BUDGET UPDATE 2025 After months of speculation, UK Chancellor Rachel Reeves presented the Autumn Budget on 26 November, unveiling a substantial £26 billion package of tax increases, alongside targeted spending measures. Her aim? To address the UK’s persistent inflation, rising unemployment and high interest rates – pressures weighing heavily on households and businesses. Reeves positioned [...]
Executive Summary The International Monetary Fund (IMF) upgraded its global growth forecast to 3.2% for 2025, but warned that the outlook remains fragile. The Bank of England held its base rate at 4.0%, citing sticky inflation and the risk of a “bumpy landing”. UK inflation remained steady at 3.8% in September, underscoring resistance to quicker [...]
Executive Summary Fed cuts rates for the first time in 2025, easing to 4.0–4.25% as inflation moderates. U.S. tariffs face Supreme Court scrutiny, adding policy risk and market volatility. UK holds base rate at 4.0%, citing sticky inflation; QT scaled back to calm gilt markets. Global equities mixed: U.S. lifted by Fed cut, UK and [...]
Tariffs take centre stage again The U.S. stock market lost momentum in early August, retreating slightly from July’s all-time highs as investors grappled with renewed tariff uncertainty. President Trump announced that the “blanket tariff” proposal remains under consideration, despite widespread criticism from business leaders. Markets initially shrugged off the rhetoric, but volatility picked up after [...]
The U.S. stock market has risen by over 25% since the 8th April, reaching a new all-time high. The rally began when President Trump announced a deferral of the tariffs he had introduced on the 2nd April. However, the significance of this move seems to have been lost on President Trump, who remarked that he [...]
It’s been an eventful few weeks. In the last few hours while writing this, it seems a tenuous ceasefire has been agreed with Israel and Iran. After 10 days of tit for tat missile and rocket exchanges, the oil price surged by $10 a barrel, however, it started to drop almost immediately. The US got [...]
Summary If the onset of tariffs was a major headwind for the markets, then the easing of them should be seen as a tailwind. Globalisation allows countries to specialise in activities in which they have a comparative advantage; doing so increases global economic growth, allowing each country a larger individual share of that growth. With [...]
This month written by Tom Day. Summary April has been a turbulent month for global financial markets, largely due to President Trump's aggressive tariff policies. His administration imposed sweeping tariffs on imports from most countries, triggering sharp declines in stock markets worldwide and raising fears of a global recession. The measures announced were very much [...]
This month, written by Tom Day. Summary Markets all over the globe have been experiencing a mix of volatility and recovery in recent months, influenced by various economic and geopolitical factors. In the United States, the S&P 500 and Nasdaq indices have been particularly volatile, influenced by President Trump’s new tariffs, as well as ongoing [...]
Andrew’s Views (Market Update) The start of 2025 has seen last year’s slow equity finishers making the early running. Notably, European equities have performed well following a tough 2024. They were perceived as victims of President Trump’s interventionist economic trade policy and as such, they were unloved and under-owned, but have bounced back firmly. Like [...]
