You know company boards and institutional investors are nervous when even investment bankers are talking about uncertainty and deal activity on hold. It’s a clear sign there’s little option but to ride out a sell-off washing over markets and to see what life is like on the other side.

Jay Horine, global co-head of investment banking at Wall Street giant JPMorgan, says there’s a “pause” inside boardrooms as directors try to work out what Donald Trump and tariffs mean for earnings, business strategies and outlook.