Market Surprises, Trump's Tariffs & Commodities Soaring | 2025 Year-to-date returns reviewed

The Year So Far 📈 Market returns in 2025 tell a story of extreme volatility rather than predictable trends. The US 10-year yield spiked above 4.5%, shaking confidence before Trump walked back tariffs. Trump's Second Term 🏛️ Tariffs on Mexico, Canada, China, and NATO tensions triggered waves of uncertainty. A 90-day tariff pause ends soon—more volatility ahead. Currency Moves 💱 The rand hit R19.90/$ in April but has strengthened nearly 7% year to date. Dollar weakness is driving big shifts—its worst start to a year in 50 years! Commodities on Fire 🔥 Platinum: +52%, hitting 10-year highs Gold: +27%, buoyed by central banks diversifying away from dollars Copper, rhodium, uranium also strong, while coal and Brent oil are lagging Equities: Winners & Losers 📊 Top Performers: Sibanye Stillwater* +115% 🚀 Northam, Impala, Harmony riding the PGM boom Surprise: MTN +58%, defying telco sceptics British American Tobacco at record rand highs Strugglers: Aspen -27% 🩺 Spar, Mr Price* correcting after big runs Sasol, despite the headlines, down just 5% Global Markets Snapshot 🌐 European indices are up double digits (Germany +20%, Spain +21%) Canada bounced +8.5% from April lows Hong Kong +20% as Asia joins the rally SA market in ZAR: +30% YTD, outpacing gold and the Nasdaq Key Lessons 🎓 Volatility is a feature, not a bug. When markets "go on sale," don't panic—buy like you would discounted chuckles. Politicians worldwide are unpredictable—stay focused on your long-term plan. The Dollar Story 💵 Dollar Index fell from 110 to 96 in six months. Capital is rotating to Europe and emerging markets. The tariff-driven isolationism in the US is reshaping global flows. 🗓️ Upcoming Event Power Hour – 21 July (Monday) Topic: Three Decades of Investment & Trading Lessons with Simon Brown 🔗 Register at JustOneLap.com/events 📈 More Resources Full ETF performance update dropping Thursday: justonelap.com/ETFs Read Simon's market insights anytime on JustOneLap Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order