Tariffs, Volatility and Divergence: Positioning for Opportunity in Shifting Global Markets

Amundi’s *Weekly Market Directions* explores the latest macroeconomic shifts as global markets digest tariff tensions, diverging growth data, and evolving central bank outlooks.

Key Insights:

• U.S. GDP contracted in Q1 2025, the first decline in three years, driven by tariff-driven import surges and weak consumer spending.
• European equities gained on stronger-than-expected Q1 growth (+0.4%), supported by easing inflation and domestic demand.
• Chinese manufacturing weakened sharply (PMI at 49), prompting expectations for additional stimulus to offset U.S. tariff pressure.

Access the full report to explore where risks and opportunities converge in today’s complex and fast-moving global markets.