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Investor hopes for a so-called soft landing catalyzed a profound rally across both stock and bond markets in May.

The first half of 2024 wrapped up on a solid note

In July, both stock and bond markets pushed higher.

The third quarter ended on a strong note, with a clear easing path for many global central banks paving the way for a soft landing.

The fourth quarter got off to a challenging start, with both stocks and bonds losing ground in October.

In November, the so-called “Trump trade” lingered on following the Republican sweep in the United States – with investors cheering the incoming administration’s business-friendly stance.

Financial markets ended 2024 on an uninspiring note as investors contemplated an environment of resilient growth and persistent inflation in the United States that cast doubts over the scope of policy easing from the Federal Reserve.

Financial markets began 2025 on a positive note following the inauguration of President Donald Trump in mid‑January – even despite his looming threats to impose tariffs on Canada, Mexico, and China.

Risk appetite deteriorated and financial markets were mainly in risk-off mode in February, with mounting risks of a trade war injecting some volatility into the marketplace and weighing on investor sentiment.

The first quarter ended on a softer note, with President Trump’s disruptive trade proposals and mounting stagflation fears driving investors out of risky assets.