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As Donald Trump’s friendship with Jeffrey Epstein came back to haunt him and drive a rift between him, prominent MAGA loyalists and his base, the S&P and NASDAQ reached record highs.

Major banks, including JP Morgan, Morgan Stanley, Citigroup, PNC and Bank of America reported better than expected earnings for Q2. The common consensus from the US banks seems to be that corporate clients have moved on from Trump’s tariffs and, according to Morgan Stanley CEO, Ted Pick, “boardrooms appear more accepting of ongoing uncertainty broadly.” Despite US consumer debt currently standing at $17.57tn…

As we move into what’s looking like a really hot summer and take stock of the year so far there’s been plenty of interesting developments.

Despite concerns around President Trump’s trade policies and escalating conflicts with Iran, most major asset classes delivered positive returns over the quarter. While this encouraging, we have seen significant market volatility along the way…

On Thursday, the FTSE-100 hit a record high and had the 9,000-point mark in its sights as traders became optimistic that Trump would reach agreements with trade partners or roll back some of his threatened tariffs.

However, this optimism was steadily crushed over the next few days.

The S&P closed at a record high of 6,173 on Friday, taking its jump since the fall on “Liberation Day” to around 24%. The Nasdaq also set an all-time high.

The good week was influenced by the easing of tensions with Iran, a trade deal with China, and comments from Treasury Secretary Scott Bessant that suggested the administration could push back its 9 July tariff deadline, saying in an interview on Fox that the US “could have trade wrapped up by Labor Day [1 September 2025].”

The S&P closed at a record high of 6,173 on Friday, taking its jump since the fall on “Liberation Day” to around 24%. The Nasdaq also set an all-time high.

The good week was influenced by the easing of tensions with Iran, a trade deal with China, and comments from Treasury Secretary Scott Bessant that suggested the administration could push back its 9 July tariff deadline, saying in an interview on Fox that the US “could have trade wrapped up by Labor Day [1 September 2025].”

It was a surprise to many that President Donald Trump authorised Operation Midnight Hammer just six months into his term, particularly given that he was elected on an anti-war ticket.
Although there were some fluctuations in oil prices, they remained largely stable in comparison with prices earlier in the year. Markets also held steady, even following the US involvement…