Contents - Outlook 2025

Economic and market outlook

Amongst the Wall Street book of proverbs is the old adage that ‘markets climb a wall of worry’. Well, these past two years have seen remarkable climbing against some considerable worries, yet now, as we face into 2025, the list of worries appears to have lengthened.

Global equity outlook

Equity markets rode an Artificial Intelligence (AI) wave in 2024 and while the ‘Trump Trade’ took over following the US Presidential election in November, a rising tide did not lift all boats. It was a year that saw a small number of technology stocks drive indices higher with narrow performance leading to increased concentration in mega-cap names.

Market data & Important disclosures

The market data referenced in this publication are detailed in this section with performance figures from 2019 to YTD.

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