23 April 2025
5 min
In this Capital Markets Update, the team share the latest trends in markets.
Global growth forecasts have slipped in recent months as US tariff uncertainty weighs on consumer and business sentiment. Meanwhile, inflation forecasts have drifted higher: partly due to potential supply disruption, but sticky domestic inflation has also contributed. US stocks had their worst quarter since 2022, with global equities down 1.9% in Q1.
In contrast, expectations of greater defence and infrastructure spending helped European equities to out-perform strongly. The shift in sentiment was reflected in bond markets, with US yields falling. However, European yields rose in anticipation of higher bond supply and the potential boost to growth from government spending.
In this publication, our experts cover:
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