Outlooks

Instead of unveiling a clear and consistent policy on tariffs, US President Trump's approach has been chaotic, with positions changing daily. The sell-off in the US stock market is reflecting this policy uncertainty and increased risk of stickier inflation. However, we see US earnings growth remaining resilient and further market weakness could be a potential buying opportunity.

Increased fiscal stimulus in Europe and UK could continue to pressure UK and EU bond yields higher, while Tariff policy could stoke inflation in the US and global markets. We remain selective in fixed income and retain exposure to inflation-resilient alternative assets such as Gold and precious metals, infrastructure. Our approach is to remain adaptive and nimble during such uncertain market conditions.

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