Markets will digest the results of the first meeting in three years between Ukraine and Russia, who met in Istanbul.

The global economic cycle is not ending yet – it is reshaping. Following a volatile first quarter and trade escalation at the start of April, May 2025 shows de-escalation amid numerous trade tariff headlines.

After the hit to risky assets and even US Treasury bonds in the wake of the so-called “Liberation Day” announcement of a far higher tariff regime, some semblance of calm returned to markets.

Liberation Day was a shock for investors, causing a tremendous impact on financial markets. Hard-data economic indicators continue to hold up but are pointing to a deceleration.

“Volatility” would be the key word to describe global markets in April, as the set of tariffs announced by President Trump were broader and more punitive than expected.

The election of Donald Trump, coupled with the Republican Party's control of both houses of Congress, has resulted in a new political landscape in the United States. What key decisions must the new administration make? What impact will these decisions have on the macroeconomic environment, financial markets and investors?

European yields have returned to more historical norms following the years in the low-yield wilderness, while the German fiscal situation is reaching an inflection point.

The US consumer will be in the spotlight as retail sales figures alongside preliminary results from the University of Michigan Consumer Sentiment survey will be released. This will offer a window into American household spending behaviour and confidence.