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Economic and market outlook
In our third quarter outlook, we split the first half of the year into two distinct periods – before 8th April, when markets panicked that President Trump would drive the world economy off a cliff – and after 8th April when he backed down and markets assumed that everything would be fine. A quarter later, his policy making is as erratic as ever, and markets are still flying.
Global equity outlook
Politicians have shaped the market narrative this year with US President Trump’s tariff announcement on the 2nd of April having the most dramatic impact. Over the following week, the S&P500 dropped into bear market territory. But the President pulled back from his extreme position, and the ‘Trump Put’ became a turning point for investors. Since then, trade agreements have gradually been announced.
