As we kick off 2025, Jeremy and Gareth discuss the impact of Donald Trump's rhetoric (and eventual actions) and the reality that destabilising the world works for Trump in two ways: his eventual arrival and "resolution" of many of these Trump-created pressures will be seen as a great "deal" for him to celebrate, and in the meantime the disarray will lead to a flight to safety, which is (to date) the US Dollar.  So Trump is exporting inflation (and pain) to the already-pressured markets of Europe, China and Japan. 

In terms of the UK, our "safe and stable" position feels a bit less safe and a lot less stable with public finances in the spotlight and rising long-term yields.  Jeremy has a suggestion for how to find and position a portfolio for these markets.

Next week, we have UK inflation and GDP data, US inflation and a number of China stats.   

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