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Investment Strategy Bulletin ꟾ June 6, 2025
Recent labor market indicators point to a cooling, but not collapsing, job market. While the number of jobs added and the unemployment rate were largely unchanged in May, 200k individuals have left the workforce since January.
Weekly FX Focus ꟾ 22nd May 2025
The US-China tariff reductions announced on May 12th in which both agree to cut tariffs for 90 days until August 10th (vs July 8th for the rest of the world) are significantly bigger than expected. The US agrees to lower tariffs to 30% from 145% and China to 10% from 125%.
CIO Strategy | 8th May 2025
The replay is now available for this past Thursday's CIO Strategy Webcast, featuring Bruce Harris - Head, Global Fixed Income Strategy, Jaideep Tiwari - Global Head of FX Strategy and Ken Peng - Head, Asia Pacific Investment Strategy.
FX Perspectives | May 9th, 2025
Since April, the broad-based USD Index, the DXY has dropped sharply. The tariffs caused a market downgrade of US exceptionalism. This caused a loss in confidence of the USD safe haven appeal which led to investors unwinding their long positioning of US treasuries and USD.
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Investment Lab
When markets become volatile, it can be tempting to try to ‘time the market’ or wait for a clear recovery. However, history shows that investing in this manner can lead to long-term underperformance compared to a strategy of remaining invested.
Middle East Strategy ꟾ May 2025
After years of restraint, OPEC+ is hiking production. The group announced it will raise oil output by 411k barrels per day (b/d) in June, similar to its April increase. Markets had expected just 140k b/d. OPEC+ also says it will speed up the return to market of 2.2 million barrels per day that it had withdrawn in recent years, with the potential to pause or reverse the decision.
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