History suggests that even during abnormal uncertainty, cash has rarely been the best option for multi-asset investors.

With US equities, and by extension global equities, hitting new all-time highs, UK stocks can act as a more defensive equity allocation.

The first six months of the second Trump administration have seen elevated volatility across equity, fixed income and currency markets. While US levies remain lower than announced on ‘Liberation Day’, the effective tariff rate is still historically high, as is broader economic uncertainty.

European equities have caught investors’ attention this year, as an increasingly uncertain geopolitical and economic backdrop has taken hold. Our International Equities team explains how Europe’s response to this uncertainty is creating an optimistic outlook for the region’s stock market.

With elevated tensions in the Middle East spilling over into global markets, the latest analysis from our Market Insights team considers the likely impact of the conflict between Israel and Iran on global oil prices, and looks at the potential implications for global growth, inflation, and portfolio positioning.

UK households are saving more of their disposable income, but those savings are not finding a productive home, with consequences for both retirement prospects and the UK economy. Supporting consumers on the saver to investor journey could create a transformative virtuous circle.