In a week marked by improved weather and strong corporate earnings, the markets reflect a sense of optimism despite ongoing global uncertainties, including potential tariffs from Trump and the prolonged war in Ukraine. Major companies like Millennium BCP, EDP, and Caixa Geral de Depósitos reported record profits, suggesting that the anticipated negative behaviors in response to uncertainty—such as reduced consumption and investment—are not materializing. Instead, the global economy appears to be on a growth trajectory, with companies exceeding expectations. This shift indicates that uncertainty has become normalized, leading to a new market dynamic where decisions and investments are not hindered by fear, ultimately suggesting that uncertainty may be the new bull market.