{"id":35460,"date":"2025-07-08T13:20:13","date_gmt":"2025-07-08T11:20:13","guid":{"rendered":"https:\/\/telomere.ch\/?p=35460"},"modified":"2025-09-19T12:13:41","modified_gmt":"2025-09-19T10:13:41","slug":"market-update-july-2025","status":"publish","type":"post","link":"https:\/\/telomere.ch\/en\/market-update-july-2025\/","title":{"rendered":"Market Update \u2013 July 2025"},"content":{"rendered":"

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Editorial<\/p>\n

[\/et_pb_text][dnxte_button button_text=”Download the PDF Market Update” button_link=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9hdHRhY2htZW50Iiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjM1NDU5In19@” button_link_new_window=”on” dnxt_button_alignment=”center” btn_icon=”L||divi||400″ btn_icon_color=”#FFFFFF” dnxt_hover_bg=”dnxt-hover-sweep-to-right” dnxt_hover_bg_color=”rgba(98,140,224,0.37)” dnxt_button_alignment_tablet=”center” dnxt_button_alignment_phone=”center” dnxt_button_alignment_last_edited=”on|desktop” _builder_version=”4.27.4″ _dynamic_attributes=”button_link” _module_preset=”default” btn_fonts_font=”Inter|||on|||||” btn_fonts_text_color=”#000000″ btn_fonts_font_size=”14px” btn_fonts_letter_spacing=”3px” min_height=”41.2px” custom_margin=”14px||||false|false” custom_padding=”1px|||||” border_radii_btn_border=”on|0px|0px|0px|0px” border_width_top_btn_border=”0px” border_width_right_btn_border=”0px” border_color_bottom_btn_border=”#3f3f3f” border_width_left_btn_border=”0px” border_color_left_btn_border=”#000000″ locked=”off” global_colors_info=”{}” btn_fonts_text_color__hover_enabled=”off|desktop” btn_fonts_text_color__hover=”#FFFFFF”][\/dnxte_button][et_pb_text content_tablet=”<\/p>\n

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 even as headline volatility spiked around Middle-East tensions. Credit spreads compressed and liquidity remained ample, underscoring that financial conditions are looser than the policy debate would suggest. <\/p>\n

Under the surface, the macro picture keeps evolving. Disinflation is gathering pace across most developed economies while the Fed stays on hold at 4.50%, opting to monitor the knock-on effects of shifting tariffs. In contrast, the SNB and ECB have already trimmed rates, signaling a tentative turn toward easier policy in Europe. Growth remains resilient, just resilient enough, helping earnings expectations stabilize despite soft manufacturing surveys. <\/p>\n

Meanwhile the \u201cAmerica First \u2013 Dollar Second\u201d narrative is gaining traction. The US dollar lost nearly 10% this year before briefly bouncing on the Iran scare, only to resume its slide as fiscal risk stole the spotlight. Commodities told their own roller-coaster story: the price of oil spiked past $80 on the initial headlines and then closed the month below $70, while gold set fresh highs above $3\u2019300 as investors hunted for hedges. <\/p>\n

We hope you enjoy reading and find these updates helpful for the month ahead.<\/p>\n

” content_phone=”<\/p>\n

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 even as headline volatility spiked around Middle-East tensions. Credit spreads compressed and liquidity remained ample, underscoring that financial conditions are looser than the policy debate would suggest. <\/p>\n

Under the surface, the macro picture keeps evolving. Disinflation is gathering pace across most developed economies while the Fed stays on hold at 4.50%, opting to monitor the knock-on effects of shifting tariffs. In contrast, the SNB and ECB have already trimmed rates, signaling a tentative turn toward easier policy in Europe. Growth remains resilient, just resilient enough, helping earnings expectations stabilize despite soft manufacturing surveys. <\/p>\n

Meanwhile the \u201cAmerica First \u2013 Dollar Second\u201d narrative is gaining traction. The US dollar lost nearly 10% this year before briefly bouncing on the Iran scare, only to resume its slide as fiscal risk stole the spotlight. Commodities told their own roller-coaster story: the price of oil spiked past $80 on the initial headlines and then closed the month below $70, while gold set fresh highs above $3\u2019300 as investors hunted for hedges. <\/p>\n

We hope you enjoy reading and find these updates helpful for the month ahead.<\/p>\n

” content_last_edited=”on|phone” _builder_version=”4.27.4″ text_font=”|300|||||||” text_text_color=”#6F757D” text_font_size=”21px” text_line_height=”1.4em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”377.2px” custom_margin=”||16px|||” custom_padding=”||0px|||” global_colors_info=”{}”]<\/p>\n

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 even as headline volatility spiked around Middle-East tensions. Credit spreads compressed and liquidity remained ample, underscoring that financial conditions are looser than the policy debate would suggest. <\/p>\n

Under the surface, the macro picture keeps evolving. Disinflation is gathering pace across most developed economies while the Fed stays on hold at 4.50%, opting to monitor the knock-on effects of shifting tariffs. In contrast, the SNB and ECB have already trimmed rates, signaling a tentative turn toward easier policy in Europe. Growth remains resilient, just resilient enough, helping earnings expectations stabilize despite soft manufacturing surveys. <\/p>\n

Meanwhile the \u201cAmerica First \u2013 Dollar Second\u201d narrative is gaining traction. The US dollar lost nearly 10% this year before briefly bouncing on the Iran scare, only to resume its slide as fiscal risk stole the spotlight. Commodities told their own roller-coaster story: the price of oil spiked past $80 on the initial headlines and then closed the month below $70, while gold set fresh highs above $3\u2019300 as investors hunted for hedges. <\/p>\n

We hope you enjoy reading and find these updates helpful for the month ahead.<\/p>\n

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Joan Bu\u0308rgy<\/strong><\/strong><\/strong><\/h4>\n

Investment Specialist<\/p>\n

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J\u00e9r\u00f4me Tobler, CIIA<\/strong><\/strong><\/h4>\n

Partner Senior Financial Advisor<\/p>\n

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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. <\/p>\n","protected":false},"author":3,"featured_media":35452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[45],"tags":[],"class_list":["post-35460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketupdate-en"],"yoast_head":"\nMarket Update \u2013 July 2025 - Telomere Capital<\/title>\n<meta name=\"description\" content=\"June was anything but quiet, yet markets chose to look through the noise. Global equities added another 4-5% for the month, READ MORE...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/telomere.ch\/en\/market-update-july-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Update \u2013 July 2025 - Telomere Capital\" \/>\n<meta property=\"og:description\" content=\"June was anything but quiet, yet markets chose to look through the noise. 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