Q3-2025 Macro Outlook:
Less chaos, and hopefully a bit more clarity
Market drivers and catalysts
Equities: US tariffs, rotation out of tech, Europe/UK weakness, Asia cautious
Volatility: VIX low, options market calm, ±36pt SPX move expected
Digital assets: BTC steady, IBIT/ETHA in focus, retail activity strong
Fixed Income: US yields soften on trade tensions. Treasury auctions in focus
Currencies: USD strength seen against JPY and AUD on tariff threats
Commodities: OPEC pumps and crude dumps (a bit), Wheat slumps on harvest pressure
Macro events: Germany June industrial Production. US tariff letters and trade deals









