MARKETS IN A NUTSHELL — FOR APRIL 2025

April began as if the markets had fallen victim to an April Fool’s joke — but investors weren't laughing. US President Trump’s much anticipated ‘Liberation Day’ tariffs took effect on 2 April, and all countries suffered a 10% baseline tariff. Additional reciprocal tariffs targeted 60 countries and territories with swingeing duties in proportion to their trade surpluses with the US. China was hit especially hard in aggregate.

Navigating Global Markets With Shariah-Compliant Equities

Shariah-compliant investing has long formed a cornerstone of Islamic finance, providing Muslim investors with opportunities to participate in global financial markets while adhering to the principles of their faith. For much of its modern history, Shariah investing has been concentrated in asset classes such as Sukuk—Islamic bonds structured to avoid interest payments—and tangible assets like property, which offer predictable income streams and tangible asset backing in line with Islamic jurisprudence. These investments have offered a sense of security and alignment with ethical guidelines rooted in Islamic law, or Shariah.

China: Tailwinds Persist Despite Trade Turbulence

Chinese equities entered 2025 with positive momentum. Years of policy overhangs were finally beginning to lift. The combination of renewed stimulus, stabilising property markets, and a tech-sector rebound had markets pricing in a turning point. That optimism was tested in March, when the United States imposed sweeping new tariffs on Chinese imports — with Beijing responding in kind. The tariff war rattled sentiment. But despite the trade war escalation, portfolio manager BRIAN ARCESE writes that Foord remains cautiously optimistic.

America's Future Lies in Innovation — Not Factories

US President Donald Trump has put tariffs aggressively back on his policy agenda in his second term, reigniting debates about America’s ability to reclaim its industrial past through protectionist policies. The administration argues tariffs will level the playing field, shrink the trade deficit, and restore jobs lost to globalisation. But, as portfolio manager RASHAAD TAYOB argues, America’s future lies in innovation, not factories.

MARKETS IN A NUTSHELL — FOR MARCH 2025

The US took centre stage again in March — but for all the wrong reasons. Instead of being the engine of global optimism, America became the main source of investor anxiety. Wall Street fell sharply, with the S&P 500 down nearly 6%; dragged lower by tariff talk, recession worries, and an unpredictable policy backdrop under President Trump. Since Trump's return to office, US stocks have dropped almost 20% — the worst start to a presidential term in decades.

MARKETS IN A NUTSHELL — FOR MARCH 2025

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes dives into the turbulent events that shaped March 2025’s market movements. From trade tensions and fears of a US recession to the impact of tariffs and shifting investor sentiment, she breaks down what’s driving the volatility. She also explores how emerging markets have demonstrated resilience, particularly through China’s recovery and gold’s rise to new heights.

MARKETS IN A NUTSHELL — FOR FEBRUARY 2025

Investors appeared to fall out of love with US tech this February and the US stock market flashed warning signs as post-election investor optimism clashed with some harsh economic and geopolitical realities. The Magnificent Seven started to sputter, weak data fuelled fears of US economic slowdown, President Trump barrelled ahead with heavy tariffs and Europe was left reeling from Trump’s rapprochement with Russia.

MARKETS IN A NUTSHELL — FOR FEBRUARY 2025

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from February. This month, she explores how the US market is losing momentum, with Big Tech struggling, investor confidence waning, and Trump’s tariff-heavy trade policies raising concerns. Meanwhile, European and Chinese equities are gaining ground, with China’s market surging 16% on government stimulus and shifting sentiment.

MARKETS IN A NUTSHELL — FOR JANUARY 2025

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from January. Linda explains the factors that helped Europe take the lead in equity performance and how Trump’s return to the White House, Chinese AI challenger DeepSeek’s emergence and Nvidia's historic market value loss are reshaping the investment landscape.

MARKETS IN A NUTSHELL — FOR JANUARY 2025

January started well for investors, despite threats to US tech valuations and newly inaugurated US President Donald Trump’s opening salvo of executive orders rattling markets. But it was European bourses that rallied most — rising over 8% — on earnings beats and hopes for an early resolution to the war in Ukraine.