Q2 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: Retracing pullbacks tend to trigger selloff behavior from investors, but enduring volatility often lays the groundwork for renewed upside and further gains.
• Reset Sentiment Should Provide Bull Market Fuel: Fresh skepticism inside and outside the US from tariff and political developments lower the bar of expectations, setting the stage for positive surprise and a continuing bull market.