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A landmark Us election, new stimulus in China, and growing geopolitical tensions means the second half of the 2020s will be markedly different from what we've seen so far. Growth, inflation, and interest rates in the world's economies are set to head in very different directions over the next 12 months. Profound changes are underway across a range of countries, asset classes, and sectors. Investors will need a different playbook.
Our 2025 Annual Outlook examines the different macro scenarios that could play out in 2025 and provides an insight into how we are looking to position across the world's major asset classes as we head into a new year.