1、Finding the Right PathGlobal Market Outlook 2025 2Contents04 Outlooks05 A Soft Landing Beckons08 Slow-Moving Fragmentation Continues11 Searching for Pockets of Opportunity14 Favorable Environment for Sovereigns17 Beyond 60/40:Improving Durability and Diversification in Portfolios19 Thematic Investin

2、g20 GCC Region in Bloom:Expanding the Investment Horizon22 Exploring Transformative Technologies:En Route to Peak Altitude 3From the outset of 2024,the economic environment proved more resilient than we had anticipated,with robust growth and inflation moderating at a slower-than-anticipated pace.We

3、expect the narrative of rate cuts and resilience to hold in 2025,and for our projected soft landing to materialize.This landscape extends our favorable outlook for equity markets,while we expect government bonds across most advanced economies to provide attractive returns.However,uncertainty and the

4、 potential for higher volatility amid ongoing conflicts and political change means investors should be thoughtful about portfolio construction;incorporating alternative approaches aimed at improving diversification may help portfolio balance and mitigate risks.Finding the Right Path 4OutlooksA Soft

5、Landing BeckonsEasing inflation and continuing policy rate cuts by most of the worlds major central banks set the scene for a soft economic landing in 2025.Slow-Moving Fragmentation ContinuesThe geopolitical landscape has come through a turbulent year of market-moving elections and ongoing conflicts

6、.More volatility seems likely.Searching for Pockets of OpportunityUS equities retain favored status heading into 2025,although there is potential for performance to broaden into small caps and emerging markets.Favorable Environment for SovereignsAmid central bank rate cuts and easing inflation,the r