Ecaterina Bigos, CIO of Core Investments at AXA Investment Managers, says tariffs remain the most important aspect affecting global markets amid risk factors, including the escalating tensions in the Middle East.

New York

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

Ecaterina Bigos, Chief Investment Officer of Core Investments at AXA Investment Managers, identified tariffs as the most significant risk currently affecting global markets. She explained that while fiscal policies and geopolitical tensions, such as those in the Middle East, are important, tariffs have the broadest implications for market stability and investor sentiment.

Bigos also noted that fiscal policies in regions like Europe have not been solely negative, with some positive shifts influencing asset narratives. She added that the ongoing Middle East conflict is being closely monitored, but as long as it remains contained, its macroeconomic impact may be limited compared to the overarching influence of tariffs.

Tariffs still at the forefront of global market risks: CIO

AI trades being tested in a big way. Tariff turmoil. Fiscal concern. Freak out. Now this Middle East story. Which one has the biggest weight in your mind when you're watching Asia markets. Well I think you probably rated in the right ranking. I would say tariffs still are the forefront of markets considerations because of course the implications across the globe. So it's U.S. and the partners. And then you have fiscal policies but fiscal policy have not just been negative. They've been positive as well. If you look at the monumental shift in Europe that has happened again this has been a catalyst of the old decoupling if you might say of U.S. and Europe and certainly has shifted the narrative around European assets quite significantly. Then of course you have China that is simmering in the background. They haven't changed their stance on fiscal but selling the fiscal injection is present. The fiscal is going in certain parts of the economy which will have positive repercussions on on certain sectors. Right. And then selling geopolitics is a part that we need to monitor. But again we need to look at it in the scope of how will impact the macroeconomic. How will impact the numbers. How will impact the inflation. Again a prolonged escalation of the conflict that can have implications on oil price for longer term and that have a consequence on inflation and a prolonged kind of higher level of oil prices will certainly have implications of macroeconomics and certainly on on on reaction to the market. E.K. Marina Martin here. Let me quickly jump in. I've got to say I'm scratching my head here. All right. Because we're into day three of this conflict. It's escalating. It's not stopping. They're continuing to fire missiles and drones at each other right yet. And we had a drawdown on Wall Street Friday. Yet today this morning we've got futures just in the last couple hours or so. They've turned around. They're actually positive in Asian markets barring some of the smaller secondary ones like Singapore Malaysia Taiwan etc. The big markets are actually pretty positive. If we could flip the charts and give you a look at what's going on in Japan for example the decade to five. That's that's up at around session highs. I am scratching my head. You catering. You're trying to figure out why that is. You have any sort of easy or simple answer to that. I think this is a slightly different to previous conflicts. You might say that I think there's a bigger desire to have a positive resolution or I'd say more conducive resolution of this conflict between all the partners. You know China US the Middle East certainly would love to see a better resolution a positive resolution of the conflict. And I think that's different to the 10 years ago where you would have actually seen other parties getting involved in a conflict. For the time being it's isolated. And I would say as soon as it stays isolated and contained I think we'll be singled out and again observed by the markets. But we'll have probably some somewhat contained repercussions on the macroeconomic picture for for the global markets.

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Tariffs still at the forefront of global market risks: CIO

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