- 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.
Months
March 2025
4 themes driving markets
2025_03 - Monthly Market Views - EN Long
4 themes driving markets
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.
December 2024
4 themes driving markets
2024_12 - Monthly Market Views-EN Long
4 themes driving markets
- Fed to reassess policy easing speed and timing;
- New policies could stimulate short term US growth;
- Europe balancing fiscal rules with productivity investments;
- China signals expansionary measures amid tariff concerns.
November 2024
4 themes driving markets:
2024_11 - Monthly Market Views-EN Long
4 themes driving markets:
- Inflation remains on a downward path
- US economy is linked with consumption and labour markets
- Fiscal policies getting increasingly important
- Chinese measures show positive intention
October 2024
4 themes driving markets:
2024_10 - Monthly Market Views-EN Long
4 themes driving markets:
- Central banks’ policies
- Market focus shifting to economic growth
- Politics and fiscal policies
- China attempts to stimulate economy
September 2024
4 themes driving markets:
2024_09 - Monthly Market Views-EN Long
4 themes driving markets:
- Market movements over the summer
-
The outlook for US growth
-
An update on inflation and central bank action
-
The impact of the US elections
July 2024
4 themes driving markets:
2024_07 - Monthly Market Views-EN
4 themes driving markets:
- Multi-speed global economic growth;
-
Inflation likely to slow down;
-
Mildly asynchronous central banks;
-
Domestic politics and international geopolitics.
June 2024
4 themes driving markets:
2024_06 - Monthly Market Views-EN Long
4 themes driving markets:
- Economic outlook marginally improving;
-
Temporary divergence in central bank actions;
-
Corporate earnings in focus;
-
Geopolitical tensions to persist.