Heightened geopolitical tensions, policy shifts and economic fragility globally are likely to keep investors cautious, support safe-haven assets, and create selective opportunities in strategic sectors such as manufacturing, raw materials and exports. Download PDF
Markets appeared calm on the surface but experienced sharp swings as shifting expectations for Fed policy, weaker US data and speculation about a more dovish new Fed chair collided with rising doubts over the sustainability and valuation of the AI boom. Speculative AI names, semiconductors, defence stocks, crypto and China
Heightened geopolitical tensions, policy shifts and economic fragility globally are likely to keep investors cautious, support safe-haven assets, and create selective opportunities in strategic sectors such as manufacturing, raw materials and exports. Download PDF
October saw a broad equity rally led by AI megacaps; non-US gains were muted in USD terms, and bond returns were driven more by FX than falling yields. Softer US labor/inflation set up a rate cut and QT halt, while a limited US–China truce eased select tech/tariff curbs; China stayed weak
September saw a continuation of the risk rally that started in the early summer months following the tariff debacle earlier in the year (which is far from over). Global equities gained more ground, underpinned by a resurgent US market and strong tech performance. Sovereign bond performance moderated after some front
August largely preserved July’s benign market conditions, characterized by tight credit spreads, subdued volatility, and broad-based gains. Market breadth improved as the S&P 500 set new highs while megacap technology underperformed (+1.4%) and small caps advanced strongly; Japan and China outperformed, whereas Europe was comparatively subdued. Dollar weakness supported non-US
Markets remained stable in July 2025 despite trade uncertainty, as the US secured favorable tariff deals with Japan, the EU, and the UK, boosting its political and economic position. Strong US economic data, upbeat corporate earnings especially in AI and expectations of future rate cuts supported equities, with tech stocks
A quarter which began with Trump’s Liberation Day reciprocal tariffs announcement, delivering a seismic shock to global financial markets and one of the sharpest two-day falls on record on Wall Street, ended with a few equity market indices at all-time highs. In between were threats to remove Powell as Chair
The topsy-turvy tariff saga again dominated markets, but increasingly with a ‘TACO’ theme: Trump Always Chickens Out. De-escalation of tariff concerns along with a stream of positive AI related news underpinned risk assets in May, despite a mid-month wobble as debt sustainability concerns triggered a rise in bond yields, especially