Eren Osman

The global economy  continues to demonstrate a level of resilience to various geopolitical and  fiscal concerns that have otherwise grabbed the headlines; hence, a near  neutral allocation to equities and risk assets is appropriate. Aware of the  pace of the recovery in equities since mid-April and current valuations, we  have rebalanced portfolios recently. Understanding where tariffs are likely  to level out at will be an important market consideration over the coming  weeks with any meaningful move above consensus likely to lead to some  weakness in equities in the short-term.