President Franklin D Roosevelt first coined this term in July 1933. The expression became a measure of a President’s success and achievements when their power and influence are at their highest point. Rarely has an expression seemed so fitting as in the case of Donald Trump. Since his first days in office he has already signed a consequent number of executive orders and made claims of resolving international conflicts in the Middle East and in Ukraine. He also did not hold back in his efforts to launch a 500 billion AI infrastructure plan and to downsize federal government with the help of Mr Musk and DOGE (the Department Of Governmental Efficiency). For the past month, everybody’s eyes have turned on the White House and its occupant. In part stunned and in part worried, already wondering what the remaining 47 months of this Donald Trump presidential term might hold in store... Although Donald Trump’s first 100 days are still far from over, they are proving to be full of surprises: international issues and the trade war are taking precedence over domestic economic issues (think about inflation) and the tax cuts promised during the campaign. As such, we prefer to stay vigilant about the US market against a backdrop of high valuations and expectations. Although the threat of tariffs remains a short-term risk, the US pullback and the emergence of a new European dynamic represent an opportunity to pursue European integration further. On that note, investors should be wise not to forget the Old Continent and keep also a close eye on Mr Merz’s first hundred days! We are detailing these subjects in this newsletter.
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