Investment Weekly

Chart of the week – A bonanza year for markets

2025 has been an impressive year for global asset markets, and that’s continued in Q4 – although bouts of volatility are still testing investors’ nerves. This quarter, the uncertainty over US tariffs that dominated markets earlier this year continued to fade. By contrast, the focus on the AI boom intensified. Global equity returns and risk-on sentiment saw more broadening out, with strong returns in EAFE and emerging markets, and the value factor outperforming growth. But what comes next?