Hoshang Daroga

As we enter Q3 2025, the global economy shows surprising resilience despite geopolitical tension, trade uncertainty and tight monetary policy. The U.S. remains a growth leader (both in the economy and in earnings), driven by strong labour markets and stabilizing inflation. Optimism is building as the potential for upcoming U.S. tax cuts and deregulation could unlock a new wave of investment and corporate growth. Trade and immigration reform discussions add further potential for structural improvement in real wage growth.

Globally, volatility persists, but fundamentals remain supportive. While debt indigestion concerns linger in a high-rate environment, opportunities exist in quality fixed income. For investors, forward-looking policy developments will shape markets as much as backward-looking economic data. Staying selective and attuned to macro shifts is key in this pivotal moment of resilience and potential U.S.-led expansion.

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