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 a foretaste of what might lie ahead, markets in January were largely driven by the policy agenda of the new administration in the US. In his second term, President Trump is evidently in a hurry to make good on campaign promises, perhaps conscious that his powers could be weakened
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
2024 was characterised by stronger economic growth than expected, inflation falling but remaining above policy targets, the rate cutting cycle starting, but later and more cautiously than expected, geopolitics continuing to disrupt, although not derail, markets, and US exceptionalism to the fore. Equities, dominated by the US and especially its
For the second year in a row, global equities are on course for double-digit gains, far out-pacing returns from bond markets. So far this year, only gold of the major asset classes has outshone equities, with a gain of close to 30%. Within equities, the US has become all-dominant, driven
For the second year in a row, global equities are on course for double-digit gains, far out-pacing returns from bond markets. So far this year, only gold of the major asset classes has outshone equities, with a gain of close to 30%. Within equities, the US has become all-dominant, driven
In October, the most notable development was a sharp rise in bond yields, reversing much of the decline seen in Q3. This resulted in a challenging month for bonds, which weighed on valuations across most asset classes—though gold was a notable exception. Much of this shift was attributed to what
“The immediate market reaction following the election result was much more muted than 8 years ago, with moves mostly continuing the pattern of recent trading but volatility subdued” This monthly commentary capture the result of the US Presidential election on 5 November, and provide some comments on its implications. At