Keeping a cool head
Despite the relief at the outcome of the negotiations, tariffs are rising significantly.
Investment compass – May 2025
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
Although you can hardly take Trump’s statements literally, they do need to be taken seriously.
Positioning
Caution still advised
Despite some easing of tensions in the trade dispute, tariffs are still significantly higher. We remain cautiously positioned.
Market overview
Countermove
Hopes of a relatively favourable outcome to the trade dispute led to a perceptible improvement in sentiment on the financial markets. As a result, most of the losses previously suffered were recouped.
Economy
Economies look ahead
US tariff policy has led to a huge short-term increase in global industrial production and trade volumes.
Model portfolios
Caution
Despite progress in the trade conflict, the tariffs in place are still extensive. It means higher inflation and lower growth can be expected in the USA. We remain cautious.
“Investing with foresight” short video
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