Luke Parsons

We have more in equities and less in bonds in our shorter-term tactical asset allocation. While we expect volatility from US policy and geopolitical headlines to continue, we think peak uncertainty from Trump's Liberation Day is behind us. We like the US as consumers are in good shape and corporate earnings growth remains strong. We also have more in Europe and Asia. Rising economic growth, more government spending and cuts to interest rates over the past year are positive for Europe. Asia can benefit from solid global growth and more trade if tariffs stay low. We have less in bonds as we think more government spending means long-term bond yields need to move higher to lure investors back in.

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