2022 Mid-Year Outlook:
Economies recalibrated and what’s to come

MARKET OUTLOOK

2025 MARKET OUTLOOK

Protecting the golden goose


The sweeping Republican victory is expected to have potentially significant implications for geopolitical risks and trade flows, and for the outlook for various asset classes and sectors.

What’s in store for 2025?

The grid: overlooked and underinvested

Electrification of the global economy remains a compelling investment theme, with a multi-decade runway for growth.

Resources to gain from multiple tailwinds

From gold and base metals to oil and timber, we expect strong demand across the resource sector through 2025.

A quantitative approach to shifting markets

Regardless of the market environment, quantitative investing offers insights that can identify opportunities around the world.

Private markets have become more accessible

With an increasing number of private companies and a shrinking public market, we expect more investors to invest in private markets.

Explore our insights

2025 Market Outlook podcast

Lesley Marks, CIO of Equities, and Steve Locke, CIO of Fixed Income and Multi-Asset Strategies, discuss their market outlook for 2025.

2025 Market Outlook event

To navigate the coming year, join our team as they discuss global macro trends, key themes shaping markets and their asset allocation recommendations.

Adjusting bearings: A mid-year economic compas

The investment and economic water smoothed through the first half of 2024, but market expectations of interest rate cuts were undermined by resilient growth and inflation. 

Asset mix recommendations


We expect equities will continue to rise in 2025, due to solid corporate earnings growth and easing financial conditions, while fixed income faces challenges in a divergent policy setting.

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