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Improving mood versus slowing growth

25 April 2025Tatton Weekly

Capital markets bounced this week and the mood notably improved. Media commentary put this down to Donald Trump’s softer rhetoric on Chinese tariffs, and his affirmation of the US central bank’s (the Federal Reserve’s) independence. Equities and bonds were positively impacted, not...

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Volatility drops but uncertainty remains  

17 April 2025Tatton Weekly

We head into the long Easter weekend with calmer markets than a week ago – but without any strong rebound. Time off from the tariff drama has helped the mood and eased last week’s liquidity concerns, but there still is not much...

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Ceasefire, not truce, in global trade war

11 April 2025Tatton Weekly

After a week of eye-watering ups and downs, stock markets are roughly where they started but still well below where they were before Trump’s April 2nd ‘Liberation Day’. For bond holders, it has been equally volatile but prices are more than slightly...

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Trump’s Liberation Day turns into market clear out

4 April 2025Tatton Weekly

Donald Trump’s tariffs upset markets, which were unprepared for their magnitude. The US imposed a 10% tariff on most imports, and additional “reciprocal” tariffs on major trading partners. Unsurprisingly, this was followed by China’s 34% retaliatory tariff this morning. Global stocks sold...

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Tariff ‘stick’ to be followed by ‘fiscal’ carrot?

28 March 2025Tatton Weekly

As most of us are aware, markets have recently been taking one step forward, one step back and this week was no different. Equity markets started with a bit of positivity amid talk that Trump’s April 2nd tariff “Liberation Day” was going...

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Bracing for tariff “Liberation Day”

21 March 2025Tatton Weekly

Capital markets were calmer for most of the week, with a little turbulence into the end. Up until Thursday close, stock prices moved higher and measures of intraday volatility fell somewhat, largely thanks to fewer signs of policy upheaval from the US...

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Just another growth scare or more?

14 March 2025Tatton Weekly

Following the pause last week, the stock market sell-off unfortunately resumed this week. Global government bonds unhelpfully joined the downdraft as bond yields edged up. Equity markets are generally only slightly lower in Sterling terms but, for the third week in a...

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The return of regional divergence

7 March 2025Tatton Weekly

At the time of writing, global stocks in aggregate are around where they were a week ago in local currency terms, but the fall in the US Dollar means the Bloomberg World index is about -3% in Sterling terms. Once again, the...

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Honeymoon ends early

28 February 2025Tatton Weekly

There was no meaningful recovery for US stocks this week, following their cold shower last Friday. By contrast, Europe actually managed to warm a little through this week. Investors’ shift away from the US continues, and markets are no longer enamoured by...

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Global politics turn business

21 February 2025Tatton Weekly

We end the week on a slightly downbeat note, not borne out of the astounding shifts in US foreign policy, but because US domestic service sector sentiment seems to have sagged. The US 10-year bond yield has dropped back to below 4.5%...

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Europe First?

14 February 2025Tatton Weekly

Another dramatic week in global politics had rare and fascinating effects on capital markets. The Trump administration’s apparent plan to negotiate a Ukraine peace deal without European input, but leave European nations to foot the bill and bear the political consequences, is...

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Up and down and on and off

7 February 2025Tatton Weekly

The week began with, potentially, a very distasteful pill to swallow. On Friday evening, just before 6pm GMT and after European markets had closed, Trump announced another 10% of tariffs on China and new 25% tariffs on Mexico and Canada, the US’...

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The Tatton Weekly is provided for information purposes only and compiled from sources believed to be correct but cannot be guaranteed.  It should not be construed as an offer, or a solicitation of an offer, to buy or sell an investment or any related financial instruments. Any opinions, forecasts or estimates constitute a judgement as at the date of publication and do not necessarily reflect the views held throughout Tatton Investment Management Limited (Tatton). The Tatton Weekly has not been prepared in accordance with legal requirements designed to promote independent investment research. Retail investors should seek their own financial, tax, legal and regulatory advice regarding the appropriateness or otherwise of investing in any investment strategies and should understand that past performance is not a guide to future performance and the value of any investments may fall as well as rise and you may get back less than you invested.

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