2025, a year of risks and opportunities
In many ways, 2025 will be remembered as a paradoxical year. Rarely have investors navigated an
environment so noisy, uncertain, and at times unsettling from a political, economic, and social
standpoint. And yet, rarely has the overall market outcome been so broadly consistent and
constructive. More info
A two-stage start to the year: momentum, then a reality check.
The quarter began in a constructive mood, before a geopolitical shock reshuffled the deck. In January and February, markets were mainly encouraged by the continuation of disinflation, resilient earnings, and the idea that the major central banks could remain, if not accommodative, then at least less restrictive than in 2024–2025. More info
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