“The trend is your friend, until the end when it bends.” This old Wall Street saying feels particularly relevant after the first quarter of the year. While Team Trump pushes to “Make America Great Again”, US investors are selling their positions in the Magnificent Seven to buy some European and Chinese equities. Meanwhile, ‘risk-free’ German bonds had their worst time since the fall of the Berlin Wall. Buckle up!

Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into the new year, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.

The final quarter of the year once again demonstrated the immense impact of US politics on global financial markets. In just three months, European equity investors could have achieved an additional return of almost 15% by investing across the Atlantic, with half of the difference stemming from the appreciation of the greenback against the euro.