Investment Update

In our last note to you we
questioned whether, just over halfway
through the Trump
administration’s 90-day tariff
negotiation period, we were in
the eye of the tariff storm?

Following the last couple of months’ notes, our May note has a more positive tenor. US tariff discussions have begun and appear significantly less disastrous than ‘Liberation Day’ suggested.

The last week’s equity market retracements have been widely reported on by global media outlets. After a volatile March during which the Trump administration finalised

In February, global equity markets continued to diverge, with UK and European markets climbing (FTSE100 +1.6% and Eurostoxx 50 +3.8%) and Japanese markets falling

Early in the third quarter of 2024, the seemingly inexorable rally in the tech sector finally looked as if it may be dissipating, particularly in the US

We wanted to provide a review of some of the most notable events in 2024 and some prognostications of how we see 2025 panning out (brave, we know).

Early in the third quarter of 2024, the seemingly inexorable rally in the tech sector finally looked as if it may be dissipating, particularly in the US

We reported on the Fed’s lack of ambition in loosening monetary policy earlier in August.

Since we last wrote to you, so much seems to have transpired; Trump was nearly assassinated; Biden has (effectively) abdicated, propelling Kamala Harris to ‘President-in-waiting’;

We first drafted this piece two days ago (please forgive us if there are any short- term inaccuracies). This is an illustration in how much can change in such short order.