1、OutlookLong-term perspective on markets and economies2025 MIDYEAR EDITIONFOR PROFESSIONAL INVESTORS ONLYMarketing communication2 2025 MIDYEAR OUTLOOK Some of the information in this material may include forecasts,hypothetical data,company examples and segments,which are shown for illustrative purpos
2、es only.All returns are in US dollar terms unless otherwise stated.2025Midyear Outlook“Jody JonssonVice Chair and Portfolio ManagerCapital GroupWe are in the middle of a fundamental restructuringof the geopolitical order.As we reach the midpoint of 2025,the change weve witnessed since the start of t
3、he year is staggering and has translated into a high level of market volatility.So much has happened so quickly,it feels a bit like the title of the Oscar-winning movie Everything Everywhere All at Once.We are living in interesting times,and they are different from anything Ive seen in my35 years at
4、 Capital Group.We are in the middle of a fundamental restructuring of the geopolitical order that weve known since the end of World War II politically,militarily and economically.The integrated global system weve come to rely on over the past several decades is rapidly changing and may look very dif
5、ferent going forward.We cant assume this system will survive in the years ahead,whether that means the end of multinational military alliances,the abandonment of long-held agreements between trading partners,or the redrawing of complex supply chains that have dominated global trade.At the moment,inv
6、estors dont know how these events will play out,and thats why the financial markets are having a difficult time finding a clear direction.Volatility rose sharply in the first half of the year as tariff-induced trade wars and real wars dampened the global outlook.This lack of clarity is affecting the
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