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Investment Strategy Bulletin
FX Insights
Wealth Outlook 2025
FX Perspectives
Investment Strategy Bulletin ꟾ May 16, 2025 By Citi Wealth Insights
At the start of 2025, a 30% tariff on Chinese goods would have led to a widespread de-risking. However, market participants are treating this past weekend’s de-escalation from the 145% tariff on Chinese goods (effectively a trade embargo) as an all-clear on risk assets. The "progress" on trade talks likely indicates we are past peak tariff shock, but we think the market has been too fast to dismiss tariff pain.
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Middle East Strategy
Global Strategy
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just 140k b/d. OPEC+ also says it will speed up the return to market of 2.2 million barrels per day that it had withdrawn in recent years, with the potential to pause or reverse the decision.
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