Good morning. We finally had a calm day in markets. The S&P 500 was down less than 0.2 per cent yesterday. Most sectors fell, but only by a little, while info tech and a mix of defensives saw modest rises. How long will that last? Rob is off on holiday, so email me instead: aiden.reiter@ft.com.

If you have questions about trade we have not answered on Unhedged, please join our colleagues senior trade writer Alan Beattie, US markets editor Kate Duguid and chief foreign affairs commentator Gideon Rachman for a live trade Q&A today at 10am ET/3pm BST. Leave your questions here.

Emerging markets

Unhedged had suspected that emerging market equities would be hit especially hard by Trump’s “liberation day” tariffs. More than half of Trump’s so-called reciprocal tariffs were on EMs, and EM equities tend to underperform in broader risk-off environments. The strongest EMs, particularly tech-heavy countries in south-east Asia, were hit with some of the highest tariffs. And EM assets tend to strain when the dollar strengthens — which, we were told, would happen after US tariffs took effect.