What happened in the markets
President Donald Trump imposed sweeping global tariffs, setting a 10% minimum worldwide rate and up to 39% on Switzerland, with higher duties targeting countries running trade surpluses with the US. Key sectors, including semiconductors and Indian imports, faced even steeper levies, though exceptions were granted to companies relocating production to the US. At the same time, Trump sent letters to 17 major drugmakers demanding lower prices and ended the “de minimis” duty-free exemption on small imports, raising the prospect of higher consumer costs.
US Treasury yields fell after weak jobs data and the resignation of Fed Governor Adriana Kugler, while equities opened the month on a soft note following the tariff announcements. Sentiment improved later as Fed Chair Powell’s dovish Jackson Hole comments and strong US manufacturing data pushed September rate-cut odds above 90%, lifting many equity indices such as the MSCI All Country World Index to fresh records.
Geopolitically, Trump pressed for diplomacy in Ukraine, calling for a summit with Russia after meetings with Ukrainian and European leaders, while warning Vladimir Putin of “very severe consequences” if a ceasefire was not reached.
Domestically, the US invested $8.9 billion in Intel, and Trump sought to remove Federal Reserve Governor Lisa Cook over allegations of document falsification. By month-end, a US appeals court ruled his global tariff measures illegal, injecting fresh uncertainty as the S&P 500 entered its seasonally weaker September trading period.
In the euro zone, business activity reached a 15-month high despite tariffs, though politics unsettled markets. In France, Prime Minister François Bayrou called a confidence vote that could topple the government, sparking a selloff in French assets, while Dutch Prime Minister Dick Schoof narrowly survived a no-confidence vote. In Germany, inflation dipped below the ECB’s 2% target for the first time in ten months, but industrial production posted its sharpest decline in nearly a year. Thirty-year Bund yields climbed to a 14-year high as long-dated debt came under pressure. Chancellor Friedrich Merz described the economy as in “structural crisis” from high energy costs and US tariffs, with competitiveness eroding despite high quality output. Still, business confidence rose to its strongest level since 2022 after a new EU–US trade deal, even as consumer sentiment weakened.
In Japan, the Nikkei reached new highs on the back of tech gains, while the 20-year bond yield touched its highest level since 1999. Meanwhile, Ukraine ceasefire talks showed little progress, limiting potential catalysts for European market momentum.
What happened in the fund
Lotus Bakeries, the Belgian snack group best known for its Biscoff biscuits and spreads, continued to expand globally while diversifying into natural snacking brands such as BEAR, TREK, nākd, and Kiddylicious. Half-year revenues rose nearly 10% year-on-year to €657 million, supported by strong performances in both Biscoff and natural snacking. Underlying EBIT climbed to €109.7 million and net profit reached €79.4 million, with earnings per share up around 10% to €98. Robust cash generation of €257 million reduced debt to just 0.6 times EBITDA. Growth was further boosted by successful co-branded chocolate and ice-cream launches with Mondelēz and Froneri, while the new Biscoff factory in Thailand remains on track to begin production in the second half of 2025. These strong results reassured investors on growth and profitability, lifting Lotus Bakeries’ share price in August. The market responded positively to accelerating Biscoff volumes, strong international momentum in natural snacking, and disciplined financial management, reinforcing confidence in the company’s long-term growth story.
Wolters Kluwer, a Dutch-based global provider of expert information, software, and services across healthcare, tax and accounting, legal and regulatory, and financial compliance, saw its share price underperform sharply in August as renewed concerns over Artificial Intelligence weighed on sentiment. A US competitor had flagged pressure in its legal division from AI-driven start-ups, reviving fears that Wolters Kluwer could be on the wrong side of disruption. During the first wave of AI enthusiasm, investors had quickly divided companies into likely winners and losers, with Wolters Kluwer often grouped with the latter. Although the stock later recovered, sentiment weakened again earlier this year when long-serving CEO Nancy McKinstry announced her retirement, adding to uncertainty.
It remains far from clear which businesses will ultimately be disrupted by AI. For professional information providers such as Wolters Kluwer, however, ownership of proprietary datasets represents a key competitive advantage. Combined with public sources, these data assets enable AI applications that deliver more accurate and valuable outcomes than models based solely on open information. Importantly, the company’s latest results, released at the end of July, were solid, and management reaffirmed full-year guidance—underlining that operational fundamentals remain sound despite ongoing market concerns.
Wrtitten on 11 September 2025
On the day of writing this article, MW GESTION ACTIONS EUROPE holds the following quoted securities:
- Lotus Bakeries pour 2,1% de ses encours
- Wolters Kluwer pour 2,7% de ses encours
The MW Actions Europe fund is a compartment of the Luxembourg SICAV MW ASSET MANAGEMENT. You should contact the fund management company MW GESTION or your financial advisor for more information.
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The MW Actions Europe fund is a compartment of the Luxembourg SICAV MW ASSET MANAGEMENT. You should contact the fund management company MW GESTION or your financial advisor for more information.
Past performance is not a reliable indication of future performance. Past performance is no guarantee of future performance.
The content does not constitute a recommendation, an offer to buy, a proposal to sell or an invitation to invest.
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