At first glance, biodiversity may seem like an out-of-place topic when it comes to investing. In recent years, however, it has become clear that biodiversity and nature loss pose potential systemic risks to society, business and the economy.

Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.

Galvanized by U.S. rhetoric, the European Union looks to be pivoting towards greater cohesiveness and increased fiscal spending. We examine the implications for the regional equity market.