Thomas Parry Jones
United Kingdom
Subject: Market Summary Dear investors, An additional market update due to the volatility we’ve seen this week. At the start of the week, headlines around Trump’s European tariffs and potential retaliation sent markets lower. Since then, Trump has confirmed he will not use military force and, overnight, confirmed he will not use sanctions either. Markets recovered, but only partially, and remain below recent highs. We’ve used this volatility to deploy into European defence stocks, as investors rotate out following the ‘peace’ narrative, as well as deploying some cash more broadly across the portfolio. We are still awaiting official confirmation that Europe will not escalate further, as well as clarity on what was actually ‘resolved’ in Trump’s talks. Overall, this is positive, but I expect further headlines over Friday and the weekend. My initial view was that this situation was being used to pressure Europe into increasing NATO spending, hence the rotation into defence. Thanks, TJ
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