The global investment opportunity landscape is expanding amid volatility

By Raj Singh
Portfolio Manager, Multi-Asset

After several years of solid growth, the global economy is confronting a new policy-driven shock. The swift and stringent trade policies introduced by the new U.S. administration pose one of the most formidable challenges, threatening the established norms of global free trade and the dominance of the U.S. dollar. This negative shock is intensified by heightened uncertainty, stemming from the rapid-fire policy announcements from the U.S., which are reverberating across the global economic landscape.

Quarterly Market Outlook – 2Q 2025

  • The global economy confronts upheaval as the U.S. looks to restructure international trade.
    U.S. import tariffs have weakened the U.S. economy, while global economies sought to shore up their foundations to withstand the crosscurrents. Uncertainty is extraordinarily elevated and unlikely to clear immediately.
  • U.S. recession odds have spiked. Growth boosting policy measures are required to avoid recession.

Headwinds or Tailwinds? Why cross-asset class diversification matters

By Raj Singh
Portfolio Manager, Multi-Asset

The impact of DeepSeek on U.S. tech stocks and the broader market

By Raj Singh
Portfolio Manager, Multi-Asset

Seeking growth and income opportunity at a reasonable price

By Raj Singh
Portfolio Manager, Multi-Asset

Quarterly Market Outlook - 1Q 2025

  • A complex global picture is emerging, with significant divergence in growth and policy actions.
    While the U.S. continues to thrive, China and Europe are struggling. Proposed U.S. import tariffs threaten to intensify these diverging fortunes, reinforcing the U.S. exceptionalism theme. Policymakers will need to respond accordingly.
  • The U.S. economy remains resilient, but with pockets of weakness requiring careful watch.

Key Trends and Challenges for 2025

By Raj Singh
Portfolio Manager, Multi-Asset

With the U.S. Presidential elections largely settled, investors are shifting focus back to macroeconomic and policy landscapes. The U.S. economy shows resilience, supported by strong consumer spending and healthy corporate balance sheets. The corporate sector remains robust, with ample cash reserves, providing a buffer against potential revenue declines. Prospects for deregulation under the new administration are boosting business sentiment.

Navigating the Global easing cycle through a multi-asset portfolio (in Chinese only)

Please read the Chinese edition of this article here.

Quarterly Market Outlook - 4Q 2024

A globally synchronized downturn produces a globally synchronized policy easing.

As global growth has weakened, policymakers have started to respond. The U.S. Federal Reserve is committed to avoiding recession, while China’s recent policy measures also raise the odds of a global soft landing.

Implications of Fed rate cuts for investors (in Chinese only)

Please read the Chinese edition of this article here.