Last week was marked by turmoil, as global trade tensions and market volatility drove a sharp shift in UK interest rate expectations. Investors are now pricing in up to four Bank of England (“BoE”) rate cuts this year, with a 0.25% move likely in May and nearly 0.9% of easing by year-end. Former BoE officials called for bold action, including a 0.5% cut or even an emergency meeting. The BoE flagged financial stability risks from global fragmentation, while deputy governors flagged growth headwinds from US tariffs. UK growth forecasts for 2025 were slashed to 0.8%, and confidence remained fragile despite February’s surprise 0.5% Gross Domestic Product (“GDP”) rise. Labour market data showed a rise in candidate availability and soft wage pressures. Consumer sentiment flatlined, and retail footfall declined due to Easter timing and global uncertainty. Inflation implications remained unclear, further complicating the BoE’s policy outlook...

Stocks featured:

BP, Fresnillo and GSK

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange.

Hosted on Acast. See acast.com/privacy for more information.

Donald Trump’s long-anticipated tariff plan was unveiled last week, marking a significant escalation in US trade policy. At its core is a universal 10% tariff on all imports, supplemented by steep country-specific duties including 34% on China, 32% on Taiwan, 46% on Vietnam and 20% on the European Union (“EU”). These rates were calculated using a deficit-to-export ratio methodology. The United Kingdom, which maintains a goods trade surplus with the US, was subject only to the baseline rate, and is expected to prioritise securing a bilateral trade agreement rather than pursuing immediate retaliation. Canada and Mexico retained their existing 25% tariffs, though USMCA (United States - Mexico - Canada Agreement) compliant goods remain exempt. In response, China imposed a blanket 34% tariff on all US imports, intensifying global trade tensions and catalysing a broad market sell-off...

Stocks featured:

Associated British Foods, Glencore and St. James’s Place

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange.

Hosted on Acast. See acast.com/privacy for more information.

The UK economy continued to display mixed signals, with improved business activity but lingering weaknesses. The composite Purchasing Managers' Index (“PMI”) hit a six-month high of 52 in March, led by a rebound in services (53.9), though manufacturing slumped to an 18-month low (44.6). Bank of England (“BoE”) Governor Andrew Bailey emphasised trade and artificial intelligence (“AI”) as key to future growth but warned of weak productivity. Inflation fell more than expected to 2.8% in February, though services inflation remained high at 5%. Consumers are cutting spending amid economic uncertainty, while small businesses plan to pass Chancellor Rachel Reeves' tax hikes onto customers. The Confederation of British Industry (“CBI”) reported a sharp drop in retail sales, highlighting weak consumer demand. Fiscal and trade uncertainties continue to weigh on the UK’s economic outlook...

Stocks featured:

Ferrexpo, Ithaca Energy and Ocado Group

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange.

Hosted on Acast. See acast.com/privacy for more information.