1、A world in fluxQ4 2025 Global Investment OutlookThe value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested.For illustrative purposes only,this document is a global view of the recent evolution of the economic conditions.T

2、his is marketing support which constitutes neither investment advice nor a recommendation to buy or sell investment.This commentary is not the result of investment research and is not subject to legal requirements designed to promote the independence of investment research and is not subject to any

3、prohibition on dealing ahead of its dissemination.Marketing Communication.For Professional Clients only and should not be distributed to or relied upon by Retail Clients.PUBLICForewordMacroTop of mindForeword 03Macro outlook and market implications05Top of mind09Private credit Global equity Corporat

4、e credit India Emerging marketsContentsThis commentary provides a high-level overview of the recent economic environment and is for information purposes only.It is a marketingcommunication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell inve

5、stments nor shouldit be regarded as investment research.It has not been prepared in accordance with legal requirements designed to promote the independence ofinvestment research and is not subject to any prohibition on dealing ahead of its dissemination.The views expressed within this report were he

6、ldat the time of preparation and are subject to change without notice.Any forecast,projection or target where provided is indicative only and notguaranteed in any way.HSBC Asset Management accepts no liability for any failure to meet such forecast,projection or target.2025 Global Investment Outlook2