“The eventful first 100 days in office of Donald Trump put into question the dominant role of US assets, thus pushing global investors to look to other areas such as Europe in search for diversification*.”
- Trump’s approval rating – currently at 41% – is the lowest for any president at 100 days since Eisenhower.
- The dollar has not rebounded after the 90-day pause announcement, being weighed down by uncertainty on US trade policy.
- Global investors could potentially look at European markets to diversify* at a time of high US policy uncertainty.
During Trump’s first 100 days in office, the S&P 500 index was down almost 9%, the worst performance for any US president since Nixon in 1973. This performance was influenced by the tariff-related sell-off, after which the US market rebounded when a 90-day pause was announced. The S&P 500 has now recovered about half of this drop. US equity volatility remains high and we expect this to continue until early July, when the 90-day pause in US tariffs will be reassessed. Overall, sentiment remains weak, with consumers increasingly worried about prospects for inflation and personal finances, as reflected in the University of Michigan consumer sentiment, which surveys hundreds of households each month.
You can now read the full whitepaper at the link below
