US trade policy continues to weigh heavily on financial market sentiment, leading to a dismal day for US equities yesterday. The S&P 500 officially entered correction territory, joining the Nasdaq, while the Russell 2000 approached bear market territory. However, US Treasury Secretary Scott Bessent played down concerns, stating that he was not worried about ‘a little bit of volatility over three weeks’. Across the Atlantic,European wine and spirits companies came under pressure after Donald Trump threatened to impose 200% tariffs on their products, leading to a widespread downturn across the continent. In commodities, gold hit a new high overnight. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who provides an in-depth update on metals and currencies, including a special focus on the Australian dollar.

00:00 Introduction by Helen Freer (Investment Writing)

00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)

06:47 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)

11:17 Closing remarks by Helen Freer (Investment Writing)

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