The week ending April 25, 2025, was marked by significant turbulence across global financial markets. Investor sentiment swung dramatically, reacting primarily to shifting signals regarding United States trade policy, particularly the status of substantial tariffs aimed at China and other key trading partners. Markets began the period under pressure following the announcement of harsher-than-expected US tariffs earlier in the month, sparking fears of a global recession, escalating trade wars, and increased inflation. However, a notable rebound occurred mid-week across many developed markets as reports and official comments suggested a potential de-escalation and a willingness from the US administration to negotiate, offering tariff relief.

Global financial markets navigated a period of heightened volatility during the week ending April 18, 2025. The primary driver of investor sentiment and market movement was the significant uncertainty surrounding US trade tariff policies, which had been announced earlier in the month and came into effect on April 5th.1 This uncertainty triggered sharp market reactions across the globe, with major indices experiencing significant swings, particularly early in the week when some markets flirted with bear market territory