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
Investors increasingly skeptical about French government bonds
