Welcome to this special edition of our monthly Market Update. The extraordinary geopolitical events of the past six weeks were the subject of investor presentations by Chief Investment Officer Mike Taylor and Head of Australian Equities Michelle Lopez at our Auckland office recently. In this video Mike and Michelle dissect how markets responded to this period of unprecedented volatility and consider what comes next.

Trump’s Pressure Pivot - Positive Announcements Roll In

Over the past few weeks, we've seen an almost constant flow of announcements, updates, and counter-updates — and global markets have faced continued turbulence as a result. While some of these statements have offered reassurance and hinted at potential deals, resulting in a decent bounce in markets, others have reignited uncertainty. This pattern of headline-driven volatility is likely to continue, reinforcing the importance of staying focused on longer-term fundamentals rather than reacting to every twist and turn.

Trump’s Tariff Turmoil – What Investors Need to Know

Yesterday’s announcement from U.S. President Donald Trump on reciprocal tariffs sent shockwaves through the markets, leading to a sharp decline of ~5% across U.S. indices. While these moments of turmoil create uncertainty and are unsettling for investors, history shows us that markets have weathered plenty of similar storms before.