A choppy start to 2025 When we published our 2025 Outlook, Tides of Change, we anticipated a year defined by turbulence—and indeed, the first half has been nothing short of eventful. A global bond sell-off rattled markets at the onset of the year, driven in...

Published early, on 5 June 2025, in light of the public holiday weekend As ash and gas billowed from Sicily’s Mount Etna, some steam also escaped from the S&P 500, following its best May in over three decades. Stocks, bonds, and the dollar all retreated...

Written 30 May 2025, In a week that was light on economic data releases, US trade policy continued to drive market sentiment. Midweek, the US Court of International Trade delivered a surprise ruling, deeming President Trump’s trade tariffs unlawful. However, by Thursday, a US federal...

  Last week, markets were caught off guard by President Trump’s announcement that he recommends imposing a 50% tariff on imports from the EU from June 1, stating that the talks with the EU are “going nowhere”. However, it did not take long until that...

  There will be more fish in the sea for the EU following Britain’s agreement to open its fishing waters for 12 more years to EU boats, as part of a post-Brexit reset agreement discussed over the weekend. This agreement comes ahead of a London...