Global equities (MSCI World +11.5% USD) delivered a historic rally in the second quarter, fueled by President Trump’s quick backtrack of his “Liberation Day” tariffs, resilient global economic growth, and rapid de-escalation of the conflict in Iran. Bonds (Barclays Global Agg +4.5%) delivered strong returns, masking intra-quarter gyrations as investors weighed changing trade policies, moderating inflationary pressures, and the growing likelihood of ballooning deficit spending. The US dollar (DXY -7.0%) weakened considerably, weighed down by uncertainty surrounding the long-term effects of the Trump administration’s trade and fiscal strategies. Brent oil prices declined 14%, pressured by increased OPEC+ output, downside risks to demand, and a de-escalation in the Middle East. Meanwhile, gold extended its upward trajectory, gaining 6% due to persistent policy and geopolitical uncertainty, as well as elevated central bank buying.
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