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Investment Outlook 2025
Pushing the Boundaries
Our Investment Outlook covers all the big issues facing investors, from US economic policy and AI investing, to portfolio diversification, Chinese stimulus and European equity valuations.
We bring you the latest Market Insights from our teams around the world.
Explore how global markets and countries are responding to recent U.S. tariff announcements, with insights into China's retaliatory measures, the European Union's strategic delays, and Southeast Asia's conciliatory approaches.
Explore the vulnerabilities of mega-cap tech stocks amid rising tariff tensions and global supply chain disruptions. Discover how trade wars and economic shifts are impacting market dynamics, investor strategies, and the future of AI-driven innovation in 2025.
This paper addresses the potential impacts of the universal and reciprocal tariffs announced by the U.S. on 2nd April, and the investment implications.
This paper discusses the major tariff announcements by U.S. President Trump, and the investment implications.
Explore the potential impact of US tariffs on global markets, and learn how to build more resilient portfolios that can protect against inflation risk and capitalise on opportunities amid the current economic uncertainty.
Discover the effects of President Trump's new tariffs on global trade and investment strategies. Learn about potential economic impacts and how to navigate trade turmoil with diversification and active management.
Discover the key market dynamics of 1Q 2025, including tariff uncertainty, trade policies, and economic projections, and their impact on U.S. and international markets, commodities, and investor sentiment.
Explore the industrial sector's outlook post-election, exploring reshoring, energy and M&A impacts, with insights on key opportunities and challenges for investors.
Discover investment opportunities from the ASCE's 2025 Report Card, which rates U.S. infrastructure a C grade. Learn how infrastructure investments offer stability, inflation protection and potential in public-private partnerships and energy transitions.
This paper, written by Raisah Rasid and Jennifer Qiu, addresses the importance of a diversified portfolio to manage market volatility and capture potential recovery upside.
This paper discusses the tariff proposed and implemented by the Trump administration, and what to expect on April 2nd and the potential impact.
Read our latest equity market outlook to learn why the US stock market has had a volatile start to 2025, and to find out what the rest of the year may have in store for equity investors.
Explore the Federal Reserve's March 2025 policy decisions, economic outlook, and investment strategies amidst rising uncertainty and stagflation risks.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
Explore the potential market scenarios in 2025 with Meera Pandit's insightful analysis on tariff turmoil, trade truces, tax cuts, tech tumbles, and inflation spikes. Discover how these scenarios could impact equities, yields, and your investment portfolio. Learn about the importance of diversification and alternative investments in navigating volatile markets.
This paper discusses the slowdown in growth in the U.S. economy and the possibility of a recession on the back of policy uncertainty, and the investment implications.
This paper addresses the case for defensive and income seeking strategies on the back of growing uncertainties around government policies, geopolitics and monetary policies.
Discover the driving forces behind the impressive 15.1% rise in Eurozone equities in 2025. Explore how fiscal policies, structural changes and key sectors like Defense and Aerospace and Banks are fueling growth. Learn about the impact of geopolitical events, government spending and market dynamics on Eurozone's economic outlook. Stay informed with expert insights and analysis on the sustainability of this market rally.
This paper discusses the key takeaways from the Chinese NPC annual session, and the investment implications for Chinese and Asian investors based off recent market volatility.
Explore the February Jobs Report with insights into payroll growth, sector performance, unemployment trends, and wage dynamics. Understand the implications for investors and the Federal Reserve amidst economic uncertainties. Ideal for institutional clients and qualified investors seeking a comprehensive analysis of current labor market conditions.
Explore the investment implications of recent tariff increases amidst trade turmoil. Discover strategies for navigating economic uncertainty, including asset diversification, quality risk exposure, and active management. Learn how tariffs impact growth, inflation and key industries, and gain insights into effective investing amidst policy changes.
This paper discusses how investors can manage the concentration risk in the global equity markets, and the investment implications from diversifying across indices, geographies and asset classes.
