Mid-Year Outlook 2025: The new momentum

Mid-Year Outlook 2025: The new momentum

July 2025

The world is experiencing a fourth industrial revolution, with technological change and geopolitical upheaval challenging economic assumptions. President Trump’s trade policies have given rise to economic nationalism, creating uncertainty linked both to the policies themselves and the unpredictable nature of his administration’s decision making. Geopolitics is testing the resilience of markets as the situation in the Middle East evolves and the war in Ukraine continues unabated.