Financial Capital

As we hit the midpoint of 2025, our Research team is diving deep into the global market landscape, sharing their outlook and near-term investment strategy for what’s ahead. They’ve reviewed key macro and market developments from the first half of the year and are now looking ahead to how major economies will navigate ongoing global uncertainty. With tactical insights on the value of different asset classes and Bedrock’s strategy for the remainder of the year, we’re positioning ourselves to stay ahead of the curve in these challenging times.

This month we discuss the US market rally and the Israel-Iran conflict, the latest developments in US trade policy, and NATO’s generational commitment to defence.

This month, we discuss the recovery in equities and credit, rising US rates, Trump’s latest tariff manoeuvres, and the outlook for USD.

The global economy appears to be entering the late stage of the business cycle, marked by slower growth, increased market volatility, and limited upside potential for risk assets. In this article, we outline five key strategies investors can adopt to strengthen their long-term portfolios and enhance resilience in a more challenging market environment.

Steep, erratically implemented US tariffs have shaken financial markets, business and consumer confidence, and the global economy. Growth is expected to slow—with the potential for a sharper deterioration if threatened ‘reciprocal tariffs’ are implemented later in the year. To be sure, the US can fall back on strong fundamentals including its technology leadership and greater dynamism and competitiveness than many peer economies—all of which Trump is keen to promote through supply side and tax reform. And the President has already retreated from some of his maximalist policy positions as the dollar sinks and US Treasury market swings wildly. But the volatility is likely to persist—and a ‘hard landing’ may yet close out this cycle. In this environment, we like precious metals and cash and government bonds, as well as hedge fund diversifiers

This month we discuss the wild market ride sparked by Trump’s tariff policy gyrations.

At the start of 2025, we published our Top 10 Market Themes which we believed would influence the markets in the coming year and identified the assets best positioned to capitalise on these opportunities. Now, four months into the year, we revisit each of the ten themes, and assess what’s played out so far.