Monthly Market Views - Archive

On this page you will find the previous editions of the Monthly Market Views.

Financial analyst analyzing market insights

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.

February 2025

4 themes driving markets:

2025_02_ Monthly Market Views - EN Long

4 themes driving markets:

  • US trade tariffs are introducing uncertainty.
  • Central banks’ actions  remain in focus.
  • China weighing the timing and size of fiscal policy.
  • Geopolitics is driving commodity dynamics.

January 2025

4 themes driving markets:

2025_01_Monthly Market Views - EN Long

4 themes driving markets:

  • US policy to drive short term growth amid trade tensions.
  • Central banks to balance rate cuts with inflation concerns.
  • Geopolitical shifts present risks and opportunities in Asia.
  • Concentration risk favours opportunities in mid-caps.