The US government’s proposal to impose tariffs on pharmaceutical imports has ignited a complex debate, intertwining economic, healthcare, and geopolitical considerations. While the initiative aims to bolster domestic manufacturing and reduce reliance on foreign supply chains, it also raises concerns about drug affordability and availability, and has broader implications for the healthcare system.
We don’t pretend to have all the answers on China and the US, and we reserve the right to change our minds – especially as Donald Trump changes his. Amid such market volatility we are not making bold macro calls, instead our focus is on thoughtful, quality-led stock selection.
Fundamental backdrop remains solid – many companies are performing well and first quarter earnings were healthy. Shareholder interests remain to the fore with buybacks tripled year-on-year in April. Merger and acquisition activity has been widespread.
We cannot ignore the dominant themes impacting markets across the world, but a resilient and supported European marketplace is well placed to prosper in these challenging times
As investors navigate a slower growth, policy-fragmented environment, AI stands out as a long-term theme with the potential to deliver durable growth and broad-based opportunity across the value chain
Market Perspectives: 2025 half time report – where to next?
Explore how reo® has shaped corporate behaviour and achieved over 5,170 milestones through engagement with 6,454 companies since 2000.
Geopolitical tensions, tariff uncertainty and global economic slowdown look set to define the second half of 2025. Our global CIO looks at why active management and research-led investing are the way to navigate this global complexity.
AI is helping enhance efficiency, reduce costs and improve decision-making.
At COP28, over 20 countries committed to tripling nuclear power by 2050. Driven by energy security and AI, the sector could attract $550 billion in investment. Small Modular Reactors offer cost-effective solutions. Key beneficiaries include uranium producers, reactor manufacturers, engineering firms, and select utilities supporting the nuclear power revival.
I spend about nine weeks a year in a rental car looking for companies all over the world, discovering their products, operations and customers. Here's what I'm looking for.
While Labour’s first Budget was a surprise in terms of the scale of the fiscal loosening, there remain grounds for cautious optimism about UK equities.
The sheer scale of the fiscal changes in the recent budget were surprising, and confirmed growing fears around tax rises. But might UK businesses respond by boosting productivity?
Despite huge growth in demand, costs squeezes and supply constraints around raw materials and capacity are limiting expected returns in renewables development
After Jackson Hole, markets are pricing in big rate cuts for the US. What are the risks of disappointment?
Strong growth outlooks are counterbalanced by fiscal headwinds and above-target inflation, requiring a nuanced approach to capture value in emerging market debt.
Markets have moved to price-in more rate cuts for the US, UK and eurozone. Despite the commonality of the moves, the three economies are not moving in parallel.
Financial markets will still see Donald Trump as the likely victor in the US presidential race, despite Joe Biden’s withdrawal. What might this mean for markets?
Market odds for the Bank of England to cut rates in August are better than 50:50. We are less optimistic.
Interest rates won’t come down as quickly as some had hoped, says our CIO, William Davies, but further gains for equities are still possible this year.