- US budget bill and key trade deals provide summer clarity
- Tariffs set to slow growth in both the US and Europe
- Gradual shift toward easing from Fed
- An accelerated transition towards a multipolar world
Months
September 2025
4 themes driving markets:
2025_09 - Monthly Market Views-EN Long
4 themes driving markets:
July 2025
4 themes driving markets:
Mid-Year Investment Outlook 2025
4 themes driving markets:
- Tipping point in bonds will favour European credit and EM bonds
- Time for Europe is becoming a structural theme
- India and EM are winners from the rerouting shift
- Keep on diversifying with real and alternative assets
June 2025
4 themes driving markets:
2025_06_Monthly Market Views - EN Long
4 themes driving markets:
- Tariff reductions slightly improved US growth forecasts.
- Eurozone growth has been revised up.
- Expect three rate cuts this year from both the ECB and the Fed.
- Despite trade talks, US-China decoupling is likely to continue.
May 2025
4 themes driving markets:
2025_05_ Monthly Market Views - EN Long
4 themes driving markets:
- High import prices could affect consumer spending and dampen growth.
- Tariffs are putting pressure on US corporate earnings.
- Trade policy uncertainty makes Fed’s task harder.
- China will need to pivot to domestic consumption for growth.
April 2025
4 themes driving markets:
2025_04- Monthly Market Views - EN Long
4 themes driving markets:
- Germany's fiscal shift and the EU's defence push.
- Tariffs threaten US growth more than inflation.
- Trade policy uncertainty makes Fed’s task harder.
- China's fiscal support boosts sentiment.
March 2025
4 themes driving markets
2025_03 - Monthly Market Views - EN Long
4 themes driving markets
- Markets remain highly sensitive to inflation.
- Global growth to remain reasonably resilient.
- Europe supported by a clearer ECB path.
- China aims to avoid a disruptive trade war.