So-called “Liberation Day” has catalysed a global market selloff, with US President Trump announcing sweeping new US tariffs, including a baseline 10% tariff on all imports, effective April 5. “Reciprocal tariffs” on several countries were significantly bolder than markets had expected, ushering in new...

Another week, another set of changes to US trade policy – and that’s before the April 2 deadline where reciprocal tariffs on several trading partners will be unveiled. The week began with President Trump announcing a 25% tariff on imports from all countries that buy...

  Last week was dominated by central bank meetings, with the Fed, the Bank of England, Sweden's Riksbank and the Bank of Japan holding rates steady amid heightened global uncertainty. Only the Swiss National Bank cut rates by 25bp. This was all in line with...

It’s St. Patrick’s Day, but the colour green has been rare on our Bloomberg screens over the past week, with trade frictions, growth fears and ongoing geopolitical concerns weighing on risk assets. Last week even saw key US indices, namely the S&P 500 and the...

  This newsletter was written on 07 March 2025. Last week, the euro reached its highest level versus the USD year-to-date, with traders anticipating an influx of cash into Europe’s defense sector. The European Government Bond market underwent a sharp uptick in long-term yields, particularly...