Markets react as expected to Trump tariff announcements

European markets closed lower yesterday, with auto stocks down 1.7%. The big US equity indices all inched higher, although small caps fell after Monday’s gains. Asia was mixed this morning with Chinese stocks up and Japanese stocks down. Bitcoin is now trading nearer USD 90,000 than 100,000. Geopolitical tensions have eased a touch today after a 2-month ceasefire between Israel and Hezbollah was initiated in the early hours of this morning. Dario Messi, Head of Fixed Income Research, assesses the likely growth enhancing/hindering policies of the incoming US administration, whilst Mathieu Racheter, Head of Equity Strategy, shares the reasoning behind some of his team’s recent sector rating changes.

00:00 Introduction by Roman Canziani (Head of Investment Writing)

00:37 Markets wrap-up by Bernadette Anderko (Investment Writing)

06:30 Fixed income update: Dario Messi (Head of Fixed Income Research)

10:12 Consumer cyclicals up, utilities down: Mathieu Racheter (Head of Equity Strategy)

12:22 Closing remarks by Roman Canziani (Head of Investment Writing)

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