Year of the Snake - Slithering over the Bottom

Markets began 2025 on a strong note, with equities reaching record highs despite volatility driven by bond sell-offs, tech earnings concerns, and rising tariffs.  

• Equities Rally Amid Uncertainty: S&P 500 and STOXX 600 hit all-time highs, but risks persist due to shifting monetary policy and global trade tensions.  
• Tariff Risks Increase: US-imposed tariffs on Canada, Mexico, and China could escalate trade instability and impact global asset prices.  
• China’s Economic Balancing Act: Policy stimulus supports growth, but deflation and high savings rates pose challenges.  

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