Last Week at a Glance
Global equities rose modestly last week as the end of the US government’s shutdown, combined with further trade deal announcements, offset some tech sector jitters.
Currency
Market Matters: September 30, 2025
Global equities advanced in Q3 as investors looked past peak tariff uncertainty, focusing on resilient economic activity and earnings growth, ongoing artificial intelligence developments, and a resumption of Federal Reserve rate cuts.
US Manager Universe Statistics: Second Quarter 2025
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
India: In the Geopolitical Crosshairs
Once perceived as a US ally, India has recently been thrust into geopolitical crosshairs. Given the increased macro uncertainty, we would not overweight India at this time, particularly as equity valuations remain elevated despite the recent underperformance. Trade policies remain in flux, and there are measures that India can take to counter the near-term impact of tariffs. However, investors should monitor negotiations around India’s Russian oil imports, as these could have wider implications for the economy and market, especially the rupee.
Market Matters: August 31, 2025
Equities advanced as peak tariff uncertainty appeared to wane, fixed income performance diverged among major regions, the US dollar broadly depreciated, and real assets mostly advanced.
Market Matters: July 31, 2025
Global equities advanced as lingering uncertainty over US trade policy eased.
Review of Market Performance: Fiscal Year 2025
US tariffs added to market volatility in the fiscal year ended June 30, 2025. Nevertheless, most risk assets ended the year higher, supported by strong earnings ahead of tariff uncertainty and the prospect of continued central bank policy easing to support growth.
VantagePoint: What to Do About the US Dollar?
In this edition of VantagePoint, we examine the historical context of the dollar, outline why we believe the recent decline is likely part of a multi-year bear market, and discuss strategies investors can use to reduce their dollar exposure.
Market Matters: June 30, 2025
Global equities surged, closing the quarter at all-time highs.
Market Matters: May 31, 2025
Global equities rallied as trade negotiations between the United States and China progressed.