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Investment Event

Growth concerns rising
13 March 2025
    Articles
    Download the full reportPDF, 1.6MB

    Key takeaways

    • Elevated trade and economic policy uncertainty has contributed to a significant correction in US stock markets
    • Recent developments outside the US may also be forcing a reassessment of TINA – “there is no alternative” to US stocks
    • Recent market action shows a very clear dynamic – a broadening out of returns relative to 2024, with previous losers now winning
    • A US recession isn’t our base case. Amid ongoing evidence of the end of US exceptionalism, rest-of-the world valuation discounts and a broadening of profits growth, we think this dynamic can continue in 2025

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