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The latest US inflation data confirm that price pressures are set to trend higher in the coming months. Nevertheless, rate cuts remain on the table given the slowdown in the labour market. As earnings season winds down after a solid set of results, market attention will shift to GDP developments and leading indicators, as well as to the Fed’s annual Jackson Hole meeting on Friday.

Overly defensive positioning has failed to benefit from fluctuations stemming from tariff tensions.

The prospect of continued Fed rate cuts will weigh on the US dollar

Relief from US tariffs has fuelled renewed optimism, though commercial frictions remain, notably with India and Switzerland. Hope of a Russia–Ukraine ceasefire and rising expectations of a Federal Reserve rate cut have further buoyed equities. However, with equity valuations increasingly stretched, markets may face bouts of short-term volatility.

While the US earnings season has underpinned the equity rally, emerging risks – such as tariffs slowing the economy and fuelling price pressures – warrant investors’ attention. However, these risks remain insufficient to prompt a shift in our portfolio positioning, and we continue to maintain a broad diversification across asset classes.

The United Kingdom, Europe, South Korea, and potentially China in the near future: the list of US-negotiated trade deals continues to grow, yet uncertainty persists with several key partners. At the same time, investor focus is shifting back to economic fundamentals, with softer-than-expected US employment data released on Friday triggering a sell-off. Nonetheless, recent tech earnings results reaffirmed the sector’s enduring dominance.