Stacey Ash

The Trump victory creates a level of uncertainty in so much as we can only speculate about how much of the policies outlined during the election campaign will feed through into implementation, especially in respect of trade tariffs, which have been weaponised.

What is clear is there is an 'America first' agenda and this rewards a risk-on but diverse approach to the equity market there. Clearly, the economies of Europe and Asia are especially vulnerable to tariffs, so we need to be vigilant here.

Again, we cannot be certain as to how much the narrative on inflation has changed, particularly in the US in relation to the impact of tariffs and the UK following the budget, but the steepening of the yield curve necessitates prudence by shortening duration.