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[ Careers ](https://www.cutcher.com.au/careers) - [ Contact ](https://www.cutcher.com.au/contact) - [Home](https://www.cutcher.com.au/) - [Insights and news](https://www.cutcher.com.au/insights-and-news) - February 2025 investment snapshot # Trump 2.0 - February 2025 Snapshot ![](https://www.cutcher.com.au/hubfs/Investment%20SnapShot%20Header%20-%20February%202025.png) Written by **Wade Johnson & Ryan Thompson** Published on **05 February 2025** Updated on **05 February 2025** Time to read ** minutes** [✉](mailto:your@email.com?subject=Cutcher%20Insights&body=https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot) [in](https://www.linkedin.com/shareArticle?mini=true&url=https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot) [X](https://twitter.com/intent/tweet?url=https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot) [f](https://www.facebook.com/sharer/sharer.php?u=https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot) Table of contents [Quick Take](https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot#quick-take) [SnapShot](https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot#market-update) [Key Stocks](https://www.cutcher.com.au/insights-and-news/february-2025-investment-snapshot#key-stocks) | | ## Quick Take Global markets surged in January, with US and Australian equities gaining 3-5%, Europe climbing 6%, while China declined 3% amid trade policy uncertainty following Trump’s inauguration. Gold jumped 7% as investors sought safety, and oil edged up 1% on geopolitical concerns. Markets reacted to President Trump's tariff announcements, including a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods, effective 4 February. The US Federal Reserve held rates steady, while the ECB cut rates and the BoJ raised its key rate. In Australia, inflation returned to the RBA’s target range, strengthening expectations of a rate cut as soon as this month. With inflation under control and central banks expected to hold or reduce interest rates, we remain cautiously optimistic and expect favourable market conditions during 2025, albeit with the potential for increased levels of volatility.  | | | --- | --- | --- | --- ## Snapshot Global share markets rallied in January, with US and Australian equities gaining 3-5%. European markets performed even better, rising 6%, while China struggled, falling 3%. The key factor driving these movements was the uncertainty around tariffs, following Donald Trump’s inauguration on 20 January. The likelihood (or omission) of tariffs had a significant impact on each market and the companies within them. Commodity prices also reflected this uncertainty. Gold surged 7% during the month, as investors sought safety amid trade concerns. Meanwhile, oil rose by 1%, with fears of supply disruptions from Russian sanctions and potential tariffs on Canadian oil. ![](https://www.cutcher.com.au/hs-fs/hubfs/image-png-Feb-05-2025-12-51-25-8971-AM.png?width=750&height=462&name=image-png-Feb-05-2025-12-51-25-8971-AM.png) The political landscape in Washington took centre stage in January as President Trump began his new term. Markets continued to benefit from optimism around deregulation, but uncertainty over tariffs persisted. On 1 February, President Trump announced a 25% tariff on imports from Canada and Mexico, with a 10% tariff on Canadian energy products, set to take effect on 4 February. However, after discussions with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum, a 30-day suspension of these tariffs was agreed upon, contingent on both nations enhancing border security measures. Additionally, a 10% tariff on Chinese imports was declared, also effective from 4 February. The artificial intelligence (AI) sector also saw some turbulence. Chinese startup DeepSeek made waves by announcing its new AI model, DeepSeek R1, which it claims is both high-performing and significantly cheaper to run than existing models. This raised concerns that major AI players – OpenAI, Alphabet, Microsoft, Meta, NVIDIA, among others – may be overinvesting in expensive AI infrastructure. However, while DeepSeek’s emergence is noteworthy, we believe the market may have overreacted. A deeper analysis suggests its impact may not be as disruptive as some fear, and we remain comfortable with our AI-related investments. ![](https://www.cutcher.com.au/hs-fs/hubfs/image-png-Feb-05-2025-12-07-33-0929-AM.png?width=750&height=462&name=image-png-Feb-05-2025-12-07-33-0929-AM.png) On the monetary policy front, the US Federal Reserve (Fed) held interest rates steady at 4.25-4.50% during its January meeting, as expected. The key takeaway was mixed – while the Fed’s statement leaned hawkish, Chair Powell sounded more dovish, reinforcing market expectations that a rate cut won’t come before June at the earliest. Meanwhile, the European Central Bank (ECB) cut rates by 0.25% to 2.75%, while the Bank of Japan (BoJ) raised its key interest rate from 0.25% to 0.50%, citing stable inflation. Closer to home, Australia’s inflation data for the December quarter was lower than expected. Underlying CPI rose 0.5% for the quarter and 3.2% for the year. Crucially, underlying inflation has now remained within the Reserve Bank of Australia’s (RBA) 2-3% target range for the last six months, sitting at an annualised 2.7%. Following this data, markets quickly priced in a 0.25% rate cut at the RBA’s next meeting on 17-18 February, with another 0.25% cut expected by June. ![](https://www.cutcher.com.au/hs-fs/hubfs/image-png-Feb-05-2025-12-52-01-5659-AM.png?width=750&height=445&name=image-png-Feb-05-2025-12-52-01-5659-AM.png) Looking ahead, we remain cautiously optimistic for 2025. Inflation has stabilised at more acceptable levels, and central banks are expected to maintain or ease monetary policy. This environment should support global economic growth and corporate earnings, providing favourable conditions for markets in the year ahead, however, with potential for increased levels of volatility. [![Contact us today!](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/479958/d41a6b9b-b040-4792-8967-3378dfe1b181.