News & Views

2025 was a strong year for global equities, with most major regions delivering double-digit returns. Asia ex-Japan led on AI-driven tech gains and China stimulus, while Europe benefited from ECB rate cuts and Germany’s €500bn investment plan. Japan attracted foreign inflows following policy normalisation and corporate reform. Despite tariff volatility, resilient earnings and easing monetary policy supported positive returns across North America and the UK.

Markets ended the year on a steady footing as central banks cautiously shifted toward supporting growth amid easing inflation. The UK and US delivered further rate cuts, while the ECB held policy steady as eurozone inflation aligned with target. Market performance was mixed, with strength in banking, fintech and Asian technology offset by weakness in parts of emerging markets. Multi-asset portfolios benefited from diversification, helping to cushion volatility and position in

Recent trade tensions between the United States and China triggered brief market turbulence following new tariff and export control announcements. Despite initial volatility, conciliatory statements from both sides have calmed investor sentiment, with markets showing signs of stabilisation and optimism for future dialogue—particularly ahead of the APEC Summit.