insights.

In a fragmented, multipolar world, long-term equity investments must reflect evolving geopolitical dynamics. Six thematic strategies—longevity, new gen, technology, net zero, nature, and infrastructure—offer focussed, adaptive opportunities amid structural shifts.

With markets repricing global assets after a volatile first half of the year, we offer our macroeconomic and asset class expectations for the rest of 2025. 

This week we examine whether the US legislation now before the Senate can boost the outlook for the US economy. 

Can stock markets keep up their momentum? We see record share buybacks, sound capex programmes and diminished macroeconomic risks supporting high, single-digit potential.

After the rebound in US equities, we examine how trade agreements and improving investor sentiment impacts the outlook for US assets.

Our key charts for May 2025 highlight how shifting macroeconomic conditions are accelerating the strategic role of private assets and driving long-term investment opportunities linked to electrification.

Gold prices are volatile, but the precious metal still plays an important diversification role in portfolios. We examine its historical performance alongside that of other alternative havens. 

We look at the impact of higher policy uncertainty on implied equity risk premia (ERP), or the extra return investors expect for owning stocks rather than bonds.