Summary
Highlights
Trump’s approval rating -- currently at 41% -- is the lowest for any president at 100 days since Eisenhower.
The dollar has not rebounded after the 90-day pause announcement, being weighed down by uncertainty on US trade policy.
Global investors could potentially look at European markets to diversify* at a time of high US policy uncertainty.
In this edition
During Trump’s first 100 days in office, the S&P 500 index was down almost 9%, the worst performance for any US president since Nixon in 1973. This performance was influenced by the tariff-related sell-off, after which the US market rebounded when a 90-day pause was announced. The S&P 500 has now recovered about half of this drop. US equity volatility remains high and we expect this to continue until early July, when the 90-day pause in US tariffs will be reassessed. Overall, sentiment remains weak, with consumers increasingly worried about prospects for inflation and personal finances, as reflected in the University of Michigan consumer sentiment, which surveys hundreds of households each month.
Source: Amundi Investment Institute, Bloomberg as of 29 April 2025.
Key dates
6 May China Caixin PMIs (manufacturing, services, and composite) | 7 May US Fed rate decision, EZ retail sales, China foreign reserves | 9 May China trade balance, India foreign exchange reserves |
*Diversification does not guarantee a profit or protect against a loss.
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