Explore the AI Capex Boom as leading U.S. tech companies invest heavily in AI infrastructure, driving economic growth and productivity. Discover the implications for investors and the global economy, and learn how to navigate the evolving AI landscape with a diversified approach.
Is cash really king? Explore why holding cash may underperform other asset classes and how smarter investment strategies can thrive in a volatile market.
Explore the potential of small cap earnings in 2025 with Meera Pandit's insightful analysis. Discover why small cap stocks, despite an estimated 39% earnings growth, may face significant revisions and challenges. Learn about historical trends, economic factors, and investment strategies that could impact small, mid, and large cap equities.
This paper discusses the motivation and impact of the proposed U.S. tariffs on its trading partners, and the investment implications.
Explore the sustainability of European equities' strong performance in 2025. Gabriela Santos analyzes the factors driving market gains, including cyclical recovery and structural changes, while highlighting potential risks like U.S. tariffs. Discover insights into global equity valuations and the future of international markets.
This paper discusses the impact of higher tariffs and lower immigration on the U.S. economy, and the uncertainty accompanied by the rapid pace of the executive orders initiated by U.S. President Trump.
This paper discusses U.S. President Trump's trade and foreign policy approach, and the possible impact of reciprocal tariffs on markets.
Explore the potential impacts of President Trump's "Fair and Reciprocal Plan" on global trade, focusing on how reciprocal tariffs could affect the European Union and emerging markets. Understand the complexities of non-tariff barriers and the economic implications for investors and industries. Stay informed with insights on international trade dynamics and market vulnerabilities.
This paper discusses the upward trend in Chinese equities in 2025 on the back of the recent AI developments, and how more positive macro catalysts can help further sustain this market and investor sentiment.
This paper, written by Adrian Wong, discusses the attractiveness of Asian equities on the back of 4Q earnings releases, and the investment implications.
Explore the January CPI report's impact on inflation trends and the Fed's stance on interest rates. Discover insights into core inflation, energy prices, labor market dynamics and tariff effects. Understand how these factors influence inflation expectations and the Fed's cautious approach amid potential trade wars. Stay informed on economic indicators and their implications for future monetary policy.
Discover the risks of passive investing in today’s shifting economic and political tides, and how they influence portfolio returns.
Discover how savvy investors can turn market volatility into opportunity with active tax management. Learn strategies to harvest tax savings and generate alpha in 2025's unpredictable market landscape.
This paper addresses the case for transport assets as a means for portfolio diversification on the back of broader trade uncertainty and economic volatility.
This paper addresses why the Indian market continues to remain a promising investment opportunity in spite of recent downturn in macroeconomic and market performance.
For the past two years, U.S. equities could do no wrong. Since the start of 2023, the S&P 500 has rallied 63%, made 58 new all-time highs with 15% lower volatility than average.
After a stimulus-fueled rally in 3Q24, Chinese equities have recently stumbled, declining 3.2% since the U.S. election. Domestically, challenges like policy uncertainty and real estate sluggishness persist, while externally, new risks are emerging.
Find out how US tariffs may impact markets and learn strategies for investing during rising trade tensions. Explore inflation risks, market dynamics and the potential investment implications
This paper addresses the recent trade tensions caused by the imposition of heavy tariffs by U.S. President Trump on Mexico, Canada and China, and the investment implications.
Washington has been a hub of excitement for investors in recent weeks. However, the January Federal Open Market Committee (FOMC) meeting provided a welcome change of pace with few surprises.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
Mexico and Canada took the spotlight this week after President Trump announced plans to impose 25% tariffs on its USMCA partners starting February 1st., as well as an investigation into unfair trade practices by China and others.
This paper, written by Tai Hui, discusses the spike in developed market government bond yields in recent weeks on the back of political and economic circumstances, and the investment implications.
High hopes for the U.S. equity market this year are underpinned by expectations of robust corporate profits, and early indications of 4Q24 earnings have not disappointed.
