Insights

Weekly Market Commentary – 2nd May

8 May 2025

This week we have seen more evidence of the headwinds that US corporations expect from the introduction of punitive trade tariffs. As second quarter earnings season progresses, more US companies are listing tariffs as a risk for future revenues and profits and many are beginning to quantify the effect. In the case of Apple, the company estimates the impact is close to $900m in higher costs this quarter. Amazon said so far it has not experienced a drop in sales but its forecast for revenue for the current quarter is at the lower end of its previous range.