Month: June 2025

Economic and policy risk were at least temporarily relegated to secondary status as geopolitical risk emanating from the war between Israel and Iran took centrestage. We expect financial markets to be in ‘risk off’ mode until clarity emerges about the extent and duration of damage caused by the conflict. Oil prices, in particular, are in focus.

Last week, the S&P 500 crossed 6,000 marking a bull market in a drama filled week which included a public spat between Donald Trump and Elon Musk and the first direct talks between the US president and the Xi Jinping since Liberation day.

Trump’s tariff strategy faces an unexpected speed bump, his “big, beautiful bill” awaits Senate approval and as the 90-day tariff pause deadlines comes closer, the Trump administration has started to get frantic with aggressive statements on China & Europe.