2025 in Review

Renée Friedman, Global Head of Research

The year 2025 will be remembered for three key reasons: 1. US President Donald Trump’s tariff wars 2. The end of Pax Americana 3. Artificial Intelligence (AI) going mainstream as global competition among creators and AI semiconductor chip producers rose following the release of China’s DeepSeek launch in January.

In this review we:

• Provide a wider macroeconomic view over 2025
• Consider global equity market performance
• Review bond markets performance and drivers
• Examine the impact of policies on currencies, particularly the US dollar
• Explore the divergence in select commodity performance.

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