Macro and Markets Review for May 2025

Jun 4, 2025

11:02 am

Tariff Flip-Flopping: A Political Risk Repricing The month of May was dominated by trade policy volatility, as President Trump reignited tariff threats, particularly toward the European Union, before softening his stance by extending negotiation deadlines. The uncertainty surrounding tariff implementation created distortions in supply chains and added complexity to corporate planning. Many companies front-loaded exports—particularly…

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It’s the Same Strategy – Long Non-US Assets

Jun 3, 2025

6:40 am

• S&P500 has its best May in 35 years • But…. US assets still remain at risk from future high core inflation and a constrained central bank. • ECB and Asian central banks likely to cut rates to support their respective economies • We see further outperformance of ex US markets • AI – a…

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Here He Goes Again

May 28, 2025

8:03 am

• President Trump recharges the tariff challenge to the markets • US bond market fundamentals remain worrying to investors • Global growth has some positive drivers – policymakers helping in certain quarters • Smaller markets in Latin America and Europe have achieved good returns and still have some upside Trade Tensions Return President Trump’s proposed…

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Diverse Views, Common Uncertainty

May 20, 2025

7:47 am

• The US and China agree to come back from the brink, but nothing is for certain • In some quarters the US 10 year is thought to offer tremendous value, but others like us would disagree • The dollar continues to struggle to rebound • US equities rally back to where they started the…

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