Thomas Parry Jones
United Kingdom
3m
Subject: Market Update Dear investors, A reminder that today is Martin Luther King Jr. Day, so U.S. markets are closed and will reopen on Tuesday. There have been a number of headlines over the weekend that are likely to impact markets when trading resumes. These include renewed threats of primary and secondary tariffs from Trump relating to Greenland, weaker-than-expected Chinese Q4 data, and the prospect of retaliatory European sanctions. Taken together, this news flow could put downward pressure on markets. As we saw during March and April last year, periods like this require caution and a level-headed approach. Historically, many tariff announcements have ultimately proved to be bargaining tools. In this case, my view is that the pressure is likely aimed at encouraging increased NATO spending from European leaders. That said, there remains a lower-probability risk that tariffs persist and escalate into a broader trade dispute. I’m not going to attempt to predict outcomes beyond that. From a positioning perspective, a cautious allocation to European defence stocks on any meaningful pullbacks appears prudent. We have cash available to deploy selectively, with some held back in case retaliatory sanctions create further opportunities. What a start to 2026. Thanks, TJ
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