1、Gravity defied for nowMidyear global outlookThe value of an investment and any income taken from it is not guaranteed and can go down as well as up,and the investor may get back less than the original amount invested.Assumptions,opinions,and estimates are provided for illustrative purposes only.Ther

2、e is no guarantee that any forecasts made will come to pass.H2 2025|Midyear global outlook 2025For professional clients and qualified investors only.Capital at risk.Of the various challenges involved in writing an outlook,two of the most prominent are:the possibility of having nothing new to say;and

3、 the risk of contradicting what you said only a few months earlier.Unfortunately for investor nerves,the events of the first half of 2025 have given us plenty on which to opine.And we reiterate our core view that humility is more important than ever when navigating the challenging investment landsca

4、pe this year,as markets clearly were mispricing a host of risks ahead of the tariffs-related surge in volatility.We have titled this midyear outlook Gravity defied for now because risk assets have recovered since the precipitous declines of early April,which rival some of the worst collapses in livi

5、ng memory.Yet even with the S&P 500 trading(at the time of writing)above its level at the start of the second Trump administration,and many other markets in positive territory for the year,crucial long-term questions for investors linger.In this outlook,to which teams from across L&Gs Asset Manageme

6、nt business have contributed,we address some of the most urgent and salient issues and questions for our clients across both public and private markets.These include:Have we reached the end of US exceptionalism?Is it true that there is no alternative(TINA)to US dollar assets?How to tackle concentrat