Markets trend higher, with volatility increasingly short-lived rather than sustained. Investors are reacting quickly to news and Presidential tweets, e.g. on/off peace talks, but revert to underlying trends supported by earnings and momentum. US underlying growth is strong. Central-bank path pricing is “higher for longer.” Broad productivity is consistent with growth but mid-cap pricing is subdued.
Global equities are buoyant, with industrials lifted by defence and infrastructure demand. Financials gain from credit quality, revived deal‑making, and investments into private markets. Gold outpaced major indices. Mega-cap AI techs continue to drive gains in the S&P 500, but other sectors are strengthening.
Global equities are buoyant, with industrials lifted by defence and infrastructure demand. Financials gain from credit quality, revived deal‑making, and investments into private markets. Gold outpaced major indices. Mega-cap AI techs continue to drive gains in the S&P 500, but other sectors are strengthening.
Higher risk: Trump trade war puts the global economy at a knife edge.