Trump, TACO and tariffs: what can investors expect in the second half of the year?

Geopolitical tensions, a US president unsettling the markets and the surprising outperformance of European markets: the first half of 2025 had a lot in store for investors. What does the future hold? Gerold Permoser, Chief Investment Officer at Erste Asset Management, draws some initial conclusions and provides an outlook for the second half of the year.