US government shutdown after Congress failed to reach agreement on a budget. The IMF warned of subdued global growth and inflation pressures. Conditions more constructive in Asia.

Bond markets questioning the longer-term fiscal credibility of developed western economics. Gold rose as the Fed cut rates while the ECB and BoE held steady. Portfolio gains came from gold, Asian equities, and Chrysalis’s Klarna IPO; AI exposure was trimmed amid market exuberance.

August was unsettled by weak US labour data and political interference, undermining confidence in economic indicators and bond markets. Central banks largely waited on further data, while gold reached new highs and global equities posted modest gains, reinforcing the case for cautious diversification.

Following the turmoil that gripped markets in April, largely driven by the surprise imposition of US "Liberation Day" tariffs, May saw equity markets recover lost ground.

Global markets were rocked in April as the Trump administration ratcheted up trade tensions between the US and the rest of the world, igniting fears of a slowdown in global growth.

This Quarterly Report is designed to support our valued advisers and clients.

The opening month of the year has been dominated by news from the US that has set the tone for global financial markets. Robust US macro data at the start of the month showed continued strong US jobs growth, accompanied by a decline in the unemployment rate and solid growth in earnings.

This Quarterly Report is designed to support our valued advisers and clients.

August witnessed volatility rarely seen in financial markets. Initial blame for the two day financial market dislocation was laid at the door of weak US unemployment data suggesting that a US recession was imminent. Less than a week later, a benign jobless claims release led to a 2% plus bounce in US equities.