02.04.25 - Big market shake-up

Big announcement of the “liberation day” tonight by US president Donald Trump, showing a big board to the audience with tariff figures charged to listed countries starting by tomorrow.

Markets: Nasdaq lost almost 2.5% in the after-hours trading, down more than 3% from its closing level. Dax future down 2.5%, Nikkei down 2.3%, US Small Caps down 4%, cryptos lose their bigger gains today trading in minus now, no big moves in currencies yet, gold with small gains.

My view: I am not surprised by the initial market reaction; what’s more striking is the positive and optimistic stance investors have taken, buying stocks ahead of such a major event with potentially significant market implications.

It was the right decision to refrain from following the recent "buy the dip" trend and instead maintain a cautious portfolio allocation, given the broader and ongoing uncertainties.

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