This paper, written by Chaoping Zhu, discusses the China 4Q 2024 GDP results on the back of policy stimulus measures, and the need to maintain policy consistency heading into 2025.
Natural disasters impose severe hardships on families and communities, and our thoughts are with those affected by the wildfires in Southern California.
This paper, written by Tai Hui, addresses U.S. equity investment, highlighting the importance of fundamentals, and managing portfolio during market fluctuations.
2024 was a busy year. Global economic growth diverged amidst elevated uncertainty; nearly half of the world's population went to the polls, igniting debates around policy; inflation eased across major economies, with policymakers seemingly successful in engineering a "soft landing"; and risk assets performed well, though the dispersion of returns across asset classes widened.
This paper discusses the near-term pains that await Asian economies from the proposed U.S. tariffs, and how Asia can navigate this trade uncertainty from a long-term perspective.
The U.S. dollar has continued to defy gravity, rising 7% in 2024 despite two Fed rate cuts. While the DXY Index peaked in September 2022, the U.S. real broad effective exchange rate (REER), which measures the dollar’s value relative to a broad basket of currencies adjusted for inflation differentials, remains near all-time highs.
To conclude the year, tariffs have once again become a focal point, with Google searches for the term spiking in November and December.
At its final meeting, the Federal Open Market Committee (FOMC) voted to reduce the Federal funds rate by 0.25% to a target range of 4.25%-4.50%, cutting rates by a 100 basis points (bps) or 300bps annualized in 2024.
At its final meeting, the Federal Open Market Committee (FOMC) voted to reduce the Federal funds rate by 0.25% to a target range of 4.25%-4.50%, cutting rates by a 100 basis points (bps) or 300 bps annualized in 2024.
This paper addresses the challenges that lie ahead for Asian equities in 2025 amid trade tensions and a strong U.S. dollar, and the investment implications.
As Paul Krugman famously stated in 1990, “Productivity isn’t everything, but in the long run it is almost everything.” By boosting productivity, an economy can enhance its standard of living by producing more with the same or fewer resources. In essence, productivity is a key driver of economic prosperity.
This paper, written by Meera Pandit, discusses the potential impact of U.S. government policy changes on alternative assets.
Today, investors are trying to understand the “series of tubes” that enable artificial intelligence. Behind every interaction with an AI tool is not only a complex web of digital neural networks, but also a humming physical network of data centers, electricity lines and power plants.
This paper, written by Jennifer Qiu, addresses the broader impact of potential U.S. tariffs on China, and the investment implications.
The alternative investment landscape often evolves gradually. Assets may be priced infrequently and therefore are less sensitive to day-to-day market moves.
This paper discusses the various drivers apart from corporate reforms that provide positive sentiment to the Japanese equity market, and the investment implications.
This paper, written by Meera Pandit, discusses the impact of a U.S. corporate tax rate cut on corporate earnings, and the investment implications.
Former Federal Reserve (Fed) Chair Janet Yellen described the first episode of balance sheet drawdown from 2017-2019 to be “like watching paint dry”.
Today’s economic environment differs meaningfully from 2018—while the inflation heatwave is mostly past us, its embers are still alive.
In our 2025 Market Outlook, we address 9 frequently asked questions by investors in the region and beyond. We hope our insights can help you navigate the road ahead, on the way to your investment objectives.
This paper addresses the current market stability and investor confidence in the U.S. debt situation keeping in mind the long-term risks, and the investment implications.
In 2018, the U.S. corporate tax rate was slashed from 35% to 21% when the 2017 Tax Cuts and Jobs Act (TCJA) went into effect. On the campaign trail, President-elect Trump proposed a further reduction from 21% to 15%, specifying this would apply to companies that make their products in America.
This paper discusses the strength of the U.S. dollar since September, driven by higher U.S. Treasury yields and President-elect Trump's policy stance, and the investment implications.
This paper, written by Meera Pandit, discusses the Federal Open Market Committee's decision to lower the federal funds rate by 25 basis points to a target range of 4.50%-4.75%, and the investment implications.
