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Global Market Overview | May 2025 03 June 2025 Ashburton Investments

Despite ongoing waves on uncertainty, the recovery from the lows seen in April following President Donald Trump’s “Liberation Day” continued into the month of May. This was a function of de-escalating trade tensions, possible ceasefires in ongoing conflicts and a reduction in the odds of a recession hitting the United States (US). Markets followed the “whipsaw” trend in reaction to President Trump’s tariff announcements and delays, with key central bank meetings also dominating news flow.

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Global Equity Growth Fund: Q1 2025 20 May 2025 Kathy Davey

Major factors affecting global markets in 1Q25 included the launch of DeepSeek and President Donald Trump’s trade policies. Chinese startup DeepSeek raised concerns on the amount of capital expenditure being poured into accelerated computing when the Generative AI (GenAI) chatbot matched the capabilities of leading language models, however, it was reportedly created at a much lower cost.

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