After weeks of volatility, global fixed income markets stabilized, supported by easing yields and central bank signals, while regional divergences and trade policy developments continue to shape investor sentiment.

Hermès tops LVMH, how Nvidia compares to Cisco, and European travel to the US tanks. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major US stock indexes finished the holiday-shortened week mixed. Smaller-cap indexes outperformed, with the Russell 2000 Index posting gains, while the Dow Jones, S&P 500 and Nasdaq Composite indexes all closed the week lower. The Tech sector was a notable decliner during the week, due in part to news that the U.S. government would add new restrictions on exports of chips to China in a further escalation of the ongoing trade war between the world’s two largest economies. Hawkish comments from Fed Chair Jerome Powell appeared to add to the negative sentiment in the latter half of the week. On the macro side, US consumer spending rose 1.4% yoy in March, the highest monthly increase in over two years, as consumers rushed to buy cars ahead of the Trump administration’s 25% tariff on automobiles.

Volatility returned across fixed income markets last week as soft economic data, rising inflation expectations, and looming U.S. tariffs forced central banks into cautious mode — with rate expectations shifting, credit spreads widening, and high yield flashing early signs of stress.

Meanwhile, crisis fears triggered a major stock rally last Wednesday. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks closed higher after a volatile week in which a slew of trade-related headlines continued to dominate investor sentiment. The week opened with equities sharply lower, as negative sentiment intensified ahead of Wednesday’s implementation of the Trump administration’s latest round of tariffs. However, on Wednesday, Trump announced that he was authorizing a 90-day pause on the higher reciprocal tariffs for most countries to allow time for negotiations. The news sent stocks rocketing higher, with the Nasdaq Composite gaining over 12% and logging its second-best day on record.

Flash note

The first quarter of 2025 has been a particularly turbulent one for the financial markets: US equities had their worst relative performance in 23 years, Chinese markets rebounded, gold reached new highs and economic and geopolitical uncertainties fuelled volatility. Here are 10 charts that highlight the first three months of the year.

The recent tariff announcement from the US is on everyone’s mind. Meanwhile, the world has more billionaires than ever. Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks fell sharply in response to the Trump administration’s announcement of a broad range of harsher-than-expected tariffs, which fueled concerns around the potential for slowing economic growth, resurgent inflation, and a possible recession. Small-cap stocks lagged as the Russell 2000 Index lost about 10% and ended the week down over 30% from its all-time high, while the S&P 500 Index posted its worst weekly performance in over five years. The tariff announcement led to the largest one-day decline for some indexes since 2020 on Thursday, and stocks continued to slide through Friday. Several countries, including China, began to announce retaliatory tariffs and plans for negotiations with the U.S., adding to trade war fears and broader uncertainty around global trade policy.