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  34. <title>MAM vs PAMM Accounts: A Comprehensive Guide to Money Management Solutions</title>
  35. <link>https://arfa.capital/markets/finopedia/mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions</link>
  36. <comments>https://arfa.capital/markets/finopedia/mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions/#respond</comments>
  38. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  39. <pubDate>Mon, 13 Jan 2025 07:14:45 +0000</pubDate>
  40. <category><![CDATA[Finopedia]]></category>
  41. <category><![CDATA[MAM]]></category>
  42. <category><![CDATA[PAMM]]></category>
  43. <guid isPermaLink="false">https://arfa.capital/markets/?p=2955</guid>
  44.  
  45. <description><![CDATA[<p>The market has seen significant innovations aimed at bridging the gap between professional traders and retail investors. Among&#8230;</p>
  46. <p>The post <a href="https://arfa.capital/markets/finopedia/mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions/">MAM vs PAMM Accounts: A Comprehensive Guide to Money Management Solutions</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  47. <content:encoded><![CDATA[<p>The market has seen significant innovations aimed at bridging the gap between professional traders and retail investors. Among the most popular solutions are <strong>Multi-Account Manager (MAM)</strong> and <strong>Percentage Allocation Management Module (PAMM)</strong> accounts. These tools provide opportunities for investors to access professional expertise and allow traders to manage multiple accounts efficiently. While both systems share similarities, they cater to distinct needs and operate differently.</p>
  48.  
  49.  
  50.  
  51. <p>This article delves into the nuances of MAM and PAMM accounts, helping you determine which is best suited to your trading or investment goals.</p>
  52.  
  53.  
  54.  
  55. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  56.  
  57.  
  58.  
  59. <h2 class="wp-block-heading"><strong>What is a MAM Account?</strong></h2>
  60.  
  61.  
  62.  
  63. <p>A <strong>Multi-Account Manager (MAM)</strong> account is designed for professional traders who manage multiple client accounts simultaneously from a single master account. Here’s how it works:</p>
  64.  
  65.  
  66.  
  67. <ul class="wp-block-list">
  68. <li><strong>Centralized Control</strong>: The trader manages trades through a master account linked to individual sub-accounts, owned by investors.</li>
  69.  
  70.  
  71.  
  72. <li><strong>Fund Pooling</strong>: Funds from all sub-accounts are pooled for trading purposes, but each sub-account retains proportional ownership of the capital.</li>
  73.  
  74.  
  75.  
  76. <li><strong>Trade Execution</strong>: Trades executed on the master account are mirrored across sub-accounts according to predefined allocation percentages.</li>
  77.  
  78.  
  79.  
  80. <li><strong>Flexibility</strong>: The trader can adjust allocation percentages, assign varying trade volumes, and group sub-accounts for specific strategies.</li>
  81. </ul>
  82.  
  83.  
  84.  
  85. <h3 class="wp-block-heading"><strong>Advantages of MAM Accounts</strong></h3>
  86.  
  87.  
  88.  
  89. <ol class="wp-block-list">
  90. <li><strong>Efficiency for Traders</strong>: Traders can execute trades on all sub-accounts with a single action, saving time and effort.</li>
  91.  
  92.  
  93.  
  94. <li><strong>Flexibility for Investors</strong>: Investors can deposit or withdraw funds at any time without disrupting the overall trading process.</li>
  95.  
  96.  
  97.  
  98. <li><strong>Real-Time Monitoring</strong>: Investors can view trades as they happen, providing transparency and confidence in the trader’s actions.</li>
  99. </ol>
  100.  
  101.  
  102.  
  103. <h3 class="wp-block-heading"><strong>Disadvantages of MAM Accounts</strong></h3>
  104.  
  105.  
  106.  
  107. <ul class="wp-block-list">
  108. <li>Investors cannot intervene in trading decisions, meaning their success entirely depends on the trader’s performance.</li>
  109.  
  110.  
  111.  
  112. <li>Management complexity increases with more sub-accounts and strategies.</li>
  113. </ul>
  114.  
  115.  
  116.  
  117. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  118.  
  119.  
  120.  
  121. <h2 class="wp-block-heading"><strong>What is a PAMM Account?</strong></h2>
  122.  
  123.  
  124.  
  125. <p>A <strong>Percentage Allocation Management Module (PAMM)</strong> account offers retail investors a way to pool their funds with other investors under the management of an experienced trader. Here’s how it works:</p>
  126.  
  127.  
  128.  
  129. <ul class="wp-block-list">
  130. <li><strong>Fund Pooling</strong>: Investors allocate funds to a common pool managed by a trader.</li>
  131.  
  132.  
  133.  
  134. <li><strong>Profit Sharing</strong>: Profits or losses are distributed proportionally to each investor’s share of the pool.</li>
  135.  
  136.  
  137.  
  138. <li><strong>Pre-Screened Traders</strong>: Forex brokers often vet traders managing PAMM accounts, giving investors insight into their performance history and strategies.</li>
  139. </ul>
  140.  
  141.  
  142.  
  143. <h3 class="wp-block-heading"><strong>Advantages of PAMM Accounts</strong></h3>
  144.  
  145.  
  146.  
  147. <ol class="wp-block-list">
  148. <li><strong>Hands-Off Investing</strong>: Ideal for investors who lack the time or expertise to trade actively.</li>
  149.  
  150.  
  151.  
  152. <li><strong>Shared Risk and Returns</strong>: Both traders and investors allocate capital, ensuring shared stakes in the outcome.</li>
  153.  
  154.  
  155.  
  156. <li><strong>Transparent Selection</strong>: Investors can evaluate a trader’s track record and strategy before committing funds.</li>
  157. </ol>
  158.  
  159.  
  160.  
  161. <h3 class="wp-block-heading"><strong>Disadvantages of PAMM Accounts</strong></h3>
  162.  
  163.  
  164.  
  165. <ul class="wp-block-list">
  166. <li>Investors cannot modify allocations or withdraw funds mid-investment cycle.</li>
  167.  
  168.  
  169.  
  170. <li>The pool’s performance depends entirely on the trader’s decisions, posing risks if the trader underperforms.</li>
  171. </ul>
  172.  
  173.  
  174.  
  175. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  176.  
  177.  
  178.  
  179. <h2 class="wp-block-heading"><strong>Key Differences Between MAM and PAMM Accounts</strong></h2>
  180.  
  181.  
  182.  