In its penultimate meeting of 2024, the Federal Open Market Committee (FOMC) unanimously voted to lower the federal funds rate by 25 basis points to a target range of 4.50%-4.75%.
This paper addresses the stabilization of S&P 500 earnings in the U.S. on the back of normalizing in growth and inflation, and the investment implications.
From COVID stress, to a blowout recovery, to an earnings recession, to prodigious growth from the biggest names in Tech, earnings have been through a lot these past few years. But as growth and inflation normalize, so too should earnings.
Since the Fed’s jumbo 50 basis point rate cut in September, U.S. 2-year and 10-year Treasury yield have risen by 54bps and 59bps to 4.15% and 4.29%, respectively.
This paper discusses the consumption outlook and the related impact of the policy stimulus in China from the lens of Chinese households' balance sheets and their vulnerabilities.
With the U.S. elections just a week away and polls indicating a tight race, investors are closely assessing potential impacts for currency markets.
If the U.S. economy were a pop star, it might be peak Taylor Swift. On nearly every major measure of economic health, the economy is in great shape and far ahead of its developed market peers.
Housing inventories remain near record lows, yet builders are not increasing construction volumes enough to sufficiently meet demand. Why aren't builders ramping up activity?
This paper, written by Chaoping Zhu, discusses the stimulus measures adopted by Chinese policy makers in response to deflationary risks, and the need for clearer future plans amid economic uncertainties.
The combination of the stimulus announcement plus cheap valuations and underweight positions resulted in a surge in net flows into Chinese equities summing up to $12.7 billion from September 24th to October 14th.
The American consumer has been resilient in the face of significant headwinds, helping keep the U.S. economy afloat and increasing the likelihood of a "soft landing". However, while aggregate consumption has remained robust, the way the consumer is spending across categories has changed since the start of 2020.
This article addresses the U.S. dollar's varied performance against Asian currencies and factors affecting various currencies' strength.
Explore the UK equity market's potential for recovery. Learn how shifts in corporate behaviour, supportive policies and an economic upswing can help drive demand for UK stocks.
After retracing 8.5% by early August, the S&P 500 had just about fully recovered by the end of the month, and subsequently powered to new highs after the Federal Reserve delivered a jumbo 50 basis point rate cut.
This paper, written by Marcella Chow and Jennifer Qiu, addresses the importance of quality fixed income in a diversified portfolio amid diverse economic and monetary policy landscapes.
This paper addresses the impact of Beijing’s coordinated policies on the recent Chinese equity market rally, and the long-term investment implications.
Chinese equities had a spectacular end to September, with the MSCI China up 21% from September 24th to 30th. The catalyst was the announcement of a series of economic stimulus measures focused on the housing market, domestic consumption, and the stock market.
Explore the fiscal challenges and tough choices facing the UK's new chancellor, Rachel Reeves, as she prepares her first budget.
This paper, written by Tai Hui, addresses the impact of Beijing's coordinated policies on the recent Chinese equity market rally, and the long-term investment implications.
Utilities have traditionally been known for their defensive properties, which makes the combination of robust economic growth, technological excitement and elevated bond yields an unlikely recipe for their outperformance.
Emerging market equities sold off along with other markets in early August. However, they have since rebounded 8%, bringing YTD performance to 11%. While China lags due to ongoing economic challenges, recent developments have sparked a small recovery.
This paper addresses the investment opportunities in ASEAN equities on the back of attractive valuations and robust income generation.
The relative strength and direction of the U.S. dollar matters: trade balances can fluctuate, multinational corporations can see foreign sales rise or fall and U.S. dollar-denominated investors in international markets can see returns amplified or diminished.
In a highly anticipated decision, the FOMC voted to lower the federal funds rate by 50 basis points to a target range of 4.75%-5.00%, a larger-than-expected move and their first move lower since March 2020.
