Market Monthly Letter - May 2025
In May, risk assets posted strong gains, con-tinuing the rally that began in the second half of April and approaching this year’s (and all-time) highs. The temporary pause in the trade war — with a 90-day negotiation window following the Trump admin-istration’s rollback of much of the tariff increases — combined with economic data that eased fears of an imminent recession and solid earnings from U.S. companies (particularly in the technology sector), helped restore investor confidence and drive re-newed interest in equities and credit markets.
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Market Monthly Letter - April 2025
April was marked by a significant increase in volatility in global markets, driven by the implementation of reciprocal tariffs in the United States, in the "Liberation Day". The imposed tariffs took the market by surprise, with rates exceeding 20% for most countries, notably the 145% imposed on China in response to retaliatory measures.
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Market Monthly Letter - March 2025
During the month of March, the U.S. tariffs implementation progressed, causing significant instability in the markets (which intensified in the first days of April). Safe-haven assets such as gold, the Swiss franc, and the Japanese yen appreciated, while equities and credit bonds lost value amid expectations of a pronounced economic slowdown.
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Market Monthly Letter - February 2025
Just over a month after Donald Trump took office as President of the United States, we have witnessed an economic, geopolitical, and as-set price upheaval. If the slogan of the Republican campaign was MAGA (Make America Great Again), the acronym trending at the end of Feb-ruary is MEGA (Make Europe Grow Again).
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Market Monthly Letter - January 2025
January saw significant developments in the global economy. Key events included the inauguration of Donald Trump as President of the United States, the rise of DeepSeek—an artificial intelligence tool developed in China that delivered strong results using less advanced chips than those found in Silicon Valley—and the U.S. Federal Reserve meeting, which paused its interest rate cuts. On the geopolitical front, a ceasefire was reached between Israel and Gaza.
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Market Monthly Letter - December 2024
Most financial assets lost value in December, paring back some of the strong gains seen in 2024. Both the year and the month were defined by U.S. exceptionalism, with the dollar appreciating by 2.7% in December, accumulating an 8% gain over 12 months against a basket of trade partner currencies (DXY).
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Market Monthly Letter - November 2024
November was marked by the U.S. elections, which resulted in a significant victory for the Repub-lican Party, now controlling the presidency, the House of Representatives, and the Senate. In the weeks following the results, the first key appoint-ments for the new administration were announced, notably Scott Bessent as Secretary of the Treasury, with Elon Musk and Vivek Ramaswamy leading the Department of Government Efficiency (DOGE). The absence of Robert Lighthizer, a prominent ad-vocate for import tariffs, in the government’s top tier was also notable.
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Market Monthly Letter - October
In October, attention was primarily focused on the United States. The strengthening of the Republican candidacy in the election race and the release of strong economic data had a significant impact on asset prices, leading to higher interest rates and a stronger dollar.
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