Until now, financial markets have adopted a complacent "wait and see" approach when considering the prospects for the Trump 2.0 trade policy. However, the hope the new Administration's bark would be worse than its bite has been dashed with the imposition of high tariffs on the nation's three largest trading partners. Markets should now contemplate [...]
Tag: EU
Strategy 2024: Searching for a Soft Landing
13 December 2023 Happy Holidays! Another challenging year is coming to a close. Yes, the US (and global) economy defied expectations of recession. True, the S&P 500 has recorded a 20% gain. However, the rally was narrow: only technology outperformed the market. Indeed, of the 8 market sub-sectors, only tech, industrials, and financials posted positive [...]
Italy: Supply-Side Reforms Are the Only Remedy
19 November 2022 I have just enjoyed a fact-finding trip to the Emilia-Romagna region of Italy. Naturally, I indulged myself with the gastronomic delights of Bologna, Parma, and Modena; as well as marvelled at the mosaics in Ravenna. On the economic front, to be sure, Italy has had little to cheer about in recent years. [...]
Spain: Convergence — Finishing the Job!
30 June 2023 I love Spain: the food, wine, sun, landscape, art, architecture, and the unmistakable roar of happy people cascading into the streeets from busy bodegas! Indeed, I just returned from trendy Valencia where the post-Covid atmosphere is bouyant. The 1992 Maastricht treaty -- outlining a path towards the introduction of the Euro in [...]