We remain positive on equities and are upgrading commodities. Find out more in our latest multi-asset views.

We have downgraded our view on commodities to neutral but continue to like gold as a diversifier.

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.