Monthly Update – May 2025
Comment:
US equity markets, as measured by the S&P 500 index, have risen significantly over the past month. Technology stocks included in the NASDAQ 100 index have risen even more significantly. European stocks included in the Euro Stoxx 50 index have also seen significant growth. Looking at the MSCI global index, we see that global equities as a whole have risen significantly. Overall, it has been a very positive month for equity markets.
The US dollar has strengthened slightly against a basket of other currencies over the past month.
US Treasury yields have increased over the past month for both shorter and longer maturities. Yields remain significantly higher than in previous years across all maturities, providing investors with more attractive returns than in the past. These higher yields may also put pressure on equity prices.
In the precious metals market, the price of gold has increased slightly. The price of silver has also increased slightly. Brent and WTI crude oil prices have increased over the same period.
The current key interest rate set by the US Federal Reserve is between 4.25% and 4.50%. Current policy and expectations suggest that we can continue the downward trend and further gradual rate cuts are expected in the future. However, the outlook remains uncertain as the inflation situation and the economic impact of interest rates are continuously assessed.
The European Central Bank has left its key interest rate at 2.40% and is expected to continue its gradual reduction.
Inflation in the US and the euro area is at an acceptable level. The latest annual inflation rate is 2.30% in the US and 2.20% in the euro area.
Macro environment:
USA
GDP Growth: -0.20
Interest Rate: 4.50
Inflation: 2.30
Jobless Rate: 4.20
Euro Area:
GDP Growth: 0.30
Interest Rate: 2.40
Inflation: 2.20
Jobless Rate: 6.20
Government bond yields:
USA (USD)
1Y: 4.14
2Y: 3.94
10Y: 4.43
20Y: 4.94
Germany (EUR)
1Y: 1.75
2Y: 1.80
10Y: 2.54
20Y: 2.96
Significant positions in the portfolio:
BRK.B - Berkshire Hathaway Inc
IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF
TLT - 20+ Year Trsy Bond Ishares
PLTR - Palantir Technologies Inc
VOW3.DE - Volkswagen AG
MKL - Markel Corp
C - Citigroup
RWE.DE - RWE AG
NEM - Newmont Mining Corp
WBD - Warner Bros Discovery Inc
Best regards,
Jaroslav Spacil... Show More
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Sun Mar 08 2026 07:23:18 GMT+0000 (Coordinated Universal Time)
