Q2 2026 – Market Review

Q2 was neither recession nor recovery in the textbook sense. The global economy absorbed a genuine shock — the Gulf disruption, higher energy costs, tighter financial conditions — without buckling,…

A quarter when geopolitics moved back to centre stage The first quarter of 2026 will be remembered for the return of geopolitical shock as the dominant market driver. The global…

Executive Summary 2025 will be remembered as the year in which global markets stopped taking US policy announcements at face value. What began as a hopeful transition toward lower inflation…

The defining feature of the quarter was the 1 August tariff reset. A 10% universal baseline tariff was imposed on most imports, with higher rates for Japan, Korea, Canada, Mexico, and the EU. China was granted a temporary truce at 10% until November while longer-term terms are negotiated.

Q2 2025 was marked by an exceptional roller coaster of geopolitical and macro news flow. From tariffs to war in the Middle East and central banks cutting interest rates. The data shows that it was a quarter of marked good returns from most asset classes but it was also a quarter of exceptional worry and angst amongst governments the world over.