At the end of the first quarter, uncertainty had already intensified around a recurring theme:
American protectionism. On April 2nd, President Trump made good on what had previously
been only a threat, introducing across-the-board 10% tariffs, with the possibility of additional
surcharges. Read more
A two-stage start to the year: momentum, then a reality check.
The quarter began in a constructive mood, before a geopolitical shock reshuffled the deck. In January and February, markets were mainly encouraged by the continuation of disinflation, resilient earnings, and the idea that the major central banks could remain, if not accommodative, then at least less restrictive than in 2024–2025. More info
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