Quarterly Market Review & Outlook Q4 2025
Within our Q4 Market Review & Outlook, our Investment Committee provides a concise year-in-review of 2025, unpacking the key drivers behind returns across sectors and major asset classes. Looking ahead, the team sets out our 2026 outlook for steady growth and moderating inflation alongside a more measured easing cycle and outlines the core considerations and risks likely to shape markets over the coming year. The review concludes with a dedicated deep dive on the AI “bubble” debate, setting out the key indicators we monitor to assess whether excesses are building.