  183. <figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th><strong>Feature</strong></th><th><strong>MAM (Multi-Account Manager)</strong></th><th><strong>PAMM (Percentage Allocation Management Module)</strong></th></tr></thead><tbody><tr><td><strong>Purpose</strong></td><td>Enables traders to manage multiple client accounts efficiently</td><td>Enables investors to pool funds with a professional trader</td></tr><tr><td><strong>Funds Management</strong></td><td>Funds are pooled but managed per sub-account allocations</td><td>Funds are pooled collectively for a single trading strategy</td></tr><tr><td><strong>Investor Control</strong></td><td>Investors can deposit/withdraw funds anytime but can’t trade</td><td>Investors decide initial allocation but can’t intervene mid-cycle</td></tr><tr><td><strong>Profit Distribution</strong></td><td>Profits/losses are allocated based on sub-account percentages</td><td>Profits/losses are distributed proportionally to pool shares</td></tr><tr><td><strong>Transparency</strong></td><td>Investors can view trades in real-time</td><td>Investors rely on periodic updates or results summaries</td></tr></tbody></table></figure>
  184.  
  185.  
  186.  
  187. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  188.  
  189.  
  190.  
  191. <h2 class="wp-block-heading"><strong>Choosing Between MAM and PAMM Accounts</strong></h2>
  192.  
  193.  
  194.  
  195. <h3 class="wp-block-heading"><strong>Who Should Choose MAM Accounts?</strong></h3>
  196.  
  197.  
  198.  
  199. <ol class="wp-block-list">
  200. <li><strong>Professional Traders</strong>:
  201. <ul class="wp-block-list">
  202. <li>Ideal for traders seeking to expand their client base without compromising efficiency.</li>
  203.  
  204.  
  205.  
  206. <li>Enables scaling operations by managing multiple sub-accounts from a single master account.</li>
  207. </ul>
  208. </li>
  209.  
  210.  
  211.  
  212. <li><strong>Advanced Investors</strong>:
  213. <ul class="wp-block-list">
  214. <li>Suitable for investors who value real-time transparency.</li>
  215.  
  216.  
  217.  
  218. <li>Provides flexibility to deposit or withdraw funds without waiting for investment cycles to close.</li>
  219. </ul>
  220. </li>
  221. </ol>
  222.  
  223.  
  224.  
  225. <h3 class="wp-block-heading"><strong>Who Should Choose PAMM Accounts?</strong></h3>
  226.  
  227.  
  228.  
  229. <ol class="wp-block-list">
  230. <li><strong>Hands-Off Investors</strong>:
  231. <ul class="wp-block-list">
  232. <li>Best for those who want passive exposure to the forex market.</li>
  233.  
  234.  
  235.  
  236. <li>Leverages the expertise of pre-screened traders with minimal active involvement.</li>
  237. </ul>
  238. </li>
  239.  
  240.  
  241.  
  242. <li><strong>Traders Seeking Capital</strong>:
  243. <ul class="wp-block-list">
  244. <li>Attracts capital from multiple investors, enabling trading with larger volumes.</li>
  245.  
  246.  
  247.  
  248. <li>Offers opportunities to earn management fees and a share of profits.</li>
  249. </ul>
  250. </li>
  251. </ol>
  252.  
  253.  
  254.  
  255. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  256.  
  257.  
  258.  
  259. <h2 class="wp-block-heading"><strong>Factors to Consider When Choosing MAM or PAMM</strong></h2>
  260.  
  261.  
  262.  
  263. <ol class="wp-block-list">
  264. <li><strong>Investor Goals</strong>:
  265. <ul class="wp-block-list">
  266. <li><strong>MAM</strong>: For active monitoring and flexibility.</li>
  267.  
  268.  
  269.  
  270. <li><strong>PAMM</strong>: For hands-off investing with vetted traders.</li>
  271. </ul>
  272. </li>
  273.  
  274.  
  275.  
  276. <li><strong>Risk Appetite</strong>:
  277. <ul class="wp-block-list">
  278. <li>Evaluate the trader’s track record, strategy, and risk management practices.</li>
  279. </ul>
  280. </li>
  281.  
  282.  
  283.  
  284. <li><strong>Transparency</strong>:
  285. <ul class="wp-block-list">
  286. <li>MAM accounts provide real-time trade visibility, while PAMM accounts rely on periodic performance updates.</li>
  287. </ul>
  288. </li>
  289.  
  290.  
  291.  
  292. <li><strong>Costs</strong>:
  293. <ul class="wp-block-list">
  294. <li>Consider management fees, performance fees, and any additional broker charges.</li>
  295. </ul>
  296. </li>
  297.  
  298.  
  299.  
  300. <li><strong>Broker Reputation</strong>:
  301. <ul class="wp-block-list">
  302. <li>Ensure the broker offering MAM or PAMM accounts is regulated and trustworthy.</li>
  303. </ul>
  304. </li>
  305. </ol>
  306.  
  307.  
  308.  
  309. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  310.  
  311.  
  312.  
  313. <h2 class="wp-block-heading"><strong>Conclusion</strong></h2>
  314.  
  315.  
  316.  
  317. <p>Both MAM and PAMM accounts offer unique advantages for investors and traders. <strong>MAM accounts</strong> are ideal for professional traders managing multiple clients and advanced investors seeking flexibility. On the other hand, <strong>PAMM accounts</strong> cater to hands-off investors looking to pool funds with professional traders for shared profits.</p>
  318.  
  319.  
  320.  
  321. <p>When choosing between MAM and PAMM, consider your trading or investment goals, risk tolerance, and desired level of involvement. With the right choice, these forex money management solutions can significantly enhance trading efficiency and investment returns.</p><p>The post <a href="https://arfa.capital/markets/finopedia/mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions/">MAM vs PAMM Accounts: A Comprehensive Guide to Money Management Solutions</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
  323. <wfw:commentRss>https://arfa.capital/markets/finopedia/mam-vs-pamm-accounts-a-comprehensive-guide-to-forex-money-management-solutions/feed/</wfw:commentRss>
  324. <slash:comments>0</slash:comments>
  327. <post-id xmlns="com-wordpress:feed-additions:1">2955</post-id> </item>
  328. <item>
  329. <title>Understanding Round-Turn and Half-Turn Commission in Trading: A Comprehensive Guide</title>
  330. <link>https://arfa.capital/markets/finopedia/understanding-round-turn-and-half-turn-commission-in-trading-a-comprehensive-guide/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=understanding-round-turn-and-half-turn-commission-in-trading-a-comprehensive-guide</link>
  331. <comments>https://arfa.capital/markets/finopedia/understanding-round-turn-and-half-turn-commission-in-trading-a-comprehensive-guide/#respond</comments>
  333. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  334. <pubDate>Thu, 09 Jan 2025 08:56:32 +0000</pubDate>
  335. <category><![CDATA[Finopedia]]></category>
  336. <category><![CDATA[Half-Turn Commission]]></category>
  337. <category><![CDATA[Round-Turn Commission]]></category>
  338. <guid isPermaLink="false">https://arfa.capital/markets/?p=2952</guid>
  339.  
