An overview of recent market developments and macroeconomic conditions, as well as our over- and underweight positions. This primarily discusses equity, bonds, and money markets. Alternative investments, such as real estate and private equity, will not be systematically covered in the report, but such products should also be included in a long-term investment portfolio.
Key points
- Trump’s delayed 25 percent tariff increase on Canada and Mexico was implemented at the beginning of March
- Weaker consumer confidence in the U.S., driven by higher inflation expectations, raises growth concerns and sends U.S. interest rates sharply lower
- The fiscal position of EU countries collectively allows for a clear increase in defense budgets in light of the geopolitical situation