End of US exceptionalism? Flight from the dollar and Treasuries
Trumps customs policy leads to distortions on the stock markets
Global uncertainty prompts investors to shift towards gold
Expectation of positive rebalancing effects for US equities by end-March
Negative economic surprises, Trump and DOGE cause US rates to fall
So far, little volatility despite high economic policy uncertainty in the US
Nvidia – record loss after AI surprise from China
European equities are back – at least temporarily
2024: positive returns wherever you look
Seasonality remains very supportive until mid-January