  340. <description><![CDATA[<p>When engaging in trading activities, one of the critical aspects to consider is the cost structure associated with&#8230;</p>
  341. <p>The post <a href="https://arfa.capital/markets/finopedia/understanding-round-turn-and-half-turn-commission-in-trading-a-comprehensive-guide/">Understanding Round-Turn and Half-Turn Commission in Trading: A Comprehensive Guide</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  342. <content:encoded><![CDATA[<p>When engaging in trading activities, one of the critical aspects to consider is the cost structure associated with executing trades. Among the various costs traders face, commission charges play a significant role. Two commonly used commission structures are <strong>round-turn commission</strong> and <strong>half-turn commission</strong>. Understanding these models is essential for traders, whether they are retail investors or institutional players. Let’s explore both concepts in detail, along with their implications for trading strategies and profitability.</p>
  343.  
  344.  
  345.  
  346. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  347.  
  348.  
  349.  
  350. <h2 class="wp-block-heading"><strong>What is Round-Turn Commission?</strong></h2>
  351.  
  352.  
  353.  
  354. <h3 class="wp-block-heading"><strong>Definition</strong></h3>
  355.  
  356.  
  357.  
  358. <p>Round-turn commission is the fee charged for completing a full trade cycle, which includes both the buying and selling of an asset. This means that a single round-turn commission covers the entire transaction, making it straightforward to calculate the total cost of trading a specific instrument.</p>
  359.  
  360.  
  361.  
  362. <h3 class="wp-block-heading"><strong>Example</strong></h3>
  363.  
  364.  
  365.  
  366. <p>Suppose a broker charges a round-turn commission of $5 per contract. This means you pay $5 in total for entering and exiting a trade, regardless of how much time passes between the two actions.</p>
  367.  
  368.  
  369.  
  370. <ul class="wp-block-list">
  371. <li><strong>Buy 1 contract of an asset</strong> → No immediate commission deduction.</li>
  372.  
  373.  
  374.  
  375. <li><strong>Sell the same contract later</strong> → The $5 commission is applied upon completion of the trade.</li>
  376. </ul>
  377.  
  378.  
  379.  
  380. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  381.  
  382.  
  383.  
  384. <h2 class="wp-block-heading"><strong>What is Half-Turn Commission?</strong></h2>
  385.  
  386.  
  387.  
  388. <h3 class="wp-block-heading"><strong>Definition</strong></h3>
  389.  
  390.  
  391.  
  392. <p>Half-turn commission, also known as per-side commission, is charged separately for each leg of a trade: once when you open the position and again when you close it. This model allows traders to see the cost of each individual action, offering greater granularity in cost calculation.</p>
  393.  
  394.  
  395.  
  396. <h3 class="wp-block-heading"><strong>Example</strong></h3>
  397.  
  398.  
  399.  
  400. <p>If the broker charges $2.50 as a half-turn commission:</p>
  401.  
  402.  
  403.  
  404. <ul class="wp-block-list">
  405. <li><strong>Buy 1 contract of an asset</strong> → $2.50 commission is deducted immediately.</li>
  406.  
  407.  
  408.  
  409. <li><strong>Sell the same contract later</strong> → An additional $2.50 commission is charged.</li>
  410.  
  411.  
  412.  
  413. <li><strong>Total commission for the round-turn trade</strong> → $5.</li>
  414. </ul>
  415.  
  416.  
  417.  
  418. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  419.  
  420.  
  421.  
  422. <h2 class="wp-block-heading"><strong>Key Differences Between Round-Turn and Half-Turn Commission</strong></h2>
  423.  
  424.  
  425.  
  426. <figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Feature</th><th>Round-Turn Commission</th><th>Half-Turn Commission</th></tr></thead><tbody><tr><td><strong>Charge Frequency</strong></td><td>Applied once per full trade</td><td>Charged separately for each side</td></tr><tr><td><strong>Visibility</strong></td><td>Costs consolidated in one fee</td><td>Costs visible at each action</td></tr><tr><td><strong>Calculation</strong></td><td>Simpler, as it covers both legs</td><td>More detailed and granular</td></tr><tr><td><strong>Application</strong></td><td>Common in futures trading</td><td>Popular in forex and CFD trading</td></tr></tbody></table></figure>
  427.  
  428.  
  429.  
  430. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  431.  
  432.  
  433.  
  434. <h2 class="wp-block-heading"><strong>Advantages and Disadvantages</strong></h2>
  435.  
  436.  
  437.  
  438. <h3 class="wp-block-heading"><strong>Round-Turn Commission</strong></h3>
  439.  
  440.  
  441.  
  442. <h4 class="wp-block-heading"><strong>Advantages</strong></h4>
  443.  
  444.  
  445.  
  446. <ul class="wp-block-list">
  447. <li><strong>Simplified Cost Management</strong>: Since the fee covers both buying and selling, traders can easily calculate their total expenses for a trade.</li>
  448.  
  449.  
  450.  
  451. <li><strong>Ideal for Futures Trading</strong>: Widely used in futures markets, where the clarity of a single charge for the complete trade cycle is preferred.</li>
  452.  
  453.  
  454.  
  455. <li><strong>Incentives for Completion</strong>: Encourages traders to complete trades rather than leave positions open indefinitely.</li>
  456. </ul>
  457.  
  458.  
  459.  
  460. <h4 class="wp-block-heading"><strong>Disadvantages</strong></h4>
  461.  
  462.  
  463.  
  464. <ul class="wp-block-list">
  465. <li><strong>Less Granularity</strong>: Traders cannot see the cost of each side of the trade individually, which may hinder detailed cost analysis.</li>
  466.  
  467.  
  468.  
  469. <li><strong>Fixed Structure</strong>: May not offer flexibility for strategies that involve holding trades over long periods.</li>
  470. </ul>
  471.  
  472.  
  473.  
  474. <h3 class="wp-block-heading"><strong>Half-Turn Commission</strong></h3>
  475.  
  476.  
  477.  
  478. <h4 class="wp-block-heading"><strong>Advantages</strong></h4>
  479.  
  480.  
  481.  
  482. <ul class="wp-block-list">
  483. <li><strong>Detailed Cost Visibility</strong>: Traders know exactly how much they are paying for each action—entering or exiting a trade.</li>
  484.  
  485.  
  486.  