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/479958/d41a6b9b-b040-4792-8967-3378dfe1b181)   ## Key Stocks ![HUB24 logo](https://www.cutcher.com.au/hs-fs/hubfs/HUB24%20logo.jpeg?width=1157&height=311&name=HUB24%20logo.jpeg) ### **HUB24** **Cutcher & Neale Australian Shares Model** HUB24 is an Australian wealth management platform that provides investment administration software. The company provides portfolio management, client management and reporting for financial professionals to manage client wealth in one place. HUB24’s platform covers all areas of the advice process, from onboarding to digital advice. HUB24 has provided stellar returns to the Cutcher & Neale Australian Shares model since its inception and more recently, being one of the model’s top performers, after advancing 14.0% over the last month. HUB24 reported record net inflows of $5.5 billion in the December quarter and an 8% increase in funds under administration.  ![Neurocrine_Biosciences_logo.svg](https://www.cutcher.com.au/hs-fs/hubfs/Neurocrine_Biosciences_logo.svg.png?width=1638&height=300&name=Neurocrine_Biosciences_logo.svg.png) ### **Neurocrine Biosciences** **Cutcher & Neale Positive Impact Model** Neurocrine Biosciences is an American research based, pharmaceutical company. The four key areas of focus are developing treatments for neurological, psychiatric, endocrine and neuropsychiatric disorders.  Currently, the companies three late-stage clinical programs are Elagolix, a hormone releasing antagonist for women's health, Opicapone, an inhibitor for Parkinson's patients, and Ingrezza for Tourette syndrome. The company positively contribute towards the Good Health & Well-Being United Nations Sustainable Development Goals. The investment committee continues to remain impressed by the company’s strong sales growth of its flagship drug, Ingrezza, along with increased guidance and a robust pipeline.  ![HUB24 logo](https://www.cutcher.com.au/hs-fs/hubfs/HUB24%20logo.jpeg?width=1157&height=311&name=HUB24%20logo.jpeg) ### **HUB24** **Cutcher & Neale Australian Shares Model** HUB24 is an Australian wealth management platform that provides investment administration software. The company provides portfolio management, client management and reporting for financial professionals to manage client wealth in one place. HUB24’s platform covers all areas of the advice process, from onboarding to digital advice. HUB24 has provided stellar returns to the Cutcher & Neale Australian Shares model since its inception and more recently, being one of the model’s top performers, after advancing 14.0% over the last month. HUB24 reported record net inflows of $5.5 billion in the December quarter and an 8% increase in funds under administration.  ![Neurocrine_Biosciences_logo.svg](https://www.cutcher.com.au/hs-fs/hubfs/Neurocrine_Biosciences_logo.svg.png?width=1638&height=300&name=Neurocrine_Biosciences_logo.svg.png) ### **Neurocrine Biosciences** **Cutcher & Neale Positive Impact Model** Neurocrine Biosciences is an American research based, pharmaceutical company. The four key areas of focus are developing treatments for neurological, psychiatric, endocrine and neuropsychiatric disorders.  Currently, the companies three late-stage clinical programs are Elagolix, a hormone releasing antagonist for women's health, Opicapone, an inhibitor for Parkinson's patients, and Ingrezza for Tourette syndrome. The company positively contribute towards the Good Health & Well-Being United Nations Sustainable Development Goals. The investment committee continues to remain impressed by the company’s strong sales growth of its flagship drug, Ingrezza, along with increased guidance and a robust pipeline.    [![Wade Johnson & Ryan Thompson](https://www.cutcher.com.au/hubfs/Image20240903112723.png) ](https://www.cutcher.com.au/wealth-management#team) About The [ Author](https://www.cutcher.com.au/insights-and-news/author/wade-johnson-ryan-thompson) > Wade, Partner at Cutcher & Neale, is the head of the Investment Services division and has over 15 years' of industry experience in accounting and investment advisory roles. > > Ryan is our Portfolio Manager, bringing over 15 years of experience in managing multi-asset investment portfolios with a specialisation in fundamental equity analysis. [Investment](https://www.cutcher.com.au/insights-and-news/tag/investment) ## Read On [![](https://www.cutcher.com.au/hs-fs/hubfs/Investment%20SnapShot%20Header%20-%20March%202025.png?width=352&name=Investment%20SnapShot%20Header%20-%20March%202025.png) ](https://www.cutcher.com.au/insights-and-news/march-2025-investment-snapshot-0) ### [On Again, Off Again - March 2025 Snapshot](https://www.cutcher.com.au/insights-and-news/march-2025-investment-snapshot-0) [![Investment SnapShot | February 2024](https://www.cutcher.com.au/hs-fs/hubfs/Cutcher_Neale/Blog%20Images/Investment%20Blog/Investment%20SnapShot%20Header%20-%20February%202024.jpg?width=352&name=Investment%20SnapShot%20Header%20-%20February%202024.jpg) ](https://www.cutcher.com.au/insights-and-news/february-2024-investment-snapshot) ### [Navigating 2024 Markets](https://www.cutcher.com.au/insights-and-news/february-2024-investment-snapshot) {% module_block module "widget_9a40cf54-4254-4888-b28e-a43ca6729755" %}{% module_attribute... 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