Link to IWP's July 2025 Update (PDF) https://tinyurl.run/PHjq3Z

With geopolitical tensions easing, where are the markets turning their attention now? Our July Market and Economic Update breaks down the key shifts we're seeing.

This month's key points:

A Calmer Global Outlook: Easing geopolitical tensions and a stable ceasefire between Israel and Iran have provided a supportive backdrop for markets. This sentiment has helped drive global equities higher, with the S&P 500 and Nasdaq 100 approaching their all-time highs.

Shift to Domestic Policy: As global risks subside, market focus is pivoting to US domestic policy. Federal Reserve Chair Powell's recent comments have reinforced expectations for interest rate cuts later this year.

Policy in Focus: In Washington, President Trump is advancing the US tax and spending bill, which is expected to remove or weaken the "revenge tax" on non-US investors—a welcome development for the market. Progress on trade negotiations ahead of a July 9 deadline has also improved sentiment.

Overall, the reduction in geopolitical risk premiums has led to lower oil prices and low market volatility. While the outlook is positive, rising US inflation remains a key factor that could potentially delay policy easing.

Should you prefer this in video form, please head to https://youtu.be/CnpIMJnWqUI?si=wbnMXKP67xOfY9xZ