  487. <li><strong>Customizable Strategies</strong>: Offers greater flexibility for traders who frequently adjust positions or hedge.</li>
  488.  
  489.  
  490.  
  491. <li><strong>Common in Retail Trading</strong>: Often used in forex and CFD platforms, making it familiar to a broader audience.</li>
  492. </ul>
  493.  
  494.  
  495.  
  496. <h4 class="wp-block-heading"><strong>Disadvantages</strong></h4>
  497.  
  498.  
  499.  
  500. <ul class="wp-block-list">
  501. <li><strong>Complex Cost Tracking</strong>: Requires traders to calculate total costs by summing charges for each leg of the trade.</li>
  502.  
  503.  
  504.  
  505. <li><strong>Potential for Higher Costs</strong>: In some cases, half-turn commissions can add up to more than equivalent round-turn fees, especially for short-term strategies.</li>
  506. </ul>
  507.  
  508.  
  509.  
  510. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  511.  
  512.  
  513.  
  514. <h2 class="wp-block-heading"><strong>Which Commission Structure is Better?</strong></h2>
  515.  
  516.  
  517.  
  518. <h3 class="wp-block-heading"><strong>For Futures Traders</strong></h3>
  519.  
  520.  
  521.  
  522. <p>Futures markets predominantly use round-turn commission structures because they align with the contract-based nature of these markets. The simplicity of a single fee for the full trade makes it easier to manage costs.</p>
  523.  
  524.  
  525.  
  526. <h3 class="wp-block-heading"><strong>For Forex and CFD Traders</strong></h3>
  527.  
  528.  
  529.  
  530. <p>Half-turn commission is more common in forex and CFD trading. These markets often involve high trading volumes and frequent position adjustments, making the granular cost visibility of half-turn commissions advantageous.</p>
  531.  
  532.  
  533.  
  534. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  535.  
  536.  
  537.  
  538. <h2 class="wp-block-heading"><strong>Impact on Trading Strategies</strong></h2>
  539.  
  540.  
  541.  
  542. <h3 class="wp-block-heading"><strong>Scalping and High-Frequency Trading</strong></h3>
  543.  
  544.  
  545.  
  546. <ul class="wp-block-list">
  547. <li><strong>Key Concern</strong>: Cost efficiency.</li>
  548.  
  549.  
  550.  
  551. <li><strong>Preference</strong>: Half-turn commission is often preferred as scalpers need to monitor the impact of costs on individual trades closely.</li>
  552. </ul>
  553.  
  554.  
  555.  
  556. <h3 class="wp-block-heading"><strong>Swing and Position Trading</strong></h3>
  557.  
  558.  
  559.  
  560. <ul class="wp-block-list">
  561. <li><strong>Key Concern</strong>: Simplified cost calculation for longer-term trades.</li>
  562.  
  563.  
  564.  
  565. <li><strong>Preference</strong>: Round-turn commission is better suited as traders focus on overall profitability rather than granular cost breakdowns.</li>
  566. </ul>
  567.  
  568.  
  569.  
  570. <h3 class="wp-block-heading"><strong>Hedging</strong></h3>
  571.  
  572.  
  573.  
  574. <ul class="wp-block-list">
  575. <li><strong>Key Concern</strong>: Flexibility to adjust positions.</li>
  576.  
  577.  
  578.  
  579. <li><strong>Preference</strong>: Half-turn commission allows better cost tracking for complex strategies involving multiple legs.</li>
  580. </ul>
  581.  
  582.  
  583.  
  584. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  585.  
  586.  
  587.  
  588. <h2 class="wp-block-heading"><strong>Tips for Choosing the Right Broker</strong></h2>
  589.  
  590.  
  591.  
  592. <ol class="wp-block-list">
  593. <li><strong>Understand Your Strategy</strong>: Choose a commission structure that aligns with your trading style and frequency.</li>
  594.  
  595.  
  596.  
  597. <li><strong>Compare Total Costs</strong>: Look beyond commission rates and account for spreads, rollover fees, and platform charges.</li>
  598.  
  599.  
  600.  
  601. <li><strong>Check Transparency</strong>: Ensure the broker provides clear details about how commissions are charged, especially for half-turn models.</li>
  602.  
  603.  
  604.  
  605. <li><strong>Use Demo Accounts</strong>: Test the broker&#8217;s fee structure in a demo environment to understand its impact on profitability.</li>
  606. </ol>
  607.  
  608.  
  609.  
  610. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  611.  
  612.  
  613.  
  614. <h2 class="wp-block-heading"><strong>Conclusion</strong></h2>
  615.  
  616.  
  617.  
  618. <p>Round-turn and half-turn commissions are fundamental aspects of trading costs that can significantly affect your bottom line. Understanding their differences and implications allows traders to optimize their strategies and select brokers that align with their trading goals. Whether you prefer the simplicity of round-turn commissions or the detailed visibility of half-turn charges, the key lies in aligning the cost structure with your trading style and objectives. Always evaluate commission models alongside other costs and features to ensure a holistic understanding of your trading expenses.</p><p>The post <a href="https://arfa.capital/markets/finopedia/understanding-round-turn-and-half-turn-commission-in-trading-a-comprehensive-guide/">Understanding Round-Turn and Half-Turn Commission in Trading: A Comprehensive Guide</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  621. <slash:comments>0</slash:comments>
  624. <post-id xmlns="com-wordpress:feed-additions:1">2952</post-id> </item>
  625. <item>
  626. <title>ING Global Outlook for 2025 – Economic Evolution Amid Geopolitical Shifts</title>
  627. <link>https://arfa.capital/markets/markets-strategy/ing-global-outlook-for-2025-economic-evolution-amid-geopolitical-shifts/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=ing-global-outlook-for-2025-economic-evolution-amid-geopolitical-shifts</link>
  628. <comments>https://arfa.capital/markets/markets-strategy/ing-global-outlook-for-2025-economic-evolution-amid-geopolitical-shifts/#respond</comments>
  630. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  631. <pubDate>Tue, 07 Jan 2025 08:09:55 +0000</pubDate>
  632. <category><![CDATA[Markets Strategy]]></category>
  633. <category><![CDATA[ING]]></category>
  634. <guid isPermaLink="false">https://arfa.capital/markets/?p=2948</guid>
  635.  
  636. <description><![CDATA[<p>The ING Global Outlook December 2024 provides a comprehensive analysis of the global economic and market landscape for&#8230;</p>
  637. <p>The post <a href="https://arfa.capital/markets/markets-strategy/ing-global-outlook-for-2025-economic-evolution-amid-geopolitical-shifts/">ING Global Outlook for 2025 – Economic Evolution Amid Geopolitical Shifts</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  638. <content:encoded><![CDATA[<p>The <em>ING Global Outlook December 2024</em> provides a comprehensive analysis of the global economic and market landscape for 2025. With a new U.S. administration under Donald Trump, evolving trade policies, and a reorientation of central bank strategies, the report identifies key macroeconomic trends, opportunities, and risks.</p>
  639.  