The August CPI report showed further progress in inflation making its way down to 2%, setting the Fed up to begin normalizing monetary policy next week with a quarter point rate cut.
This paper, written by Kerry Craig, discusses the opportunities for investors in real estate markets on the back of expected decline in interest rates and bond yields.
Elevated public market valuations, historically low bond yields and positive stock-bond correlation are all challenges facing the traditional 60/40 portfolio. Moving forward, investors may need to rely on alternative asset allocations to enhance return, income, and diversification in their portfolios.
Understand why the US labour market is cooling and what it means for the economy.
This paper addresses the historical impact of "soft landings" and "hard landings" on asset classes, and how investors can position themselves with Fed rate cuts looming.
“The time has come” was a memorable phrase from Chair Powell’s speech at the Jackson Hole Symposium last week. After a few false dawns this year, Federal Reserve rate cuts are imminent, with the discussion now shifting to how quickly rates will come down.
This paper addresses the flexibility of Asian central banks to cut rates amidst easing inflation and robust recovery in currencies, and the investment implications on Asian equities and fixed income.
This paper addresses the underperformance of the South Korean market despite strong earnings outlook, improving corporate governance and regulatory reforms, and steady macroeconomic outlook.
Markets have largely rebounded from the volatility of the past two weeks. The S&P 500 has recovered 3.0% after a 4.8% decline, U.S. Growth equities have risen 4.3% following a 5.5% drop, and the VIX has settled at 20.7, after spiking to 55.1, its highest level since March 2020.
This paper addresses how China has strengthened its self sufficiency in automobile and technology sectors, and the investment implications.
This paper discusses the 2Q24 U.S. earnings season, with the eagerly anticipated broadening out of earnings growth for the companies outside the Magnificent 7, and the investment implications.
This paper discusses the recent market volatility in the U.S. and Asia on the back of the release of the U.S. July jobs report and latest Federal Reserve commentary, and the investment implications.
Equity markets are defying gravity. From the beginning of 2023 through the first quarter of 2024, despite widespread calls for a recession, the S&P 500 returned 40% with 6% earnings growth.
The Federal Open Market Committee (FOMC) voted to leave the Federal funds rate unchanged at a target range of 5.25%-5.50%, but hinted rate cuts are on the horizon.
This paper discusses the BoJ’s decision to hike rates and reduce the pace of its JGB purchases in its latest policy meeting, and the investment implications.
This paper discusses whether the strength of the rotation into U.S. small caps is premature given weak fundamentals.
This paper discusses the investment implications of the latest economic data release from China and the policy rate cut by the PBoC.
Later this month will mark a year since the last rate hike from the Federal Reserve (Fed). Historically, the end of a hiking cycle should have been an opportune time to extend duration by deploying cash into high quality intermediate fixed income securities.
This paper discusses how improving economic data can convince the BoJ to normalize monetary policy, and help Japan's earnings growth to outpace the U.S. and Europe in 2024-25.
While French politics are somewhat unique, the New Popular Front’s victory is the second win for a left-wing party so far this month after a strong defeat of the Conservatives in the UK.
Looking to the back half of the year and beyond, lingering geopolitical uncertainty and an upcoming U.S. presidential election, coupled with the divergence in performance across assets, underscores the importance of diversification in a fundamentally uncertain world.
This paper discusses how corporate governance reforms in Asian markets can enhance earnings outlook, and the investment implications.
The “Magnificent 7” has massively outperformed the rest of the market, up roughly 30% since the start of the year compared to around 5% for the remaining companies, on AI-related headlines and strong earnings growth.
This paper addresses the concerns over market concentration in the S&P 500, and the investment implications.
Markets have a tendency to over appreciate the near term and under appreciate the long term. We think AI will lead to all sorts of business transformation and productivity gains in the long term, but recent performance has been driven by significant upgrades in near-term AI demand projections.
The average homeowners’ insurance policy cost roughly $1,900 in 2023, up over 20% from the previous year and nearly 50% from before the pandemic.
