With a second Trump administration in the U.S. eyeing an ambitious agenda and trade tensions coming to the fore, how should investors position portfolios? Our 2025 Outlook examines the issues and opportunities facing economies and markets in 2025.

Trade and internal tensions are likely to play key roles in 2025, as potential tariffs and political disruptions cloud the picture.

There have been no recent scorecard rating changes. However, two of the seven indicators have failed to move in the anticipated direction over the past month.