  640.  
  641.  
  642. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  643.  
  644.  
  645.  
  646. <h3 class="wp-block-heading"><strong>Global Economic Themes</strong></h3>
  647.  
  648.  
  649.  
  650. <h4 class="wp-block-heading"><strong>1. Diverging Growth Patterns</strong></h4>
  651.  
  652.  
  653.  
  654. <ul class="wp-block-list">
  655. <li><strong>United States</strong>:
  656. <ul class="wp-block-list">
  657. <li>GDP growth projected at <strong>2.0%</strong>, supported by fiscal measures but constrained by tariff-related disruptions.</li>
  658.  
  659.  
  660.  
  661. <li>Inflation to average <strong>2.4%-2.5%</strong>, with the Federal Reserve adopting a cautious rate-cutting path.</li>
  662.  
  663.  
  664.  
  665. <li>Fiscal stimulus includes tax cuts, infrastructure investments, and targeted government efficiency savings.</li>
  666. </ul>
  667. </li>
  668.  
  669.  
  670.  
  671. <li><strong>Eurozone</strong>:
  672. <ul class="wp-block-list">
  673. <li>Sluggish growth forecast at <strong>0.7%</strong>, hindered by weak consumer confidence and industrial stagnation.</li>
  674.  
  675.  
  676.  
  677. <li>ECB expected to lower rates to <strong>1.75%</strong> to support growth.</li>
  678. </ul>
  679. </li>
  680.  
  681.  
  682.  
  683. <li><strong>China</strong>:
  684. <ul class="wp-block-list">
  685. <li>Growth to decelerate to <strong>4.6%</strong>, as escalating tariffs impact exports, despite fiscal measures to stabilize the economy.</li>
  686.  
  687.  
  688.  
  689. <li>Property prices to bottom out, providing some relief to households and businesses.</li>
  690. </ul>
  691. </li>
  692.  
  693.  
  694.  
  695. <li><strong>Emerging Markets (EM)</strong>:
  696. <ul class="wp-block-list">
  697. <li>Resilience in India (GDP growth <strong>6.8%</strong>) due to structural reforms and robust domestic demand.</li>
  698.  
  699.  
  700.  
  701. <li>Risks in Korea and other trade-reliant Asian economies due to tariff pressures and currency volatility.</li>
  702. </ul>
  703. </li>
  704. </ul>
  705.  
  706.  
  707.  
  708. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  709.  
  710.  
  711.  
  712. <h4 class="wp-block-heading"><strong>2. Inflation Dynamics</strong></h4>
  713.  
  714.  
  715.  
  716. <ul class="wp-block-list">
  717. <li>Inflation is expected to oscillate in shorter, more frequent cycles, requiring central banks to adopt flexible and adaptive monetary policies.</li>
  718.  
  719.  
  720.  
  721. <li>Factors driving inflation include tariffs, supply chain realignment, and investment-led constraints.</li>
  722. </ul>
  723.  
  724.  
  725.  
  726. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  727.  
  728.  
  729.  
  730. <h4 class="wp-block-heading"><strong>3. Geopolitical and Policy Risks</strong></h4>
  731.  
  732.  
  733.  
  734. <ul class="wp-block-list">
  735. <li><strong>U.S.-China Relations</strong>:
  736. <ul class="wp-block-list">
  737. <li>Tariffs as high as 25% on imports from China, with potential spillovers into Europe and other trade partners.</li>
  738.  
  739.  
  740.  
  741. <li>Strategic isolation of China through trade and investment restrictions.</li>
  742. </ul>
  743. </li>
  744.  
  745.  
  746.  
  747. <li><strong>European Political Uncertainty</strong>:
  748. <ul class="wp-block-list">
  749. <li>Political instability in France and Germany affects eurozone-wide fiscal and economic policies.</li>
  750.  
  751.  
  752.  
  753. <li>Protectionist measures within the EU could exacerbate inflationary pressures.</li>
  754. </ul>
  755. </li>
  756. </ul>
  757.  
  758.  
  759.  
  760. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  761.  
  762.  
  763.  
  764. <h3 class="wp-block-heading"><strong>Key Investment Themes</strong></h3>
  765.  
  766.  
  767.  
  768. <h4 class="wp-block-heading"><strong>1. Equities</strong></h4>
  769.  
  770.  
  771.  
  772. <ul class="wp-block-list">
  773. <li><strong>U.S. Markets</strong>:
  774. <ul class="wp-block-list">
  775. <li>Defensive sectors such as healthcare and utilities favored amid macroeconomic uncertainty.</li>
  776.  
  777.  
  778.  
  779. <li>AI and automation continue to drive tech sector growth.</li>
  780. </ul>
  781. </li>
  782.  
  783.  
  784.  
  785. <li><strong>Europe</strong>:
  786. <ul class="wp-block-list">
  787. <li>Opportunities in Southern Europe (e.g., Spain, Italy) due to fiscal stimulus from EU recovery funds.</li>
  788.  
  789.  
  790.  
  791. <li>Risks from trade conflicts and sluggish manufacturing persist.</li>
  792. </ul>
  793. </li>
  794.  
  795.  
  796.  
  797. <li><strong>Emerging Markets</strong>:
  798. <ul class="wp-block-list">
  799. <li>Favor domestic-driven economies like India and Indonesia, while avoiding heavily export-reliant markets like Korea.</li>
  800. </ul>
  801. </li>
  802. </ul>
  803.  
  804.  
  805.  
  806. <h4 class="wp-block-heading"><strong>2. Fixed Income</strong></h4>
  807.  
  808.  
  809.  
  810. <ul class="wp-block-list">
  811. <li><strong>Developed Markets</strong>:
  812. <ul class="wp-block-list">
  813. <li>U.S. Treasuries and European government bonds to benefit from rate cuts and safe-haven demand.</li>
  814. </ul>
  815. </li>
  816.  
  817.  
  818.  
  819. <li><strong>Emerging Market Debt</strong>:
  820. <ul class="wp-block-list">
  821. <li>Opportunities in local currency bonds in Brazil, Indonesia, and India, offering attractive yields.</li>
  822. </ul>
  823. </li>
  824. </ul>
  825.  
  826.  
  827.  
  828. <h4 class="wp-block-heading"><strong>3. Currencies</strong></h4>
  829.  
  830.  
  831.  
