Portfolio December 2024

With the victory of Donald Trump, the balance of power in the US Congress for the next four years has been clarified: everything is now in place for a basically business-friendly policy in the US. The global rate-cutting cycle continues, and the SNB is sending a clear signal against deflationary risks. The ECB is also easing, with the Fed likely to follow suit. This situation should be viewed as fundamentally positive for the financial markets and for the start of the new year.

We expect global economic growth to be moderate in 2025, with regional variations. Whereas the US continues to grow robustly and is benefiting from a strong labour market, Europe is lagging behind in its development. China's recovery is likely to be slow. The path of the upturn largely depends on which fiscal measures Beijing decides on and how the real estate market is stabilised.

Given these parameters, does the investment outlook look intact for 2025 too? Find out how our experts assess the situation in the latest edition of portfolio.