Our 2025 global market outlook helps you navigate the winding road to normalization and explores the market implications.

The rate cutting cycle has begun, but global central banks will continue to be data dependent.

We anticipate a normalization if policy at a more gradual pace relative to market pricing.

Growth is moderating but remains resilient. And although good progress has been made on inflation, it's not over until it's over and is likely to remain volatile.

Labour markets are easing and are a key area to watch.

Key risks include elevated geopolitical tensions, slowing growth, sticky inflation, and monetary policy missteps.

As we navigate this new equilibrium, our portfolio construction themes argue for continued diversification across stocks, fixed income and real assets.

Bond yields have been on a roller coaster ride as markets preempted policy shifts.

Current market pricing implies upside risk to yields.

Cash yields remain attractive, but longer duration fixed income is vulnerable.

Although credit spreads are tight, all in yields look attractive.

High yield bonds, bank loans and emerging market bonds present income opportunities.

Equity markets have been dominated by a handful of stocks.

We're likely past the first innings of the AI infrastructure build out. However, the AI wave isn't over. It's evolving and stock selection will be critical.

We're excited about a golden age for healthcare amid radical innovation such as GLP-1 drugs and robotic surgery.

As economic growth broadens, we're encouraged by earnings broadening across both sectors and regions.

Diversifying into areas with valuation support and robust fundamentals such as value and small cap stocks seems prudent.

We see select opportunities in underappreciated sectors such as energy, financials and industrials.

2025 is shaping up to be a dynamic year. An active approach focused on fundamentals will be key.