  832. <ul class="wp-block-list">
  833. <li>Strong USD dominance expected, driven by rate differentials and geopolitical uncertainty.</li>
  834.  
  835.  
  836.  
  837. <li>Weakness in euro and Asian trade-oriented currencies (e.g., KRW, SGD) as they face trade tensions and economic headwinds.</li>
  838. </ul>
  839.  
  840.  
  841.  
  842. <h4 class="wp-block-heading"><strong>4. Commodities</strong></h4>
  843.  
  844.  
  845.  
  846. <ul class="wp-block-list">
  847. <li>Gold remains a key hedge against inflation and geopolitical risks.</li>
  848.  
  849.  
  850.  
  851. <li>Oil prices forecast to remain range-bound ($70-$75/bbl), with downside risks from global supply increases.</li>
  852. </ul>
  853.  
  854.  
  855.  
  856. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  857.  
  858.  
  859.  
  860. <h3 class="wp-block-heading"><strong>Strategic Recommendations</strong></h3>
  861.  
  862.  
  863.  
  864. <ol class="wp-block-list">
  865. <li><strong>Diversify Across Asset Classes</strong>:
  866. <ul class="wp-block-list">
  867. <li>Include equities, fixed income, and commodities to balance risk and return.</li>
  868. </ul>
  869. </li>
  870.  
  871.  
  872.  
  873. <li><strong>Leverage Safe-Haven Assets</strong>:
  874. <ul class="wp-block-list">
  875. <li>Focus on U.S. Treasuries, gold, and high-quality equities.</li>
  876. </ul>
  877. </li>
  878.  
  879.  
  880.  
  881. <li><strong>Target Emerging Market Opportunities</strong>:
  882. <ul class="wp-block-list">
  883. <li>Prioritize domestic-oriented economies over trade-sensitive regions.</li>
  884. </ul>
  885. </li>
  886.  
  887.  
  888.  
  889. <li><strong>Monitor Policy Risks</strong>:
  890. <ul class="wp-block-list">
  891. <li>Stay vigilant on tariff developments and their market implications.</li>
  892. </ul>
  893. </li>
  894. </ol>
  895.  
  896.  
  897.  
  898. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  899.  
  900.  
  901.  
  902. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  903.  
  904.  
  905.  
  906. <p>The <em>ING Global Outlook 2025</em> underscores the importance of navigating an increasingly complex global economic environment. While challenges from tariffs, inflation, and geopolitical tensions persist, selective investments in resilient sectors and geographies offer substantial opportunities. Active management and diversification are essential to optimize portfolios in this evolving landscape.</p>
  907.  
  908.  
  909.  
  910. <div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://arfa.capital/markets/wp-content/uploads/2025/01/Macro_Outlook_Dec_24_final.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of Macro_Outlook_Dec_24_final."></object><a id="wp-block-file--media-f90b873d-dbb3-4e0d-aa2f-bfbb384c3a12" href="https://arfa.capital/markets/wp-content/uploads/2025/01/Macro_Outlook_Dec_24_final.pdf">Macro_Outlook_Dec_24_final</a><a href="https://arfa.capital/markets/wp-content/uploads/2025/01/Macro_Outlook_Dec_24_final.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-f90b873d-dbb3-4e0d-aa2f-bfbb384c3a12">Download</a></div><p>The post <a href="https://arfa.capital/markets/markets-strategy/ing-global-outlook-for-2025-economic-evolution-amid-geopolitical-shifts/">ING Global Outlook for 2025 – Economic Evolution Amid Geopolitical Shifts</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  913. <slash:comments>0</slash:comments>
  916. <post-id xmlns="com-wordpress:feed-additions:1">2948</post-id> </item>
  917. <item>
  918. <title>Wells Fargo 2025 International Economic Outlook – A New Horizon</title>
  919. <link>https://arfa.capital/markets/markets-strategy/wells-fargo-2025-international-economic-outlook-a-new-horizon/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=wells-fargo-2025-international-economic-outlook-a-new-horizon</link>
  920. <comments>https://arfa.capital/markets/markets-strategy/wells-fargo-2025-international-economic-outlook-a-new-horizon/#respond</comments>
  922. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  923. <pubDate>Tue, 07 Jan 2025 08:07:05 +0000</pubDate>
  924. <category><![CDATA[Markets Strategy]]></category>
  925. <category><![CDATA[Wells Fargo]]></category>
  926. <guid isPermaLink="false">https://arfa.capital/markets/?p=2944</guid>
  927.  
  928. <description><![CDATA[<p>The 2025 International Economic Outlook presents a detailed analysis of global economic conditions under significant policy shifts and&#8230;</p>
  929. <p>The post <a href="https://arfa.capital/markets/markets-strategy/wells-fargo-2025-international-economic-outlook-a-new-horizon/">Wells Fargo 2025 International Economic Outlook – A New Horizon</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  930. <content:encoded><![CDATA[<p>The <em>2025 International Economic Outlook</em> presents a detailed analysis of global economic conditions under significant policy shifts and leadership changes. With the election of Donald Trump as U.S. president, his administration’s policies on tariffs and fiscal measures are expected to reshape economic trajectories globally. The report emphasizes the challenges and opportunities arising from these changes and their implications for markets.</p>
  931.  
  932.  
  933.  
  934. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  935.  
  936.  
  937.  
  938. <h3 class="wp-block-heading"><strong>Key Themes and Economic Forecasts</strong></h3>
  939.  
  940.  
  941.  
  942. <h4 class="wp-block-heading"><strong>1. U.S. Economic Outlook</strong></h4>
  943.  
  944.  
  945.  
  946. <ul class="wp-block-list">
  947. <li><strong>Growth and Inflation</strong>:
  948. <ul class="wp-block-list">
  949. <li>GDP growth forecasted at <strong>2.0%</strong> in 2025, slowing due to the introduction of tariffs and tighter fiscal conditions.</li>
  950.  
  951.  
  952.  
  953. <li>Inflation expected to remain above the Federal Reserve’s target, with core PCE inflation forecasted at <strong>2.5%</strong> for both 2025 and 2026.</li>
  954. </ul>
  955. </li>
  956.  
  957.  
  958.  
  959. <li><strong>Policy Landscape</strong>:
  960. <ul class="wp-block-list">
  961. <li>Introduction of a <strong>5% tariff on all U.S. imports</strong> and a <strong>30% tariff on Chinese imports</strong> in H2-2025.</li>
  962.  
  963.  
  964.  
  965. <li>Gradual Federal Reserve rate cuts anticipated, with terminal rates reaching <strong>3.50%-3.75%</strong> by late 2025.</li>
  966. </ul>
  967. </li>
  968. </ul>
  969.  
