There was little change to the overall market background during the month. Attention remained dominated by the risk of new waves of the virus, and the pace with which vaccines are being administered in major regions.
Economic indicators have been generally positive recently, although the implementation of various lockdown restrictions nationwide are
clouding the outlook.
While the month began with constructive discussions and agreements between the US and some of its trading partners, uncertainty returned to the market after President Trump threatened to impose new tariffs on Europe and multiple large corporates such as Apple, Samsung and Mattel, and again near month-end as the Court of International Trade deemed the global tariffs to be “contrary to law.”
The investment market volatility that kicked off in March 2025 has felt like a punch, particularly for those in or nearing retirement.
