The Globe and Mail reports in its Thursday edition that Europeans save more money than Americans but invest less in the stock market. A New York Times dispatch to The Globe reports that while Americans keep about 10 per cent of their financial assets in cash and deposits, Europeans hold about 33 per cent. This conservative approach has shielded many Europeans from recent market volatility due to U.S. tariffs, but it has also led to missed long-term stock market gains and significant investment losses for the continent, says Christine Lagarde, the European Central Bank president. The main reasons for not investing cited by those surveyed were financial constraints and lack of knowledge. Even though Europeans who keep most of their savings in cash and bank deposits may be somewhat insulated from the current stock market volatility, Citigroup's Nathan Sheets says Mr. Trump's tariff policies mean there will be "plenty of pain to go around" in other ways. Among the possibilities, Mr. Sheets says, is plunging demand for European products if they become significantly more expensive in the United States. Mr. Sheets says that uncertainty in demand for European products could be "the most pernicious effect" of the trade war.