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