This paper, written by Kerry Craig, highlights the growing significance and potential risks of private credit markets in enhancing returns and diversification.
In the May CPI report, year-over-year headline inflation cooled to 3.3% from 3.4% - down one decimal, yet the median FOMC rate forecast for 2024 moved higher by half a percent.
MORENA party’s candidate, Claudia Sheinbaum, won the Mexican presidential election with a historic margin, receiving 60% of votes. This victory was anticipated, but the scale of left-leaning MORENA's win in Congress was unexpected.
This paper, written by Marcella Chow, highlights the divergence in central bank monetary policies and its investment implications.
For three years, stock and bond returns have been moving in the same direction. When times are good, this is not thought of as a problem; however, when stocks sell off and bonds are not there to catch them, then investors are faced with an important portfolio construction challenge to solve.
The U.S. is the largest equity market in the world, but its weighting in the MSCI AC World Index exceeds its global equity market weighting and its projected contribution to global GDP in 2023.
Japanese equities are in the spotlight, but investors should be mindful of the risks as well as the opportunities
To understand these shifting dynamics and determine how to embrace this growing asset class, investors should consider: What’s driving the growth of private credit and the decline in high yield and, if private credit deserves a strategic allocation in a broader credit portfolio?
Following the pandemic, median home prices surged by double digits until peaking at the end of 2022. While prices are down roughly 12% since then, home affordability still sits at multi-decade lows.
During the first quarter, U.S. equities shrugged off ever-changing expectations for monetary policy with relative ease, climbing 10.6% despite a sharp hawkish repricing in policy expectations.
At its May meeting, the Federal Open Market Committee (FOMC) voted to leave the Federal funds rate unchanged at a target range of 5.25%-5.50%.
Private equity has been surprisingly resilient throughout the Fed hiking cycle. In 2022, PE only declined by 2%, but is now 3.2% higher than the end of 2021, compared to U.S. small cap stocks, which were 7% lower.
It’s well understood that consumption is the largest contributor to economic growth in the United States accounting for just under 70% of GDP. Therefore, to a large extent, any outlook on the economy hinges on the health of the consumer.
We explore the potential economic and market scenarios stemming from escalating tensions in the Middle East.
Understand the drivers of small cap valuations and find out why small cap stocks could still offer attractive opportunities for long-term investors.
Read about the complex issues at the heart of measuring the financial impact of ESG investing.
As we emerge from this pandemic with inflation now rising at its fastest pace since the 1980s, the biggest question for investors is whether some of this inflation will prove “sticky”.
This paper addresses the potential impacts of the universal and reciprocal tariffs announced by the U.S. on 2nd April, and the investment implications.
A forced and rapid energy transition is under way. Discover what impact this will have on commodity markets and clean energy investment opportunities.
This paper discusses the major tariff announcements by U.S. President Trump, and the investment implications.
This paper, written by Raisah Rasid and Jennifer Qiu, addresses the importance of a diversified portfolio to manage market volatility and capture potential recovery upside.
This paper discusses the tariff proposed and implemented by the Trump administration, and what to expect on April 2nd and the potential impact.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper discusses the slowdown in growth in the U.S. economy and the possibility of a recession on the back of policy uncertainty, and the investment implications.
This paper addresses the case for defensive and income seeking strategies on the back of growing uncertainties around government policies, geopolitics and monetary policies.
This paper discusses the key takeaways from the Chinese NPC annual session, and the investment implications for Chinese and Asian investors based off recent market volatility.
This paper discusses how investors can manage the concentration risk in the global equity markets, and the investment implications from diversifying across indices, geographies and asset classes.
This paper discusses the motivation and impact of the proposed U.S. tariffs on its trading partners, and the investment implications.
The Solving for Income presentation uses selective slides from the Guide to the Markets – Asia to examine the role of income and how it will benefit investors by keeping it as a key investment objective.
Using selective slides from the Guide to the Markets – Asia to examine the role of fixed income and how it will benefit investors by keeping it as a key investment objective.