  970.  
  971.  
  972. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  973.  
  974.  
  975.  
  976. <h4 class="wp-block-heading"><strong>2. Global Growth and Divergences</strong></h4>
  977.  
  978.  
  979.  
  980. <ul class="wp-block-list">
  981. <li><strong>Global GDP</strong>: Expected to grow at <strong>2.5%</strong> in 2025, down from <strong>2.9%</strong> in 2024.</li>
  982.  
  983.  
  984.  
  985. <li><strong>Advanced Economies</strong>:
  986. <ul class="wp-block-list">
  987. <li>Eurozone growth at <strong>0.9%</strong>, limited by weak consumer sentiment and tariff-induced uncertainties.</li>
  988.  
  989.  
  990.  
  991. <li>Japan’s growth forecasted at <strong>1.1%</strong>, supported by firm domestic demand despite global headwinds.</li>
  992. </ul>
  993. </li>
  994.  
  995.  
  996.  
  997. <li><strong>Emerging Markets</strong>:
  998. <ul class="wp-block-list">
  999. <li><strong>China</strong>: Growth projected at <strong>4.0%</strong>, hindered by tariffs and ineffective fiscal stimuli.</li>
  1000.  
  1001.  
  1002.  
  1003. <li><strong>India</strong>: Resilient at <strong>5.7%</strong>, benefiting from domestic demand and structural reforms.</li>
  1004.  
  1005.  
  1006.  
  1007. <li><strong>Mexico</strong>: Facing recession with growth slowing to <strong>1.3%</strong>, heavily impacted by U.S. trade policies.</li>
  1008. </ul>
  1009. </li>
  1010. </ul>
  1011.  
  1012.  
  1013.  
  1014. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1015.  
  1016.  
  1017.  
  1018. <h4 class="wp-block-heading"><strong>3. Tariff Impacts</strong></h4>
  1019.  
  1020.  
  1021.  
  1022. <ul class="wp-block-list">
  1023. <li><strong>Global Trade Disruptions</strong>:
  1024. <ul class="wp-block-list">
  1025. <li>U.S.-imposed tariffs expected to ripple across economies, with emerging markets facing the brunt of the impact.</li>
  1026.  
  1027.  
  1028.  
  1029. <li>Countries with strong U.S. trade ties, such as Mexico, are particularly vulnerable, while others, like India and Brazil, are relatively insulated.</li>
  1030. </ul>
  1031. </li>
  1032.  
  1033.  
  1034.  
  1035. <li><strong>Currency Implications</strong>:
  1036. <ul class="wp-block-list">
  1037. <li>U.S. dollar strength to persist, with the euro forecasted to fall below parity at <strong>0.97</strong> by Q1-2026.</li>
  1038.  
  1039.  
  1040.  
  1041. <li>Emerging market currencies, such as the Brazilian real (BRL7.00/USD) and Mexican peso (MXN23.00/USD), are expected to depreciate significantly.</li>
  1042. </ul>
  1043. </li>
  1044. </ul>
  1045.  
  1046.  
  1047.  
  1048. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1049.  
  1050.  
  1051.  
  1052. <h4 class="wp-block-heading"><strong>4. Monetary Policy Divergences</strong></h4>
  1053.  
  1054.  
  1055.  
  1056. <ul class="wp-block-list">
  1057. <li><strong>Advanced Economies</strong>:
  1058. <ul class="wp-block-list">
  1059. <li>The European Central Bank (ECB) is expected to aggressively ease rates, reducing the deposit rate to <strong>1.75%</strong> by late 2025.</li>
  1060.  
  1061.  
  1062.  
  1063. <li>The Bank of Japan (BoJ) to continue rate hikes, reaching <strong>0.75%</strong> by 2026.</li>
  1064. </ul>
  1065. </li>
  1066.  
  1067.  
  1068.  
  1069. <li><strong>Emerging Markets</strong>:
  1070. <ul class="wp-block-list">
  1071. <li>Most central banks to cautiously ease rates, though fiscal constraints in regions like Latin America may limit policy space.</li>
  1072.  
  1073.  
  1074.  
  1075. <li>Brazil and Turkey are notable exceptions, with the former tightening rates to combat inflation and the latter aggressively easing.</li>
  1076. </ul>
  1077. </li>
  1078. </ul>
  1079.  
  1080.  
  1081.  
  1082. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1083.  
  1084.  
  1085.  
  1086. <h4 class="wp-block-heading"><strong>5. Investment Themes</strong></h4>
  1087.  
  1088.  
  1089.  
  1090. <ul class="wp-block-list">
  1091. <li><strong>Equities</strong>:
  1092. <ul class="wp-block-list">
  1093. <li>Defensive sectors like utilities and healthcare in advanced economies.</li>
  1094.  
  1095.  
  1096.  
  1097. <li>Emerging market equities selectively favored in India and Brazil due to domestic resilience.</li>
  1098. </ul>
  1099. </li>
  1100.  
  1101.  
  1102.  
  1103. <li><strong>Fixed Income</strong>:
  1104. <ul class="wp-block-list">
  1105. <li>U.S. Treasuries and high-grade bonds attractive for yield.</li>
  1106.  
  1107.  
  1108.  
  1109. <li>Local currency EM debt in select regions like Asia and Latin America offers opportunities, though with heightened risk.</li>
  1110. </ul>
  1111. </li>
  1112.  
  1113.  
  1114.  
  1115. <li><strong>Currencies</strong>:
  1116. <ul class="wp-block-list">
  1117. <li>Favor USD and JPY for safe-haven appeal.</li>
  1118.  
  1119.  
  1120.  
  1121. <li>High depreciation risks for trade-reliant currencies like the Mexican peso and Chinese renminbi.</li>
  1122. </ul>
  1123. </li>
  1124. </ul>
  1125.  
  1126.  
  1127.  
  1128. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1129.  
  1130.  
  1131.  
  1132. <h3 class="wp-block-heading"><strong>Strategic Recommendations</strong></h3>
  1133.  
  1134.  
  1135.  
  1136. <ol class="wp-block-list">
  1137. <li><strong>Diversification</strong>:
  1138. <ul class="wp-block-list">
  1139. <li>Emphasize geographic and sectoral diversification to mitigate tariff-related risks.</li>
  1140. </ul>
  1141. </li>
  1142.  
  1143.  
  1144.  
  1145. <li><strong>Fixed Income Focus</strong>:
  1146. <ul class="wp-block-list">
  1147. <li>Allocate to sovereign bonds in developed markets and carefully selected EM local debt.</li>
  1148. </ul>
  1149. </li>
  1150.  
