Q3 2025 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

• Tariffs Not Playing Out as Feared: With pending court challenges, new trade deals with countries, and underwhelming tariff collections, US tariff impact has been better-than-feared. Worst-case scenarios were priced in in April but as they failed to come to fruition markets bounced back sharply.
• Post-Correction Gains Do Not Signal the End: While sentiment has become more optimistic since the correction earlier this year, lingering economic and political fears are evidence that this bull market has not reached euphoric levels and that the “wall of worry” is still intact.
• Economic Tailwinds Should Continue Driving this Bull Market: Despite increased tariffs, corporate earnings keep growing and beating expectations, especially in Europe. Inflation and interest rates likely remain benign as higher prices for tariffed goods are offset by disinflation elsewhere.