This paper discusses the impact of higher tariffs and lower immigration on the U.S. economy, and the uncertainty accompanied by the rapid pace of the executive orders initiated by U.S. President Trump.
This paper discusses U.S. President Trump's trade and foreign policy approach, and the possible impact of reciprocal tariffs on markets.
This paper discusses the upward trend in Chinese equities in 2025 on the back of the recent AI developments, and how more positive macro catalysts can help further sustain this market and investor sentiment.
This paper, written by Adrian Wong, discusses the attractiveness of Asian equities on the back of 4Q earnings releases, and the investment implications.
This paper addresses the case for transport assets as a means for portfolio diversification on the back of broader trade uncertainty and economic volatility.
This paper discusses the importance of sustainable investing for investors, and the latest areas of focus that clients have been asking about, such as AI, help in scouting future growth opportunities, and food security.
This paper addresses why the Indian market continues to remain a promising investment opportunity in spite of recent downturn in macroeconomic and market performance.
This paper addresses the recent trade tensions caused by the imposition of heavy tariffs by U.S. President Trump on Mexico, Canada and China, and the investment implications.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Tai Hui, discusses the spike in developed market government bond yields in recent weeks on the back of political and economic circumstances, and the investment implications.
This paper, written by Chaoping Zhu, discusses the China 4Q 2024 GDP results on the back of policy stimulus measures, and the need to maintain policy consistency heading into 2025.
This paper, written by Tai Hui, addresses U.S. equity investment, highlighting the importance of fundamentals, and managing portfolio during market fluctuations.
This paper discusses the near-term pains that await Asian economies from the proposed U.S. tariffs, and how Asia can navigate this trade uncertainty from a long-term perspective.
At its final meeting, the Federal Open Market Committee (FOMC) voted to reduce the Federal funds rate by 0.25% to a target range of 4.25%-4.50%, cutting rates by a 100 basis points (bps) or 300 bps annualized in 2024.
This paper addresses the challenges that lie ahead for Asian equities in 2025 amid trade tensions and a strong U.S. dollar, and the investment implications.
This paper, written by Meera Pandit, discusses the potential impact of U.S. government policy changes on alternative assets.
This paper, written by Jennifer Qiu, addresses the broader impact of potential U.S. tariffs on China, and the investment implications.
This paper discusses the various drivers apart from corporate reforms that provide positive sentiment to the Japanese equity market, and the investment implications.
This paper, written by Meera Pandit, discusses the impact of a U.S. corporate tax rate cut on corporate earnings, and the investment implications.
In our 2025 Market Outlook, we address 9 frequently asked questions by investors in the region and beyond. We hope our insights can help you navigate the road ahead, on the way to your investment objectives.
This paper addresses the current market stability and investor confidence in the U.S. debt situation keeping in mind the long-term risks, and the investment implications.
This paper discusses the strength of the U.S. dollar since September, driven by higher U.S. Treasury yields and President-elect Trump's policy stance, and the investment implications.
This paper, written by Meera Pandit, discusses the Federal Open Market Committee's decision to lower the federal funds rate by 25 basis points to a target range of 4.50%-4.75%, and the investment implications.
This paper addresses the stabilization of S&P 500 earnings in the U.S. on the back of normalizing in growth and inflation, and the investment implications.
This paper discusses the consumption outlook and the related impact of the policy stimulus in China from the lens of Chinese households' balance sheets and their vulnerabilities.
This paper, written by Chaoping Zhu, discusses the stimulus measures adopted by Chinese policy makers in response to deflationary risks, and the need for clearer future plans amid economic uncertainties.
This article addresses the U.S. dollar's varied performance against Asian currencies and factors affecting various currencies' strength.
This paper, written by Marcella Chow and Jennifer Qiu, addresses the importance of quality fixed income in a diversified portfolio amid diverse economic and monetary policy landscapes.
This paper, written by Tai Hui, addresses the impact of Beijing's coordinated policies on the recent Chinese equity market rally, and the long-term investment implications.
