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…
Read more →
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…
Read more →
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…
Read more →
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…
Read more →
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…
Read more →
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…
Read more →
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…
Read more →
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…
Read more →
World Market Summary
In fitting fashion, firework season went off with a bang as Donald Trump resoundingly saw off Kamala Harris to secure his second term in office. In doing,…
Read more →
World Market Summary
October was most notably characterised by a spooked bond market, with the fear gauge soaring as Halloween neared. The cause was a broad-based bond sell-off ahead of…
Read more →