Euronext CEO says investors pull gold out of US over uncertainty
Euronext CEO Stephane Boujnah said some European investors are so unsettled by the trade policies of the Trump administration they are starting to move gold out of the US.
“We’re witnessing a moment when the markets are trying to adapt to a United States that is unrecognizable,” Boujnah said in an interview with radio station France Inter on Tuesday. “A very new element is that we are seeing European players moving physical assets such as gold from storage in the United States to Europe.”
Global stocks have cratered since President Donald Trump unveiled sweeping tariffs last week, shocking countries across the globe and wiping $10 trillion off global equities. The manic moves eased on Tuesday as investors looked for dip-buying opportunities.
The situation remains volatile, with China on Tuesday pledging to retaliate if the US raises tariffs further. Meanwhile, in signs that Beijing is gearing up for prolonged trade tension, its state-backed funds pledged to buy local equities and exchange-traded funds.
“The business community is scared,” Boujnah said in the interview. “We are going through a period of mourning for what the United States used to look like, because it looks more like an emerging country now.”
The Euronext CEO indicated that the latest developments also mean some investors have a more favorable view of Europe.
“Many investors tell us that Europe today is like the US a year ago — even if some returns are less impressive, at least there’s certainty about property rights and environmental stability,” Boujnah said.
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