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Macro and Markets Review for Q3 2025

Oct 6, 2025

9:21 am

August Tariffs – Another Brick in the Wall The defining feature of the quarter was the 1 August tariff reset. A 10% universal baseline tariff was imposed on most imports, with higher rates for Japan, Korea, Canada, Mexico, and the EU. China was granted a temporary truce at 10% until November while longer-term terms are…

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Corporates Lead the Way

Sep 30, 2025

12:19 am

• Corporate CAPEX growth of 11% this year as spurred global growth to surprising heights • Q2 US GDP surprises to the upside (3.8%) and 3% likely in Q3 • Tech spending a major driver; the sector should still perform well • High Grade bond spreads narrow still further – could they stray to negative?…

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Central Banks Front and Centre

Sep 23, 2025

7:34 am

• Further Fed cuts rates as expected, but the backdrop remains mired in politics and evolving economic landscape • The US economic data is particularly difficult to interpret, and patience is needed – but try telling the President • Risk of Fed policy error is high • Bank of England appears in no rush to…

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Narrowly Focussed Markets Wait for the Cut

Sep 16, 2025

11:21 am

Markets may still be performing well, but the narrow concentration in technology stocks reveals a soft underbelly to the current bull run. For the rally to sustain, rate cuts will need to encourage broader participation across sectors. The continued strength in gold, even as equities hit new highs and bond yields remain subdued, signals caution…

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