2025 Midyear Market Outlook on Global Investments

This document is a market outlook report for the year 2025, focusing on investment strategies in a post-globalization context. It outlines the significant changes in the global trading system, particularly the effects of U.S. trade policies and tariffs on financial markets. The report details how these developments are expected to impact equity, fixed income, and asset allocation strategies throughout the year. It highlights the anticipated shift in equity markets, with a broadening of investment opportunities beyond major U.S. tech stocks to include international markets. The report also discusses the implications of rising inflation and the changing landscape of bond markets, emphasizing a preference for inflation-protected bonds and real assets. Additionally, it addresses the potential economic impacts on the U.S. and China due to ongoing trade tensions and tariffs, forecasting lower growth rates and increased market volatility. The document serves as a guide for investment professionals navigating these complex market conditions.