Geita mine’s gold production. Strong performances at Cuiabá, Obuasi, Iduapriem, Cerro Vanguardia and Tropicana also aided the upside. However, Sunrise Dam’s production declined year over year due to equipment issues and lower grades, while Kibali’s attributable production fell as mined grades and equipment availability weighed on output. Total cash costs for the group increased to $1,391 per ounce in the quarter, up 14% year over year, driven largely by higher gold price-linked royalties, inflationary pressures in labor and contractor costs and foreign exchange movements. All-in sustaining costs rose 19% to $1,955 per ounce, reflecting higher sustaining capital and the same macro-driven cost headwinds. AngloGold Ashanti posted a record free cash flow of $1.169 billion in the quarter, supported by stronger operating cash generation and an elevated realized gold-price environment. Net cash flow from operating activities rose to $1.709 billion, up 13% year over year, reflecting the stronger revenue base and contributions from joint ventures. The company’s average gold prices received rose to $4,863 per ounce from $2,874 per ounce in the prior-year quarter. This translated into materially stronger profitability and cash conversion despite higher operating costs. EBITDA increased 130% year over year to $2.291 billion, highlighting the leverage to gold pricing in the quarter’s financial profile. AU declared an interim dividend of 116 cents per share for the quarter, equating to $585 million in shareholder distributions. The payout reflected the company’s capital return framework, which links the total dividend to a targeted payout of free cash flow while maintaining a conservative leverage profile. The company also announced a proposed share repurchase program of up to $2 billion, subject to sha...

Franco-Nevada Corporation FNV reported adjusted earnings of $2.38 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $2.09 by 13.9%. Earnings jumped 122.4% from $1.07 a year ago, supported by higher commodity prices and contributions from recently added assets. Revenues were a record $650.7 million, up 76.6% year over year. Operationally, Franco-Nevada sold 136,353 gold-equivalent ounces, an 8% increase, reflecting strength across precious metals and diversified interests. Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote Precious Metal assets remained the engine of Franco-Nevada’s quarter, accounting for $568.1 million of revenues from royalty, stream and working interests. Gold contributed $436.9 million, while silver added $113.5 million and platinum group metals generated $17.7 million. Diversified assets produced $82.6 million of revenues. Within that bucket, iron ore contributed $17.1 million and energy assets added a meaningful cash flow, led by oil at $33.5 million and gas at $20.6 million, with natural gas liquids contributing $5.3 million. FNV translated the revenue strength into higher profitability, with adjusted EBITDA of $591.9 million, up 83.9% from the year-ago period. The adjusted EBITDA margin expanded to 91% from 87.4%, helped by the company’s royalty and streaming structure, and the benefit of higher realized prices. Net income climbed 123% year over year to $468.6 million. Costs of sales came in at $124 million compared with $107 million in the prior-year quarter. The operating cash flow rose 80% to $520.4 million from the prior-year quarter. The quarter included a $49.5-million refund tied to a Canada Revenue Agency settlement, which added to cash generation alongside higher receipts from royalty and stream interests. Franco-Nevada ended March 31, 2026, with $714.7 million in cash and cash equivalents, up from $670.9 million at the end of 2025. Available capital totaled $3.4 billion, reflecting cash, equity investments and unused capacity on its revolving credit facilities, giving the company flexibility to pursue additional deals. FNV reiterated its 2026 GEO sales guidance of 510,000-570,000 ounces, which excludes any potential contributions from Cobre Panamá. Following Panama’s authorization to process and export stockpiled ore, First Quantum Minerals Ltd. FQVL...

