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Cappuccino Commentary

As we move into what’s looking like a really hot summer and take stock of the year so far there’s been plenty of interesting developments.

Despite concerns around President Trump’s trade policies and escalating conflicts with Iran, most major asset classes delivered positive returns over the quarter. While this encouraging, we have seen significant market volatility along the way…

Weekly Espresso

On Thursday, the FTSE-100 hit a record high and had the 9,000-point mark in its sights as traders became optimistic that Trump would reach agreements with trade partners or roll back some of his threatened tariffs.

However, this optimism was steadily crushed over the next few days.

Weekly Espresso

The S&P closed at a record high of 6,173 on Friday, taking its jump since the fall on “Liberation Day” to around 24%. The Nasdaq also set an all-time high.

The good week was influenced by the easing of tensions with Iran, a trade deal with China, and comments from Treasury Secretary Scott Bessant that suggested the administration could push back its 9 July tariff deadline, saying in an interview on Fox that the US “could have trade wrapped up by Labor Day [1 September 2025].”

Weekly Espresso

The S&P closed at a record high of 6,173 on Friday, taking its jump since the fall on “Liberation Day” to around 24%. The Nasdaq also set an all-time high.

The good week was influenced by the easing of tensions with Iran, a trade deal with China, and comments from Treasury Secretary Scott Bessant that suggested the administration could push back its 9 July tariff deadline, saying in an interview on Fox that the US “could have trade wrapped up by Labor Day [1 September 2025].”

Navigating conflict as an investor

It was a surprise to many that President Donald Trump authorised Operation Midnight Hammer just six months into his term, particularly given that he was elected on an anti-war ticket.
Although there were some fluctuations in oil prices, they remained largely stable in comparison with prices earlier in the year. Markets also held steady, even following the US involvement…

Weekly Espresso

Markets moved in tandem to the situation in the Middle East throughout the week, with some additional relief coming Friday morning following Trump’s claim he needed two weeks to decide whether to involve the US military in Iran. However, this sentiment was scuppered less than two days later after the Americans attacked three Iranian nuclear sites.

Trump said the operation was a “spectacular success” and warned that if Iran did not abandon its nuclear programme, he would launch more attacks that were “far worse and a lot easier.”

Understanding the risks

This information is intended for professional financial advisers only. Copia does not provide financial advice. This information is not intended as financial advice and should not be interpreted as such. Model investment portfolios may not be suitable for everyone. The value of funds can increase and decrease, past performance and historical data cannot guarantee future success. Investors may get back less than they originally invested.

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Copia Capital Management is a trading name of Novia Financial Plc. Novia Financial Plc is a limited company registered in England & Wales. Register Number: 06467886. Registered office: Cambridge House, Henry St, Bath, Somerset BA1 1JS. Novia Financial Plc is authorised and regulated by the Financial Conduct Authority. Register Number: 481600.

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