Countdown to the end of the tariff pause

Stock markets are trading around record highs after a bumpy second quarter – but the end of the Trump administration’s tariff pause and the kick-off of US earnings season will be in focus in the week ahead, says Markus Müller, the Private Bank's Chief Investment Officer for sustainability and head of the CIO office. "The Q2 S&P rally has indeed been remarkable", Markus says. "Investors have gone back into US stocks. The rally is supported by a very resilient US job market."

The Federal Reserve will release minutes from its latest meeting this week, and there will be important data coming of China and elsewhere. But Markus says that the tariff notices coming from the US administration will be critical, because they "could have material implications for inflation, supply chains and geopolitics."

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