B2Gold Corp. BTG posted adjusted earnings of 19 cents per share for the first quarter of 2026, topping the Zacks Consensus Estimate of 11 cents by 72.7%. The adjusted bottom line more than doubled from earnings of 9 cents in the year-ago quarter. Revenues climbed 117.7% year over year to $1.16 billion, supported by higher realized pricing and strong sales volumes. Total gold production of 237,763 ounces surpassed expectations, with all operating mines outperforming forecasts. B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote B2Gold produced 237,763 ounces of gold in the March-end quarter, up from 192,752 ounces a year ago. The company attributed the outperformance to stronger-than-planned operating results across its portfolio. By operation, Fekola led production at 117,450 ounces on higher throughput and solid recoveries. Fekola produced 93,805 ounces in the prior-year quarter. Masbate produced 52,908 ounces on favorable grade variance, up from the prior-year quarter’s 46,369 ounces. Otjikoto delivered 24,529 ounces, helped by better-than-planned grades. However, the performance marked a dip from 52,578 ounces produced in the first quarter of 2025 due to slightly lower than planned throughput. The Goose Mine generated 42,876 ounces on higher grades and recoveries despite lower throughput. For the January-March quarter, the total cost of sales was $549 million, surging 86.5% year over year. The gross profit skyrocketed 156.5% year over year to $610 million. The gross margin increased to 52.6% in the reported quarter from the prior-year quarter’s 44.7%. The company sold 276,346 ounces of gold during the quarter versus 183,998 ounces a year ago, benefiting from both higher production and shipment timing. Realized pricing was also a meaningful tailwind. The average realized gold price rose to $4,193 per ounce from $2,892 per ounce in the year-ago quarter, amplifying the impacts of higher sales volumes on the top line. B2Gold’s consolidated cash operating costs were $1,005 per ounce produced in the quarter, while cash operating costs on a sales basis were $846 per ounce sold. Costs were better than expected, driven largely by higher production and lower-than-anticipated production costs. All-in sustaining costs were $1,964 per ounce sold compared with $1,533 per ounce in the prior-year quarter. At the mine level, B2Gold cited lower operating cos...

There is one metal quietly sitting at the center of the modern economy. It runs through electric vehicles, powers AI data centers, and connects massive renewable energy projects around the world. That metal is copper, and few companies produce more of it than Freeport-McMoRan (NYSE: FCX). For years, Freeport-McMoRan was seen as a traditional mining company whose fortunes rose and fell with the global economy. But the story around the company has changed dramatically. Today, Freeport is tied directly to some of the biggest long-term trends in the world: electrification, artificial intelligence infrastructure, and the clean energy transition. Strong Numbers, Even With the Challenges Freeport’s first-quarter 2026 results showed a company still generating serious cash despite operational setbacks. The miner reported net income of $881 million, or $0.61 per share, while adjusted earnings came in at $0.57 per share. Revenue climbed to $6.23 billion, up from $5.73 billion a year earlier. If copper prices stay near $6 per pound, management expects operating cash flow to reach roughly $8.7 billion for the full year. Those are huge numbers, especially for a business that spent much of the past year dealing with major disruptions. See how FCX's key metrics compare with peers such as Southern Copper, Newmont, Agnico Eagle Mines, and Teck Resources. Grasberg Became A Major Headache The biggest challenge came from Indonesia. In September 2025, Freeport’s massive Grasberg mining district suffered a serious mud rush incident that temporarily disrupted operations. Grasberg is one of the company’s most important assets, so the impact was immediate. Copper sales from Indonesia dropped sharply in Q1 2026, falling to just 82 million pounds compared to 290 million pounds during the same quarter last year. On top of that, Freeport took on more than $400 million in restoration costs and expenses tied to idle facilities. Management has moved quickly to stabilize the situation. The company secured a key agreement with the Indonesian government that extends operating rights for the life of the resource, which removes a major long-term uncertainty. Still, recovery will take time. Freeport recently raised its 2026 net unit cost guidance to $1.95 per pound from $1.75, mainly because Grasberg is not yet back to full production levels. See also, What GameStop’s $55B Bid For eBay Means For...

Franco-Nevada Corporation FNV is slated to report first-quarter 2026 earnings results on May 12, after the closing bell. The Zacks Consensus Estimate for FNV’s first-quarter earnings is pegged at $2.09, indicating growth from the $1.07 reported a year ago. The consensus estimate has moved 1.5% north in the past 60 days. Image Source: Zacks Investment Research Franco-Nevada delivered an earnings beat in the trailing four quarters, the average surprise being 8.7%. Image Source: Zacks Investment Research Our model does not predict an earnings beat for FNV this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you can see below. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Earnings ESP: FNV has an Earnings ESP of 0.00%. Zacks Rank: Franco-Nevada currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. Franco-Nevada is likely to have delivered a strong performance in the first quarter of 2026, building on the robust momentum seen in 2025. Franco-Nevada sold 127,959 Gold-Equivalent Ounces (GEOs) from Precious Metal assets in the reported quarter, up 34% from the prior-year quarter. The upside was driven by the solid performance at Antamina and South Arturo, and contributions from recently acquired interests in Cote Gold, Western Limb and Porcupine. Franco-Nevada expects total GEOs between 510,000 and 570,000 for 2026, indicating a 4% increase at the mid-point from the 2025 reported figure. The upside will be driven by the first full year of contribution from Cote Gold, Porcupine and Valentine Gold. The continued ramp-up of Salares Norte and Greenstone, along with recent acquisitions, will aid growth. The restart of Cobre Panama would aid Franco-Nevada’s growth, and the Panamanian government's approval to process stockpiles is a positive move forward. After soaring 65% in 2025, gold prices remain strong in 2026, driven by increased geopolitical tensions, a depreciating U.S. dollar, the potential for monetary policy easing, continuous purchasing by central banks and tariff conditions. This momentum in the prices of gold is likely to have improved Franco-Nevada’s performance in the to-be-reported quarters. The impacts of production and prices are e...

