European and US stocks staged a recovery rally yesterday, although the Swiss market trailed behind following the recent 39% tariff shock. Meanwhile, yields have fallen sharply across Europe due to robust real money demand. In the US, yields have also dipped slightly, as markets now largely anticipate a 25 basis-point rate cut in September. With a comprehensive update on the current state of the Swiss property market, we are joined by Markus Waeber, Head of Indirect Real Estate Advisory and Intelligence.