The Globe and Mail reports in its Saturday edition that investors unsettled by U.S. policy confusion and economic uncertainty are finding refuge in European bank stocks. The Globe's David Berman writes that the iShares MSCI Europe Financials ETF has gained about 25 per cent this year, while the iShares U.S. Financials fund, featuring JPMorgan and Bank of America, has remained unchanged. The divergence is unusual, as U.S. banks have historically thrived thanks to economic strength, while European banks face stagnation and inconsistent profits. Over the past decade, U.S. financials averaged an 11.3-per-cent annual gain, more than double the 4.9 per cent for European financials. This year's shift to outperformer status since early February is raising eyebrows. Citigroup analyst Andrew Coombs says: "Amid a sharp global rotation, the rerating in European banks year-to-date" -- based on rising valuations -- "has been unprecedented. Sentiment is probably the most positive we have seen in 20 years." Many investors are seeking ways to navigate President Donald Trump's confusing tariff policies and his disregard for economic stress. Consumer confidence has dropped for four consecutive months and recessionary risks are increasing.