James Giblin

Markets have faced a turbulent first quarter so far as political and economic shifts have driven sentiment. Donald Trump's second term has begun with a flurry of executive orders, heightening trade concerns. US equities have been volatile and are weaker this quarter so far, particularly in the technology sector after a Chinese AI breakthrough unsettled investors.

Meanwhile, Europe has shown signs of recovery, supported by expected interest rate cuts. Germany's election result reassured markets, easing fears of political extremism and signalling increased government spending. Bonds have performed well amid softer economic data and rising uncertainty, while gold hit record highs. Currency markets have been mixed. As this quarter ends and Q2 begins, interest rate trends and US inflation remain key risks, with policy uncertainty likely to drive further volatility.

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