August 2025 set the tone for a cautiously optimistic outlook as we move into the final months of 2025. Despite mixed signals in the U.S. labor market and political headwinds surrounding the Federal Reserve’s independence
July has shown us that markets can adapt to new realities, even when these involve heightened uncertainty and unconventional trade policies.
June was anything but quiet, yet markets chose to look through the noise. Global equities added another 4-5% for the month, pushing the MSCI ACWI to a double-digit gain year-to-date.
May was defined by a pivotal de-escalation in trade tensions, most notably the 90-day tariff pause agreed between the US and China, and the landmark UK-US trade deal.
April 2025 was a dramatic month for global financial markets, with policy shocks and volatility echoing crisis times. President Trump’s new tariffs triggered a rapid and severe market sell-off, shaking the confidence and sending all major asset classes lower in a rare “triple sell-off” more commonly seen in emerging markets.
January kept investors on their toes, as markets swung from optimism to fear of AI’s seismic shift in tech valuations and now delayed US tariffs on NAFTA members.
