The View from 5th Avenue – 28 July 2025

A 1-point (+0.02%) gain for the S&P500 isn’t normally much to write home about but when the index notches a fresh all time for a sixth session the move gets a bit punchier! Investors spent today’s session digesting the 15% EU tariff rate which was widely expected but nonetheless a constructive development. In the apt words of our macro strategist, the deal “removes the fear factor from the European markets”. Attention now shifts squarely to China and meetings in Stockholm, yesterday Trump allud…

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