Friday, 2 May 2025 Reading time : 2 minutes

US President Donald Trump has been in office for around 100 days, and since his inauguration on January 20, the Republican has been pushing ahead with his political agenda with a determination that can sometimes make it difficult to keep up.

This is reflected in the more than 140 executive orders that Trump has issued since taking office. The flurry of regulations is unprecedented, according to a New York Times analysis of US presidential activity since 1937.

The list of executive orders covers a wide range of topics, from far-reaching decisions such as the imposition of "reciprocal" tariffs on US trading partners and the withdrawal of the US from the World Health Organisation (WHO), to minor issues such as setting the appropriate water pressure for shower heads.

However, this activism has not been well received by financial markets. The S&P 500 lost 6.9% in the first 100 days of the Trump administration (20 January 2025 to 29 April 2025, including dividends) – the worst performance since Gerald Ford took office on 9 August 1941 after his predecessor Richard Nixon was forced to resign in the wake of the Watergate scandal. Back then, the S&P 500 lost almost 12% in the 100 days that followed, according to the Financial Times.

The current year has been somewhat better for investors in Europe and Switzerland. European blue chips, as measured by the EuroStoxx 50, gained 1.2% in the 100 days since Trump took office. The SMI is up around 3.3% over the same period.

For investors who want to focus on European and US equities but do not want to commit to a single region, a barrier reverse convertible on the SMI®, S&P 500® and EuroStoxx 50® offers diversification across regions and sectors. Thanks to the barrier, price losses are partially cushioned and the coupon is guaranteed regardless of the performance of the indices.

Barrier Reverse Convertible on Indices
4.70% p.a. BRC on SMI, EuroStoxx 50, S&P 500
Barrier: 67%
Valor: 142 531 991

Indicative terms

 

Disclaimer
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