A large shadow was cast over the Q1 2025 earnings season by President Trump’s Liberation Day tariff bombshells and his administration’s subsequent trade discussions. Investors and traders alike waited with bated breath to see quite what the impact would be on both earnings guidance and companies’ capex plans.
In this episode of the Beyond Markets podcast, Mathieu Racheter, Head of Equity Strategy Research at Julius Baer, talks to Bernadette Anderko about his key takeaways from the earnings releases on both sides of the Atlantic. They discuss which sectors fared better than others, the impact of the tariffs, how to navigate the current market conditions, and much more.
00:32 Introduction
01:02 US Q1 earnings releases
01:58 Europe’s earnings season
02:48 Share price reactions
03:32 What happened to guidance?
04:42 Tariff impact on capex
05:26 What about hyperscalers?
06:31 Sell in May …
08:17 Navigating recession risk
09:34 Summary and conclusion
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