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...

  As negotiations continue with a view to reaching a possible peace agreement in Ukraine, hopes are growing for an economic recovery in Europe. Markets are hopeful about the restoration of energy trade, as well as the reorientation of military spending. However, uncertainty over the...