Stocks reached new heights in October, boosted by a breakthrough US-China trade agreement and exceptional corporate earnings. President Trump and President Xi Jinping reached a comprehensive agreement in Busan, South Korea, that reduced tariffs and suspended export controls. The agreement halved American tariffs on Chinese goods related to fentanyl supplies. It prompted Beijing to suspend retaliatory duties on US agricultural products while pausing its rare earth export restrictions for one...

Asset markets saw limited progress last month as investors digested new macroeconomic data. The US economy is slowing, yet it is handling tariff uncertainty. Business Manager Surveys (PMIs) remain weak, but retail sales have stabilised. All eyes, including those of the Fed, are on the labour market, where the data is mixed. New job openings have slowed, but layoffs have not increased sharply outside the government. Jerome Powell’s final Jackson Hole address confirmed that the Federal Reserve...

The last six months have been anything but boring for investors. The adage of “sell in May and go away” failed to apply this year as global equities have rallied 14% over the last three months. The recovery since 9 April, the fateful day of President Trump’s step down from tariffs, has been 23%. While tariffs haven’t really left the headlines, they have become less of a concern as the US economy has rebounded, and America’s trading partners have rushed to sign bilateral deals. The EU, Japan,...