Macro
Q2 continued to be dominated by tariff news flow, with global recession fears mounting amidst Trump’s self-proclaimed ‘Liberation Day’ announcement. As trade deals have been reached, most recently with…
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Overview
As we passed the summer solstice, the length of the US market rally showed no signs of shortening. Bears have long been out of hibernation, but are likely ready…
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Overview
Tariffs continued to provide the main focus for markets in May, but as the recently coined ‘Trump always chickens out’ (TACO) narrative emerged, US markets extended their recovery from…
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Overview
This year, April Fool’s Day occurred on the second day of the month, with so-called ‘Liberation Day’ placing substantial tariffs on nations across the globe. An island solely inhabited…
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Macro
The narrative shifted sharply in Q1, with ‘US exceptionalism’ being called into question. Tariff uncertainty contributed to a deterioration in economic data. Gross Domestic Product (GDP) growth data for…
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Overview
March saw Trump continue to give mixed Signals to the market on tariffs and news that sensitive military operations had been leaked to the press through the equivalent of…
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Overview
February was a month to forget for US market participants. Whilst President Trump’s first term was a positive one for markets, like many sequels, Trump 2.0 has been disappointing…
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World Market Summary
The main event in January was Trump’s return to the White House, but his welcome was short-lived as DeepSeek tested the narrative of US exceptionalism. The Chinese…
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Macro
In Q4, markets were at the mercy of the ubiquitous political uncertainty, but we remained focused and grounded by macro data and company fundamentals. The US economy continued to…
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World Market Summary
December is typically a mixed month for market performance and 2024 was no different, but the notorious ‘Santa rally’ failed to materialise. Bond yields rose and stocks…
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