Asian/European Markets

Historically the United States dollar strengthens when U.S. Treasury yields rise. But the reverse happened in April after the White House announced widespread tariffs.

I don’t believe the current level of tariffs will be maintained. I think most of them will be walked back, and the country will adapt to, say, a 10% tariff here and there. The Chinese (and a few other countries) tariffs are different in that they will have a more significant impact.

U.S. policy uncertainty and the ebbs and flows of AI advancement are likely to stoke continued volatility in the world’s stock markets.

In the Middle Ages, a common form of punishment was some form of mutilation, which included cutting off the nose of a prisoner or purposefully marring one’s own appearance before the arrival of conquering armies

There's a tectonic shift unfolding in global finance—subtle in appearance, but profound in implication. The traditional signposts of market anxiety—stocks, bonds, even crypto—are being bypassed in favor of something far older: gold.

The US is running a substantial net trade deficit with the European Union (EU). Europe has a surplus—but with more exports at risk, it also has the weaker position in a potential trade conflict.

A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.

Asia-Pacific will likely be the hardest hit region from a steep increase in U.S. tariffs.

A raft of reciprocal tariffs between China and the US could bruise China’s export revenues in the short term. But its domestically focused economic engine and shrinking dependency on US trade should minimize fallout in the long run.

Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.

As major tech firms like Apple and Microsoft report, they face questions about the impact of tariffs. Q1 results may be discounted, with strength seen as pre-tariff demand.

Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.

President Trump has been a vocal admirer of China’s Great Wall, built by the country’s emperors to protect their territory from outside aggression. In his first term, he compared his plan to build a border wall with that historic structure.

Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.

During periods of market volatility and declines, investors get concerned. They question their long-term objectives and whether they have more risk in their portfolios than they can tolerate. These are reasonable thoughts to have at times like these.

While gold has offered some protection during stock market downturns by either rising or declining by less than equities, its current high price levels and historical patterns suggest that future returns may be limited.

Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.

Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.

To say that it has been a tumultuous year in Canada would be an understatement. The country’s business model, which relies heavily on commerce with the United States, has been put under severe stress by the American administration.

A divide has recently developed between soft and hard economic data. At a time when conditions are changing rapidly, understanding the difference between the two is terribly important.

The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.

Eitelman began by assessing the health of the U.S. economy through hard and soft data. He explained that hard data refers to measures of actual spending and economic activity, while soft data refers to how companies and consumers respond to surveys.

Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.

U.S. defensives and international lead.a

In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.

Today we are going to look at some of the uncertainties in our world and then explore some ways to gain a little certainty.

President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.

U.S. trade policy has evolved significantly in a matter of weeks.

The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.

Talk of a recession is everywhere. The case is simple: Liberation Day delivered the biggest increase in tariffs in a century. Consumer prices will rise. Purchasing power will decline. Recession…right?

Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.

In this week’s installment of “Three on Thursday,” let’s explore some of the dynamics surrounding the United States dollar. In an era of inflation, massive debt, large deficits, and threats of tariffs, there are persistent rumors circulating that the dollar is at risk of losing its reserve currency status.

The deferral of “reciprocal” tariffs on most U.S. trading partners suggests that the peak of tariff uncertainty may have passed.

Banks blew Q1 earnings expectations out of the water, benefitting from high trading volumes, but CEO commentary remains cautious for 2025.

Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.

Cryptocurrency prices, including bitcoin’s, have been turbulent this year. That’s weighed on shares of miners. Some relief could be in sight.

One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday

With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.

One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.

The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.

Although uncertainty remains, perpetual market swings may be less frequent.

Measures announced so far this year have pushed the effective U.S. tariff rate above 20%. The astonishing jump has raised import taxes to a level not seen in about a century.

CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.