Global equities rose 5.20% in sterling over the second quarter of 2025, led higher by US technology stocks, which recovered 16.06% having been weak in the first quarter. Donald Trump put punitive tariff proposals on hold for 90 days pending bilateral talks, raising expectations of a more measured approach to trade policy. President Trump’s Fiscally-expansive “big beautiful bill” was enacted on July 4, with the vice president’s vote tipping the balance in the Senate. Despite escalating Middle East conflict, oil and gold prices fell 10.48% and 0.89% in sterling respectively.
Download this articleGlobal equities fell 4.15% in sterling over the quarter as Donald Trump’s mercurial policy-making rattled investors. Growth stocks underperformed, falling 9.55% in sterling, driven lower by the impact of higher interest rates on future corporate cashows. Growth-company valuations typically suer more from higher rates because investors discount their rising cashows more aggressively. By contrast, value stocks rose 1.83% in sterling. US technology stocks, which were amongst the most highly-valued companies at New Year, posted particularly sharp declines, falling 15.28% in sterling. Global bonds fell 0.41% in sterling, driven lower by the dollar’s 2.97% fall against the pound. Gold’s safe-haven attractions resulted in a 14.70% gain in sterling.
Download this articleGlobal equities rose 6.15% in sterling over the nal quarter of 2024 and 20.13% over the year. US stocks outperformed over the quarter, rising 9.68% in sterling, with technology stocks leading the way, rising 13.99%, taking their annual gain to 40.77% as investors grew exuberant about the commercial prospects for articial intelligence (AI).
Download this articleGlobal equities and global bonds rose 0.57% and 0.82% respectively in sterling over the third quarter of 2024 as leading western central banks cut interest rates. Federal Reserve easing weakened the dollar, which fell 5.76% against the pound. This contributed to outperformance by equities in Asia excluding Japan and emerging markets, up 4.18% and 2.61% respectively in sterling.
Download this articleGlobal equities rose 2.94% in sterling over the second quarter of 2024 while global bonds fell 1.17% as ination fell towards the major central banks’ 2% targets although elevated service-sector price rises may slow the pace of interest rate cuts. The UK’s Labour Party won a landslide election victory while India’s prime minister, Narendra Modi, won a third term albeit propped up by coalition partners. In France, however, a hung parliament generated political uncertainty.
Download this articleThe Federal Reserve, Bank of England (BoE) and European Central Bank (ECB) kept their policy interest rates on hold during the first quarter of 2024, aiming to ensure that inflation returned sustainably to their 2% targets over the medium term.
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