Chris Robinson

The US election boost to markets is being treated like it’s 2016, ahead of proposed tax cuts and government spending. Yet inflation is a risk to the region if tariffs are implemented in 2025.

In Europe, outlooks and consumption have weakened. The real benefit is coming from the Emerging Markets and China, where new stimulus measures could drive consumption. Interesting to see Brazil, Russia, India, and China trading in currencies other than the dollar now. Is this the start of a global shift for trade, and will the dollar maintain its upward path? It’s difficult to see this turn right now with the big US names benefitting. Yet it’s led us to allocate away from US debt and more to UK government bonds, as well as greater overseas equity exposure outside of the magnificent seven.