A single decision has been crucial for a global equities strategy this year: selecting the weights for foreign vs. US stocks. The higher the weight in shares outside the US, the higher the performance so far in 2025. But as President Trump presses ahead with plans to raise tariffs, it’s reasonable to wonder if the gravy train in foreign stocks will persist in the face of an aggressive US trade policy.
Daily Archives: July 14, 2025
Macro Briefing: 14 July 2025
As companies begin to report Q2 earnings this week, investors will be alert to the possibility that tariffs are putting pressure on profits. “So far, the impact of tariffs has been very muted when it comes to economic data on inflation, consumer spending, and business activity,” notes Morningstar. Factset projects that S&P 500 earnings will increase 4.8% for Q2, an estimate that marks the lowest earnings growth reported since the 4.0% rise for Q4:2023.
