Chris Rokos' eponymous fund was up 21%, a person close to the fund told Business Insider. The manager is one of several big-name macro firms that had a strong 2025. Last year was the latest in a run of strong returns for the fund, which made close to 31% in 2024. Add Rokos Capital to the list of macro hedge funds that outperformed in 2025. The firm, run by former Brevan Howard cofounder Chris Rokos, made 21% last year, a person close to the London-based manager told Business Insider. That follow ...

November 28, 2025 09:09 AM GMT M O R G A N S T A N L E Y R E S E A R C H Towards a New Equilibrium November 2025 M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ European Equity Research Alain Gabriel, CFA EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Ioannis Masvoulas, CFA EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 Adahna Ekoku EQUITY ANALYST Adahna.Ekoku@morganstanley.com +44 20 7677-0065 Ferdinand Huber RESEARCH ASSO ...

A new wave of Chinese low-cost innovation is coming. How should the rest of the world respond? Knee-jerk protectionism in the name of security or safety would be a mistake https://t.co/KJvb2GCmaD ...

On paper, at least, there is much that national governments and the European Commission could do to protect the continent’s manufacturers. Their nuclear option has so far remained unused https://t.co/c8yR9DETlE ...

A protection upgrade that Brazil wants on brazilwood trees would make life difficult for them and for musicians. Here’s why https://t.co/Rb9LkGSHYK ...

Tucked into President Trump’s trade deals formalizing higher tariffs on goods from Asia this week are provisions for a global economic frontier the US wants to stay free of protectionism: digital commerce https://t.co/AnKYRpKFA6 ...

As punishment for a Canadian-made television ad that borrowed Ronald Reagan’s words to explain the dangers of protectionism, Donald Trump declared trade negotiations “hereby terminated”.Canada can ill afford to provoke America’s president https://t.co/r88fEdcddm ...

Joining me now is Ontario Premier Doug Ford. Um, thank you so much for being here at this critical time. You've said that you don't regret running the ad. Um, if so, why did you agree to stop running that ad if you don't regret it.>> Well, I mean, first of all, thank you for having me on. I start every interview saying that I love Americans. I spent 20 years of my life.Canadians love Americans, and I know Americans love Canadians. Uh my intention of running that ad is to inform uh the American people and ge ...

Core Points - President Trump has announced the termination of all trade negotiations with Canada due to a controversial advertisement that criticized U.S. tariffs, which was sponsored by Ontario [1][12] - Canadian Prime Minister Mark Carney plans to double exports to countries outside the U.S. in response to the tariffs, indicating a shift in Canada's trade strategy [2][15] - Ontario Premier Doug Ford decided to pause the advertisement campaign after discussions with Carney, aiming to resume trade talks [3][4] Trade Relations - The advertisement, which featured former President Reagan's words, was intended to spark a conversation about the economic impact of tariffs on American workers and businesses [4][6] - The Ronald Reagan Presidential Foundation criticized the ad for misrepresenting Reagan's stance on tariffs and is considering legal action [8][9] - More than 75% of Canadian exports are directed to the U.S., with approximately $3.6 billion Canadian ($2.7 billion U.S.) worth of goods crossing the border daily [15] Economic Impact - Trump's tariffs have significantly affected Canada's auto sector, particularly in Ontario, leading to production shifts, such as Stellantis moving a production line from Ontario to Illinois [19] - Ontario's government allocated $54 million (about $75 million Canadian) for the advertisement campaign, which aired across multiple U.S. television stations [6][17] - The ongoing trade tensions and tariff policies have created a challenging environment for Canadian businesses, prompting a reevaluation of trade strategies [2][14]

Trade Policy & International Relations - The ad from Ontario, Canada quoted former President Ronald Reagan on the perils of protectionism and tariffs [1] - The Reagan Foundation stated the ad misrepresented Reagan's comments, but a closer look suggests otherwise [2] - Reagan's administration generally favored free trade, participating in discussions that led to the World Trade Organization [5] - Trump criticized the ad and threatened to cut off trade discussions with Canada [6] - Ontario Premier Doug Ford paused the ad campaign to facilitate trade talks with the US [6] - The US and Canada are discussing reducing US tariffs on Canadian steel and aluminum [7] - A review of the US Mexico Canada free trade agreement is scheduled for next year, injecting tension into negotiations [7] Tariffs & Trade Barriers - Tariffs can offer short-term protection but hurt American workers and consumers in the long run [3] - The US once imposed a 100% tariff on Japanese semiconductors due to concerns about dumping [4] - Reagan generally opposed tariffs, viewing them as a bad policy decision [4]