New tariff threats, and the shifting fortunes of debt markets

Markets are focusing again on tariff policies after a period of relative calm, but that shouldn’t be too surprising, says the Private Bank’s Global Chief Investment Officer, Christian Nolting. “I still think there will be a solution. There will be higher tariffs than we have seen before”, Christian says, though he notes that they are likely to be lower than the rates currently under discussion.

Earnings season is mostly over, and while companies have delivered solid results, they have also lowered their expectations for the rest of the year. “I’m not surprised the outlook for companies is a cautious one”, Christian says, adding that this could make it easier for them to beat expectations in the quarters to come.

In the week ahead, Christian says that consumer confidence figures in the U.S. and the EU will be among the more important data points.

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