Back to square one? Taking stock of the trade war roundtrip

One month on from the peak of the post-“Liberation Day” market turmoil, calm has largely returned and most key asset markets have recovered much, or all, of the ground lost in the days following 2nd April. Indeed, core money markets never looked particularly strained. However, further turbulence cannot be ruled out, whether on account of the White House’s unpredictable approach to policymaking or more traditional sources of uncertainty. With that in mind, we are launching our new, interactive Financial Stress Monitor Dashboard, helping clients to track and assess the extent of underlying market stress.