November markets were driven by geopolitics (read Donald Trump), strained economic momentum and fading investor complacency, leading to a degree of nervousness.

October balanced on a geopolitical tightrope, with Trump’s tariff threats lifting risk and Xi’s trade détente offering brief relief.

Cautious optimism prevailed: equities rose on easing hopes, while inflation, geopolitical strains, volatile commodities, and crypto uncertainty kept markets edgy.

August markets were on a knife-edge, racing to highs only to retreat amid uncertainty, as investors weighed the looming prospect of rate cuts, trade tensions, and complex politics.

July 2025 was marked by geopolitical turbulence, economic recalibration, and divergent performance across various asset classes.

June markets surfed a volatile mix of geopolitical disruption, shifting central bank policies and surprising investor resilience.

Trump’s diplomacy and fiscal agenda rattled markets and reshaped global investor sentiment.

Geopolitics + protectionism = spectacular April volatility.

March 2025 saw significant volatility, with US stocks posting their worst quarter since 2022 on trade tensions and impending tariffs.

February 2025 was marked by heightened tensions, policy shifts, and economic uncertainty that shaped global geopolitics and financial markets.

Looking back at the goings-on in January, it’s clear that there are mountains to climb in 2025.

Significant shifts in global geopolitics marked December, alongside all things Trump….

Unsurprisingly, November was all about Trump's return, policies, and influence on crypto.

Many of the same macro forces that impacted September rolled into October, with war and election concerns being the main drivers of global markets.  

There were some very big macro stories dominating this month. 

Describing the markets in August as a rollercoaster ride may be a cliché, but it accurately captures the month's dramatic swings.

July started with interest rates driving the narrative, and then it was politics and the Paris Olympics.

June was a month dominated by mucky politics and interest rate divergence. 

May markets were driven by central bank ambiguity and, arguably, Nvidia.

April was an 'ugly' month for markets, with various macro forces at play.