Curves ahead: Market perspectives at midyear

Major economies and markets will continue to navigate around Washington and Fed policies. On the road ahead, there are new factors to consider.

International equities:
A world of opportunities?

A dramatic shift in the appetite for equity and fixed income securities issued outside of North America has emerged in 2025. We examine the causes, what they mean for international stocks, and how investors may want to position portfolios.

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U.S. debt: Changing facts, updating views

For years we argued investors could—and should—look past the amount of U.S. government debt outstanding when building portfolios. We believe our prior view was correct for its time, but the U.S. government fiscal outlook can no longer be ignored.

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Global equity perspective: Certain uncertainty

Markets are often said to “climb a wall of worry.” If that’s so, there looks to be lots of climbing left. We expect major equity markets to post new highs in the months ahead, but there are caveats, and we advise a cautious, watchful approach.

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Global fixed income perspective: A short fuse on long bonds

Market volatility is unlikely to dissipate anytime soon. But while fixed income markets have weathered outside factors reasonably well this year, the next source of volatility could come from within—the global bond market itself.

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Regional insights

Dive deeper into the issues and opportunities impacting economies and markets in five key regions across the globe.

2025 Midyear Outlook: Canada

Elevated gold prices should continue to support the TSX, while ongoing tariff uncertainties have us tilting toward perceived less risky categories within fixed income.

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2025 Midyear Outlook: United States

Analysis

The worst of the tariff volatility seems like it’s blown over. Markets are now focused on the remaining tariffs that are in place and their impact on domestic economic trends and Fed policy.

5 minute read
– 2025 Midyear Outlook: United States

2025 Midyear Outlook: Asia Pacific

Analysis

We continue to be constructive on China and Japan equities, notwithstanding lingering trade risks with the U.S. In fixed income corporates, we prefer higher-quality credits.

4 minute read
– 2025 Midyear Outlook: Asia Pacific

2025 Midyear Outlook: Europe

Analysis

The region’s upcoming fiscal stimulus will provide new opportunities for equity investors, though bond markets will keep a close eye on countries’ fiscal sustainability.

5 minute read
– 2025 Midyear Outlook: Europe

2025 Midyear Outlook: United Kingdom

Analysis

We maintain our bias towards quality UK large-cap stocks trading at a valuation discount to foreign competitors and prefer short-dated Gilts and investment-grade short-duration bonds.

4 minute read
– 2025 Midyear Outlook: United Kingdom

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