From the archive
Archived: Week 33, 2025: Trade policy and market uncertainty
This edition focused on tariffs, regional differences and the risk of reading too much into a short run of market performance.
This is a shortened archive summary. The original figures, trade levels and forward-looking calls are no longer presented as current guidance.
What this edition covered
This edition focused on tariffs, regional differences and the risk of reading too much into a short run of market performance. The original report was written for a specific week in 2025 and is not an assessment of present conditions.
What remains useful
Comparing regions can reveal that the same event has different effects on different businesses. A market snapshot needs a clear date, and an explanation should distinguish observed facts from assumptions.
Reading it today
The old rankings, prices, entry levels and week-ahead expectations have been withdrawn from this page. For a lasting introduction to the underlying connections, continue with the related explainer below.