Barrick Mining Corporation B is slated to come up with first-quarter 2026 results before the opening bell on May 11. Higher realized gold prices are expected to have aided its performance amid cost and production headwinds. The Zacks Consensus Estimate for first-quarter earnings has been going down in the past 60 days. The consensus estimate for earnings is pegged at 74 cents per share, suggesting a rise of 111.4% year over year. Image Source: Zacks Investment Research B beat the Zacks Consensus Estimate for earnings in three of the last four quarters and reported in-line results on the other occasion. In this timeframe, it delivered an earnings surprise of roughly 11.2%, on average. Image Source: Zacks Investment Research Our proven model predicts an earnings beat for Barrick this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. B has an Earnings ESP of +0.56% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here. Higher gold prices are likely to have supported the company’s performance in the first quarter. Gold entered 2026 with strong momentum after surging 65% in 2025. Heightened U.S.-Iran tensions, a weaker U.S. dollar and concerns surrounding the Federal Reserve’s independence propelled bullion to record levels, with prices nearing $5,600 per ounce in late January. However, heavy profit-taking and a recovery in the dollar sparked a brief correction, dragging gold below $4,900 per ounce. The yellow metal regained traction in early March, climbing above $5,400 per ounce on March 2 as safe-haven demand strengthened after coordinated U.S.-Israel strikes on Iran. But a stronger dollar, inflation concerns stemming from higher oil prices and the Fed’s hawkish stance pressured gold later in March, sending prices down to around $4,400 per ounce on March 26. Gold subsequently rebounded to close the month above $4,600 per ounce, though it still ended the month 12% lower. Despite the sharp decline in March, gold prices finished the first quarter up roughly 7%. Weaker production is expected to have impacted B’s sales volumes in the first quarter. Barrick saw a 19% year-over-year decline in fourth-quart...

AngloGold Ashanti PLC AU is slated to report first-quarter 2026 results on May 8, before market open. AU is expected to have seen a year-over-year improvement in earnings in the quarter, aided by upbeat gold prices and higher production numbers. The Zacks Consensus Estimate for AU’s first-quarter 2025 earnings has moved 0.9% north over the past 60 days at $2.21 per share. The consensus mark indicates a 151% upsurge from the year-ago actual. Image Source: Zacks Investment Research The Zacks Consensus Estimate for AngloGold Ashanti’s first-quarter total sales is pegged at $3.34 billion, indicating a 73.2% increase from the year-ago quarter’s actual. The company has a trailing four-quarter negative earnings surprise of 2.02%, on average. Our proven model does not conclusively predict an earnings beat for AngloGold Ashanti this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, but that is not the case here. Earnings ESP: AU has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Zacks Rank: The company currently has a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. AU is likely to have delivered a strong performance in the first quarter of 2026, building on the robust momentum seen in 2025. AngloGold Ashanti reported a 7% year-over-year increase in gold production to 799,000 ounces in the fourth quarter of 2025, driven by strong contributions from the Sukari mine. The upside was also fueled by solid performances from key assets like Obuasi, Siguiri and Cuiabá. Obuasi delivered a strong year-over-year increase of 20%, driven by grade improvement and steady production ramp-up. Siguiri saw a 15% rise in production on recovered grades. This momentum is expected to have continued in the first quarter and led to year-over-year higher production numbers. However, AU has been facing headwinds from higher operating costs for the last few quarters. The upside was due to inflationary cost pressures from increased labor and mining contractor costs. Nonetheless, the impacts of these elevated costs on its earnings were offset by higher sales volumes and prices. In the January-March period, gold prices remained elevated, supported by uncertainty regarding U.S trade and tariff polici...