Opens in a new tab

Breaking news

Tariffs And Inflation Expected To Dominate Markets In 2025, JPMorgan Survey Reveals

A recent survey by JPMorgan has highlighted tariffs and inflation as the main forces shaping global markets in 2025, with geopolitical tensions also emerging as a key factor. Conducted among 4,233 institutional trading clients, the annual poll showed that 51% of respondents expect tariffs and inflation to be the most significant drivers this year. This marks a sharp increase from the 27% who flagged inflation as a concern in 2024.

In addition to inflation, 41% of traders cited volatility as their primary challenge, up from 28% last year. Meanwhile, the likelihood of a recession impacting market movement has decreased, with only 7% of traders highlighting it as a risk this year, compared to 18% in 2024.

The poll also shed light on key concerns within the market structure, including access to liquidity, regulatory shifts, and rising costs associated with market data.

The Tariff Showdown

This year’s tariff drama kicked off with President Donald Trump’s announcement of aggressive measures targeting the U.S.’s top three trade partners—Canada, China, and Mexico. These included a 25% tariff on goods from neighboring countries and a 10% additional tariff on Chinese imports. In retaliation, Canada and Mexico prepared to impose reciprocal tariffs, but a diplomatic breakthrough led to a temporary delay in enforcement.

On the other side of the globe, China responded with its new tariffs on American goods, including crude oil and agricultural machinery, escalating trade tensions even further.

Inflation’s Ripple Effect

Chicago Federal Reserve President Austan Goolsbee issued a warning this week about the potential inflationary fallout from the tariff policies. He noted that if inflation picks up in 2025, it will be critical for the Fed to differentiate whether the rise is due to economic overheating or a result of tariffs. This distinction, he argued, will play a pivotal role in shaping the Fed’s future policy decisions.

Experts estimate that the average price of new cars could surge by $3,000, and full-sized trucks might see a price hike of up to $10,000, as the U.S. imports 22% of its vehicles from Canada and Mexico. Meanwhile, fuel prices are expected to jump by as much as 40 cents per gallon, due to Canada being a major supplier of oil for the U.S., sending about 20% of the nation’s oil consumption. GasBuddy’s Patrick De Haan predicts these price increases could hit within days of the tariffs coming into play.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

Uol
eCredo
The Future Forbes Realty Global Properties
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter