Markets ‘exhausted’ from the topic of tariffs, with the worst behind us, says analyst
BNN Bloomberg
The constant battle over tariffs in the last year has “exhausted” stock markets, which are likely to see big wins in technology earnings and metal prices this year, according to a market analyst.
The current environment shows that markets are not seeing a major upside or downside in stocks, says Nate Thooft, chief investment officer and senior portfolio manager at Manulife Investment Management.
“I think that’s what the market is looking through to say, ‘Hey, we’ve seen the worst case scenario. We’re not revisiting those high levels of ultimate tariff levels,’” he says.
With the U.S. Supreme Court recently striking down U.S. President Donald Trump’s sweeping tariffs under the IEEPA Act, and the possibility of renegotiating or implementing an additional 15 per cent tariff, the level that will actually be priced into the market is lower than what investors expected at the start of the year, says Thooft.
Thooft says expectations from AI companies are really high, with Nvidia representing five per cent of the global equity market and serving as a major indicator of what capital expenditure looks like.
“They have lofty expectations,” said Thooft.
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