This paper addresses the investment opportunities in ASEAN equities on the back of attractive valuations and robust income generation.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Kerry Craig, discusses the opportunities for investors in real estate markets on the back of expected decline in interest rates and bond yields.
This paper addresses the historical impact of "soft landings" and "hard landings" on asset classes, and how investors can position themselves with Fed rate cuts looming.
This paper addresses the flexibility of Asian central banks to cut rates amidst easing inflation and robust recovery in currencies, and the investment implications on Asian equities and fixed income.
This paper addresses the underperformance of the South Korean market despite strong earnings outlook, improving corporate governance and regulatory reforms, and steady macroeconomic outlook.
This paper addresses how China has strengthened its self sufficiency in automobile and technology sectors, and the investment implications.
This paper discusses the 2Q24 U.S. earnings season, with the eagerly anticipated broadening out of earnings growth for the companies outside the Magnificent 7, and the investment implications.
This paper discusses the recent market volatility in the U.S. and Asia on the back of the release of the U.S. July jobs report and latest Federal Reserve commentary, and the investment implications.
This paper discusses the BoJ’s decision to hike rates and reduce the pace of its JGB purchases in its latest policy meeting, and the investment implications.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper discusses whether the strength of the rotation into U.S. small caps is premature given weak fundamentals.
This paper discusses the investment implications of the latest economic data release from China and the policy rate cut by the PBoC.
This paper discusses how improving economic data can convince the BoJ to normalize monetary policy, and help Japan's earnings growth to outpace the U.S. and Europe in 2024-25.
This paper discusses how corporate governance reforms in Asian markets can enhance earnings outlook, and the investment implications.
This paper addresses the concerns over market concentration in the S&P 500, and the investment implications.
This paper discusses trade tensions and the recent tariff impositions on China, and the investment implications.
This paper, written by Kerry Craig, highlights the growing significance and potential risks of private credit markets in enhancing returns and diversification.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Marcella Chow, highlights the divergence in central bank monetary policies and its investment implications.
This paper discusses the election results in India, and the investment implications of short-term valuation challenges and long-term positive prospects.
This paper, written by Raisah Rasid and Jennifer Qiu, discusses why investors should take an active approach towards Asian equities in mitigating currency risks.
This paper, written by Dr. David Kelly and Jennifer Qiu, discusses investment implications of rising U.S. federal debt and widening deficits.
This paper discusses why U.S. 1Q24 earnings have been better than expected, and broadening profit growth should present opportunities outside of the Magnificent 7.
This paper discusses the broader outlook for inflation and the labor market, following the April jobs report in the U.S.
This paper, written by Marcella Chow, discusses the recent surges in gold and copper, and why commodity strategies can help protect portfolios when both stocks and bonds are correcting.
This paper discusses the expected delay in the Federal Reserve's rate cut cycle, and when the current wave of volatility could eventually subside.
This paper addresses the latest Chinese economic data and the factors that may contribute to China markets trending higher.
This paper discusses the relative valuation of European equities, and the factors that could suggest a more constructive outlook for the region's equity market.
This paper, written by Tai Hui, addresses why policy easing amid a soft landing backdrop should be positive for both equities and fixed income.
Our principle six time-tested strategies for guiding investors and their portfolios through today's challenging markets to reach tomorrow's goals.
A forced and rapid energy transition is under way. Discover what impact this will have on commodity markets and clean energy investment opportunities.
Explore the UK equity market's potential for recovery. Learn how shifts in corporate behaviour, supportive policies and an economic upswing can help drive demand for UK stocks.
This paper addresses the impact of Beijing’s coordinated policies on the recent Chinese equity market rally, and the long-term investment implications.
Explore the fiscal challenges and tough choices facing the UK's new chancellor, Rachel Reeves, as she prepares her first budget.
Understand the drivers of small cap valuations and find out why small cap stocks could still offer attractive opportunities for long-term investors.
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