Despite the uncertainty created by Donald Trump’s looming 1st August deadline for completion of tariff deals, July proved to be a relatively benign month in markets. In large part this was due to rising optimism that most key deals would be concluded before month end, avoiding worst-case outcomes, optimism which
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
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 the S&P 500 and Nasdaq indices at all-time highs. In between were threats to remove Powell as
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
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
February has been a volatile month, mostly thanks to the sweeping and immediate impact of the new Trump administration’s policies, from aggressive trade tariffs to dramatic federal government restructuring and geopolitical interventions, including progress toward resolving the Russia-Ukraine and Israel-Gaza conflicts. The US has pivoted its security focus toward China,
Rarely is it that changes in government have such immediate and far-reaching consequences as we are currently experiencing; the energy, determination and ruthlessness of the new Trump administration to implement its policy agenda has been breath-taking, leaving the rest of the world’s political leaders scrambling to formulate a response. Making
January’s market saw volatility due to Trump’s aggressive tariff policies on imports from Mexico, Canada, China, and potentially the EU. While US growth remained strong early in the month, the emergence of China’s DeepSeek AI led to a sharp sell-off in tech stocks, particularly semiconductors like Nvidia, which lost $500bn
In December, financial markets experienced weakness across most asset classes and regions. As inflation proved slower to normalise than initially anticipated, major central banks adopted a cautious approach to policy, aiming to prevent inflation running out of control. This tempered market expectations regarding the pace and magnitude of future interest