Q4 2025 Global Markets Review & Outlook

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

• Political Tailwinds Should Support this Bull Market: With few major elections globally and most trade negotiations now resolved, political uncertainty outside the US remains subdued. While volatility may increase ahead of the US midterm elections, the outcome is likely to result in greater legislative gridlock – historically supportive of market returns.
• Post-Correction Optimism Does Not Signal the End: Although investor sentiment has improved following the 2025 market correction, lingering economic and geopolitical concerns suggest the market has not reached euphoric levels. The “wall of worry” remains intact, allowing the bull market to continue.
• Fundamentals Remain Underappreciated: A steep global yield curve continues to support non-US economic growth. Declining trade uncertainty, resilient corporate earnings, and strong balance sheets are fostering increased investment and reinforcing the foundation for continued expansion.