Global Market Bulletin for June 2025

Like last year, May was not a month to sell and go away.

 

Equity markets rallied strongly, having their best May since 1990 largely on TACO sentiment: ‘Trump Always Chickens Out’, in other words the tariffs will be nowhere near the levels initially announced as companies and countries push back against them. There is a feeling of relief, not only as there could soon be an end to the uncertainty but also an end to the belligerent rhetoric from the White House to the US’s allies.