As the world grappled with the threat of tariffs from the United States, global trade experienced a dramatic yet short-lived boom. Now, as the dust settles, businesses, economists and policymakers are left asking: what comes next? When President Trump took office on January 20, he...

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...

  In recent months, gold has experienced remarkable momentum, solidifying its position as a preferred safe haven asset. Contrary to what the collective imagination suggests, the first large-scale gold rushes date back to the late 17th century in Brazil, in the Minas Gerais region, at...

The market sell-off following the announcement of new trade tariffs continues as investors try to assess Trump’s next move and the impact on the global economy. We do not advocate kneejerk reactions during moments of market turmoil. History has demonstrated that even after the worst...

US announces higher-than-expected trade tariffs Market reaction was clearly risk-off but still manageable Uncertainty is here to stay. As with previous announcements, Trump could still dilute, delay or remove tariffs, with the floor open for negotiations   Global financial markets entered a risk off mode...