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Earnings ultimately drive stock returns, not geopolitics - and the quarterly earnings season has arrived.

US tariffs seems to be reshaping the world. In our lead article this quarter, we discuss how rising trade barriers signal a turning point in US policy, with significant consequences for global economic growth, inflation and investor positioning.

Fresh from her success on Dragon's Den, we are delighted to welcome Laura Harnett, founder of sustainable cleaning brand Seep, to the latest episode of Inspired Sounds hosted by Investment Manager, Elliot Evans. Tune in for behind-the-scenes insights into what it really takes to leave victorious from the BBC’s iconic business show, and hear Laura’s powerful take on why supporting female founders matters now more than ever.

With tensions in the Middle East and shifting trade policies stirring global uncertainty, Edward Smith, Co-Chief Investment Officer, and other Rathbones experts explore what this could mean for investors in the second half of 2025.