WTW – Global Markets Overview, May 2025

The main theme of the document is the analysis of global financial markets amidst high volatility related to the first 100 days of Trump's presidency.

Key findings include: In April 2025, there was high volatility in financial markets despite minor changes in US government bond yields and global stocks. Early April saw a drop in stocks due to tariff announcements by Trump and retaliatory measures by China. Mid-April markets began to recover following the announcement of tariff suspension. Investors should be prepared for potential renewed volatility and downside growth risks, but central banks are expected to support the economy in case of a downturn.