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Strategy Blog
Middle East tensions raise oil price risks, but markets remain calm. History shows geopolitical shocks don’t always trigger financial turmoil.
Monthly Market Summary
Global equities rose by 5.7% in May (USD terms), while global government bond returns were down by 0.5% (USD, hedged terms).
The previous blog shows how market expectations of likely cuts in short-term interest rates have been evolving. Those changes will have had some influence on longer-dated yields too.
In June, major central banks meet: Fed and BoE may pause, while ECB and SNB are expected to cut rates amid diverging policy paths.
Perspectives podcast
In this episode, we examine the implications of the US budget proposal, renewed tariff tensions, and a cautiously optimistic signal from Germany