Month: May 2025

Market Update: A rally that requires belief

A good week for US stocks has erased the year’s losses in dollar terms (in sterling terms, they are mildly negative). The tech-heavy NASDAQ index is officially in a bullish trend – passing the 20% up mark from April’s trough. The recovery from last month’s “Liberation Day” sell-off has been extraordinary for most major equity regions, many of whom are still beating the US year-to-date.

Market Update: Markets calm but trouble still bubbles

Despite the India-Pakistan hostilities, markets remained calm this week. Measured price volatility came down substantially although, due to global economic uncertainty, implied future volatility – the cost of insuring your assets against sudden losses – is still relatively high. But investors seem to feel that US trade wars will be sufficiently resolved and growth will resume.

Market Update: No news is good news…

It starts as a pretty good week for global markets. That is despite dire US GDP figures, mixed earnings reports from the biggest US tech companies and, for us, disappointing news that a US-UK trade deal is unlikely to come soon. Investors feel positive because they think the White House chaos has abated, and Trump might now support growth rather than hinder it.