”The size, timing, and targets of Trump’s tariffs remain highly uncertain. Market sentiment leans towards optimism. The high valuations of US equities, along with early signs of a weakening US dollar, favour a global equity approach.”

• Markets cheered Trump’s first week of his second presidency, as he appeared open to tariff negotiations.
• In early 2025, market sentiment remains supportive, as does the economic backdrop.
• Global equities rose in the week while the dollar slipped as investors sought opportunities elsewhere.

Trump’s first week as President aligns closely with his campaign agenda—immigration control, tax cuts, deregulation, and increased protectionism. While not all details have been disclosed, market sentiment remains positive. Equities have rallied, backed by some optimism that not all US imports will be subject to tariffs, and President Trump’s stance on tariffs towards China could be softer than initially expected and the US dollar weakened.

We live in a phase of uncertainty regarding policy and tariffs, but the overall economic outlook remains resilient. We look for potential opportunities across global equity markets.

You can now read the full whitepaper at the link below