Helen Bradshaw

Markets rallied at the end of May as trade tensions eased, recovering nearly all losses from April and early May. However, confidence remains shaken, and the medium- to long-term impacts of Trump's announcements are still uncertain. Progress in tariff negotiations saw a temporary suspension of most tariffs between China and the US for 90 days, but legal challenges to Trump's tariffs increased uncertainty. This unpredictability affects companies' capital expenditure commitments and consumer confidence. Monitoring inflation and corporate earnings will be crucial. Flexibility and adaptability are essential for returns, and a diversified portfolio not overly reliant on any sector or asset class is vital. Our current portfolio construction meets these criteria, but we remain vigilant and will not be complacent.

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