Recent events have highlighted the risk of overconcentration in market cap-weighted indexes, in particular the S&P 500 which is dominated by 10 tech behemoths. We suggest ways for investors to manage this risk:

Contrary to hopes that the new US administration would move slowly on trade policy, it announced several tariffs over the weekend on Mexico, Canada and China. We consider the implications:

What’s next for rates? In the US, we see limited action from the Fed, while the ECB may be forced to cut below neutral. Read the implications for bond markets here:

Demand for power in Asia could expand as much as fivefold in the next few years as incomes rise and temperatures soar. This, we think, could create investment opportunities in areas like clean power and energy storage. More here:

Is it the start of diverging trajectories for policy rates between the US and Europe?

Expectations for higher inflation may have risen in the wake of the new US administration, but - to us - the outlook remains bright for US small caps in 2025. Read more:

Optimism about the outlook for US equities has history on its side: during the first Trump administration, they outperformed the rest of the world. The problem is that the combination of above-trend growth and above-target inflation is not sustainable:

This year’s list of unknowns may look daunting, but money still needs to be put to work. In this context, we discuss the potential merits of multi-asset solutions:

Global stock markets are facing uncertainty over the outlook for monetary policy this year. What are the risks and opportunities in 2025?

There are two sides to the Trump-victory coin: higher US growth and inflation should be positive for equities, but it also means higher central bank policy rates and Treasury bond yields. Read more in our Monthly Market Viewpoint:

So far this year, stocks have fallen on the sword of the rise in long-term bond yields. For investors expecting a ‘Dry January’, it’s already a bust:

Investing in private credit is gaining momentum as the regulatory landscape changes. In this week's Talking Heads, we discuss the outlook for 2025 and where we see opportunities. Listen here:

Talking Heads is back for 2025 and where better to start than the investment outlook. Join our experts as they discuss expectations for growth and inflation and the prospects for US equities, fixed income and other major asset classes. Listen here:

The hopes for a ‘Santa Claus’ rally were dashed as equity market performance disappointed investors towards the end of 2024. However, the outlook is still positive:

What’s behind the rise of active ETFs? What benefits can they offer? Listen to our last Talking Heads podcast of 2024 for insights:

In the year ahead, we are focused on secular growth themes such as artificial intelligence (AI), cloud computing, and healthcare innovation. Another area of interest is consumer spending, which may rebound as interest rates fall. Read more:

US small caps should benefit from the Fed's pivot to monetary easing, as well as trends in onshoring and re-shoring. Read more:

Following the recent COP16 meeting, we discuss the latest developments and key takeaways in the fight to tackle biodiversity loss, as well as the recent update of our biodiversity roadmap. Listen to this week's Talking Heads for more:

Amid the mixed results, there was progress on greater transparency in carbon markets and measures to tackle climate change fallout in developing countries. Listen to our key takeaways from COP29 in this week's Talking Heads:

Recent economic data and policy signals from the US and Europe continue to suggest a cycle of interest rate cuts will run into 2025. Read more: