Welcome to Momentum

The new year brought little in the way of new order as on 3rd January President Trump launched US strikes in Venezuela that culminated in the capture of Nicolás Maduro and the abrupt disruption of the Bolivarian leadership.

Our economics research desk’s latest report examines the economic and market implications of the 28 February strikes by the United States and Israel on Iranian territory.

The analysis explores the potential regional and global repercussions, providing timely insights.

This week’s chart Jade illustrates the 2025 total return by country (in USD). More than half of the nations in the MSCI All Country World Index achieved record-high returns in 2025. The US, however, was not among them.