Q1 2025 in Focus: What Moved Markets and What Comes Next

Ben Jang, Portfolio Manager at Nicola Wealth, joins host Jasmine Maricic to discuss key developments from the first quarter of 2025 and the potential implications for the global economy.

They review market reactions to U.S. tariffs and their broader impact on trade dynamics, including Canada’s positioning in a shifting global landscape. Ben also shares perspectives on Canadian and U.S. equity valuations, diverging labour market trends, and the return of terms like “stagflation” to economic discourse.

The conversation touches on European equity performance, inflation and interest rate expectations, and the evolving role of fiscal and monetary policy. Ben also outlines how Nicola Wealth’s multi-asset portfolios are managed to stay diversified and respond to changing conditions across public and private markets.

Highlights

1:02 - How much has Trump shaken up the Global Economic landscape with the recent tariff threats?

6:35 - European Union x Canadian Trade

11:04 - U.S Exceptionalism

12:51 - Trade tensions and how they are impacting the Canadian interest rate

15:10 - Why have European stocks outperformed US stocks this last quarter?

18:00 - The importance of a diversified portfolio

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