Turbulence.
Markets began last week as they had finished the previous one, in a world of pain. This was always going to be Tariff Week with Wednesday the key day of announcements, but the prospect of any walk-back of any kind diminished by the hour and the looming reality of tariff turbulence, its inevitable stagflationary effect and a resulting body blow to stock markets really began to set in.
Asian and European markets sold off heavily on Monday, the last day of an exhausting quarter (see my Q1 2025 Market Review). This set up another harrowing day for Wall Street which was in full risk-off mode at…
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