US economic data is suggesting a slowing US economy, with the question about tariff-inflation unresolved. Unlike the Fed, the ECB continues to ease, lowering its policy rates 25bps on Thursday (for the 8th time). Risk markets remain relatively resilient, and bond yields improved, too. The Trump-Musk feud has grabbed headlines this week.

This week had a double trade war "positive" for investors, excellent earnings, strong earnings and a favourable outlook from Nvidia, the 2025 Bitcoin conference in Las Vegas, the release of minutes from the last FOMC meeting, and a poor Japanese 40y bond auction.

All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

President Trump has been in the Middle East this week with a contingent of US business leaders and his finance / economics team, cutting...

Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

The announcement of tariffs by President Trump on Weds made a nervous market completely puke, with stocks getting hammered.

The 1Q2025 is in the bag, not an easy quarter. US stocks performed poorly, but gold and European stocks did well. Treasuries also did ok.

The week started and ended poorly for US stocks, delivering losses for the week. European stocks have been the best performers YtD.

It was a holiday shortened, rather lacklustre week in markets. Good that 2022 is over. FY returns were poor across equities and bonds.