Jinshi data on January 21st, Citibank analysts said that although the Trump administration is expected to increase market fluctuation, there is still potential for upward movement in European stock markets. The biggest risks facing European stock markets are tariffs, US interest rate rises, and fluctuations in the dollar. Analysts expect that if Trump imposes a 10% tariff, it will reduce European earnings per share by about 1%-2%. Despite the risks brought by Trump, the resilience of the global economy's rise and the easing of price pressures have laid the foundation for a rise of about 10% in European stock markets this year. Analysts are more cautious about utilities and small-cap companies because they are relatively more susceptible to risks related to interest rate changes.