Improving mood versus slowing growth
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...
Volatility drops but uncertainty remains
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...
Ceasefire, not truce, in global trade war
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...
Trump’s Liberation Day turns into market clear out
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...