Insights

Amid efforts to stimulate growth in the face of economic challenges, we see selective long-term opportunities in both equities and fixed income.

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

Asia’s equity outlook will likely depend on U.S. tariffs, China’s stimulus and Japan’s structural changes. Stable fundamentals support cautious optimism for investment-grade bonds.

Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.

A more complex equity landscape and the potential for Fed policy shifts mean investors will need to be nimble in 2025.

In 2025, global equity markets may be able to add to the remarkable gains of the past two years. That will require economic and earnings pictures that don’t falter.

Four powerful trends involving game-changing innovations and demographic changes are set to play out in the global economy over the coming decades. We believe they can provide an attractive way to plug investment portfolios into the future.