The third quarter of 2025 was marked by strong equity performance across the globe.
Markets continued to climb, supported by the U.S.-China trade truce, the Federal Reserve’s 25-basis point rate cut, and renewed AI optimism following record spending by tech giants like OpenAI, Nvidia, and AMD.
Marked by heightened geopolitical tensions, policy uncertainty, and uneven economic performance. Globally, investor sentiment was weighed down by renewed concerns over trade tariffs following U.S. President Donald Trump’s announcement of wide-ranging tariff measures.
We entered 2023 with a close eye on inflation and the hopes of a positive bounce-back with Covid-19 now officially at our backs, even as global political unrest persists. In this Economic Review, we recap the events that moved the markets in Q1.
