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.

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.

Global markets slipped last week as renewed U.S.–China trade tensions and cautious central bank signals weighed on sentiment. The White House’s sweeping new tariffs reignited inflation concerns, while gold hit record highs on safe-haven demand and oil fell on weaker growth prospects. With policymakers striking a measured tone and key economic data ahead, investors are watching for fresh clues on inflation and global momentum.