Summary
Global markets gained nearly 4% in the month, led by strong performances from the US and Emerging Markets. The lack of retaliation to US tariffs and ongoing trade…
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Overview
August was characterised by slowing momentum, with markets fearing that the AI ‘bubble’ is bursting, but Federal Reserve Chair Powell’s speech in Jackson Hole helped markets to shake…
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Overview
Wimbledon set the tone for markets in July, with champagne corks continuing to fly as the S&P 500 registered another ten record highs over the month. However, Europe…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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