You might have forgotten but global markets fell by almost 20% in April following "Liberation Day" – before rebounding to all-time highs. As we enter a renewed period of jitters, this long-term data provides a broader perspective.

We maintain a positive view on equities, supported by steady growth, Fed easing and resilient earnings. Credit has been upgraded to neutral after a reset in spreads, while we turn negative on energy as we expect supplies to exceed demand forecasts. Read more in this month’s multi-asset views.

A wealth tax looks unlikely, but we could see further changes to CGT and IHT.

Despite increased concerns of a "soft patch", a government shutdown and ongoing risks around tariffs, we continue to view the risk of recession in the US as low for now. Find out more in our latest multi-asset views.

A look back at markets in Q3 when the US Federal Reserve cut interest rate cuts and the AI boom continued.

This month we upgrade equities to positive as the Federal Reserve turns more dovish. Find out more in our latest multi-asset views.