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Our monthly market update.
Growing uncertainty about the impact of the US Administration’s policy agenda weighed on investor sentiment, which was further exacerbated by renewed concerns about slowing global growth.
2025 started positively for investors, with both equities and bonds broadly delivering positive returns. However, there was a departure from the 2024 trend, with European markets outperforming the US. President Trump’s ‘America First’ policy agenda, was supportive for US equities, but the emergence of Chinese artificial intelligence (AI) company DeepSeek, called into question the US technology sector’s ability to deliver against the lofty expectations of the market.
Over Q4 2024, markets were largely driven by the US election, which ultimately saw US shares advance following Donald’s Trump’s victory. However, other regional markets came under pressure amid worries over the threat of trade tariffs.
The US election results drove market performance in November. Outside US markets, the election result was met with some caution.
October was a volatile month for markets, with equities falling after an initial rally and only a few markets ending up with a positive return. In Sterling terms, the US was the most notable performer. Global bond markets produced marginally positive returns as yields fell.
October was a volatile month for markets, with equities falling after an initial rally and only a few markets ending up with a positive return. In Sterling terms, the US was the most notable performer. Global bond markets produced marginally positive returns as yields fell.
August was a volatile month, but in general, global equities gained. Markets were initially impacted by disappointing US economic data, together with an interest rate hike by the Bank of Japan.