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Outlook 2025: The divergence dividend

Reset your watches. Wipe down the whiteboard. Turn the page in your notebook. A landmark US election, new stimulus in China, and growing geopolitical tensions mean the second half of the 2020s will be markedly different from what we’ve seen so far. Growth, inflation, and interest rates across the world’s economies are set to head in very different directions over the next 12 months. Investors will need a different playbook.

Reset your watches. Wipe down the whiteboard. Turn the page in your notebook. A landmark US election, new stimulus in China, and growing geopolitical tensions mean the second half of the 2020s will be markedly different from what we’ve seen so far. Growth, inflation, and interest rates across the world’s economies are set to head in very different directions over the next 12 months. Investors will need a different playbook.

Outlook 2025: All change
Outlook 2025: All change

The year ahead promises a different environment for financial investors, but it is clear earnings in many areas will improve and the global mood is positive.

Macro 2025: US poised to reflate
Macro 2025: US poised to reflate

A material shift in politics makes reflation of the US economy our base case for 2025.

Equities 2025: New avenues
Equities 2025: New avenues

A decisive US election, political ructions in Europe, and Chinese fiscal action spell more volatility for stock markets in 2025. And new roads to returns.

Fixed Income 2025: Rates make return journey
Fixed Income 2025: Rates make return journey

After navigating an interest rate hiking cycle, fixed income investors face a completely different challenge in 2025.

Private Assets 2025: Time to diversify beyond public markets
Private Assets 2025: Time to diversify beyond public markets

Investors would do well to counterbalance their public holdings by increasing exposure to private investments.

Multi Asset 2025: Late cycle with a twist
Multi Asset 2025: Late cycle with a twist

We are positive on risk assets despite being later in the cycle.

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