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A steady stream of headlines―many trade-related―continue to command the attention of financial market participants.

Despite summer typically being more quiet, the headline-filled nature of 2025 has yet to show signs of slowing.

Global equity markets had been trading near all-time highs, benefitting from a relatively quiet period on the trade front.

Global equity markets continue to grind higher on the back of the trade war de-escalation.

Global equity markets continued to march higher recently on the back of the de-escalation of the trade war.

April saw wild moves but remarkably ended flat

In a major pivot, the U.S. administration went from proposing sweeping tariffs across many of its trading partners to then extending a three-month reprieve for all countries.

Global equity markets fell more sharply this week following the revelation from the U.S. administration that its reciprocal tariffs will be much broader and larger than most investors expected.

Global markets have benefitted from the lack of trade-related noise over the past few weeks, with markets outside of the U.S. continuing to outperform year-to-date.