  1151.  
  1152.  
  1153. <li><strong>Defensive Equities</strong>:
  1154. <ul class="wp-block-list">
  1155. <li>Concentrate on sectors with stable earnings and limited trade exposure.</li>
  1156. </ul>
  1157. </li>
  1158.  
  1159.  
  1160.  
  1161. <li><strong>Currency Hedges</strong>:
  1162. <ul class="wp-block-list">
  1163. <li>Utilize USD-based instruments and consider hedging against EM currency depreciation.</li>
  1164. </ul>
  1165. </li>
  1166.  
  1167.  
  1168.  
  1169. <li><strong>Infrastructure and Technology</strong>:
  1170. <ul class="wp-block-list">
  1171. <li>Invest in transformative themes such as AI, renewable energy, and supply chain realignments.</li>
  1172. </ul>
  1173. </li>
  1174. </ol>
  1175.  
  1176.  
  1177.  
  1178. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1179.  
  1180.  
  1181.  
  1182. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  1183.  
  1184.  
  1185.  
  1186. <p>The <em>2025 International Economic Outlook</em> underscores the complexity of navigating an evolving economic and geopolitical landscape. Tariff policies and monetary divergence create both risks and opportunities, with active management and strategic positioning crucial for achieving favorable investment outcomes.</p>
  1187.  
  1188.  
  1189.  
  1190. <div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://arfa.capital/markets/wp-content/uploads/2025/01/2025-International-Economic-Outlook.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of 2025 International Economic Outlook."></object><a id="wp-block-file--media-156764cc-45e1-4917-8ec1-d33b535a9f00" href="https://arfa.capital/markets/wp-content/uploads/2025/01/2025-International-Economic-Outlook.pdf">2025 International Economic Outlook</a><a href="https://arfa.capital/markets/wp-content/uploads/2025/01/2025-International-Economic-Outlook.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-156764cc-45e1-4917-8ec1-d33b535a9f00">Download</a></div><p>The post <a href="https://arfa.capital/markets/markets-strategy/wells-fargo-2025-international-economic-outlook-a-new-horizon/">Wells Fargo 2025 International Economic Outlook – A New Horizon</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  1193. <slash:comments>0</slash:comments>
  1196. <post-id xmlns="com-wordpress:feed-additions:1">2944</post-id> </item>
  1197. <item>
  1198. <title>State Street Global Market Outlook 2025 – Finding the Right Path</title>
  1199. <link>https://arfa.capital/markets/markets-strategy/state-street-global-market-outlook-2025-finding-the-right-path/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=state-street-global-market-outlook-2025-finding-the-right-path</link>
  1200. <comments>https://arfa.capital/markets/markets-strategy/state-street-global-market-outlook-2025-finding-the-right-path/#respond</comments>
  1202. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  1203. <pubDate>Tue, 07 Jan 2025 08:03:07 +0000</pubDate>
  1204. <category><![CDATA[Markets Strategy]]></category>
  1205. <category><![CDATA[State Street Global Advisors]]></category>
  1206. <guid isPermaLink="false">https://arfa.capital/markets/?p=2940</guid>
  1207.  
  1208. <description><![CDATA[<p>State Street Global Advisors&#8217; Market Outlook 2025 anticipates a year shaped by geopolitical tensions, monetary policy shifts, and&#8230;</p>
  1209. <p>The post <a href="https://arfa.capital/markets/markets-strategy/state-street-global-market-outlook-2025-finding-the-right-path/">State Street Global Market Outlook 2025 – Finding the Right Path</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  1210. <content:encoded><![CDATA[<p>State Street Global Advisors&#8217; <em>Market Outlook 2025</em> anticipates a year shaped by geopolitical tensions, monetary policy shifts, and evolving investment opportunities. The report emphasizes the importance of active portfolio diversification, leveraging thematic investments, and exploring alternative assets to navigate an environment characterized by slow-moving fragmentation and rising macroeconomic volatility.</p>
  1211.  
  1212.  
  1213.  
  1214. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1215.  
  1216.  
  1217.  
  1218. <h3 class="wp-block-heading"><strong>Key Themes and Strategic Insights</strong></h3>
  1219.  
  1220.  
  1221.  
  1222. <h4 class="wp-block-heading"><strong>1. Global Economic and Market Outlook</strong></h4>
  1223.  
  1224.  
  1225.  
  1226. <ul class="wp-block-list">
  1227. <li><strong>Soft Landing Scenario</strong>:
  1228. <ul class="wp-block-list">
  1229. <li>Global central banks, including the Federal Reserve and ECB, are expected to continue rate cuts, supporting a soft economic landing.</li>
  1230.  
  1231.  
  1232.  
  1233. <li>Inflationary pressures have moderated, opening opportunities for equity and fixed-income markets.</li>
  1234. </ul>
  1235. </li>
  1236.  
  1237.  
  1238.  
  1239. <li><strong>Growth Drivers</strong>:
  1240. <ul class="wp-block-list">
  1241. <li>U.S. economic outperformance fueled by fiscal expansion and deregulation under a Trump administration.</li>
  1242.  
  1243.  
  1244.  
  1245. <li>Moderate growth in Europe, hindered by weak domestic demand and geopolitical uncertainties.</li>
  1246.  
  1247.  
  1248.  
  1249. <li>Resilience in emerging markets (EM), with stronger performances in Asia ex-China, led by India and Indonesia.</li>
  1250. </ul>
  1251. </li>
  1252.  
  1253.  
  1254.  
  1255. <li><strong>Risks</strong>:
  1256. <ul class="wp-block-list">
  1257. <li>Geopolitical tensions (e.g., U.S.-China trade conflicts, conflicts in Europe and the Middle East).</li>
  1258.  
  1259.  
  1260.  
  1261. <li>Volatility from policy changes, including tariffs and fiscal adjustments.</li>
  1262. </ul>
  1263. </li>
  1264. </ul>
  1265.  
  1266.  
  1267.  
  1268. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1269.  
  1270.  
  1271.  
  1272. <h4 class="wp-block-heading"><strong>2. Equities</strong></h4>
  1273.  
  1274.  
  1275.  
  1276. <ul class="wp-block-list">
  1277. <li><strong>U.S. Equities</strong>:
  1278. <ul class="wp-block-list">
  1279. <li>Large-cap equities remain strong due to earnings growth and profitability in technology, utilities, and industrial sectors.</li>
  1280.  
  1281.  
  1282.  
  1283. <li>Small- and mid-cap stocks offer upside potential from cyclical recovery and regulatory tailwinds.</li>
  1284. </ul>
  1285. </li>
  1286.  
  1287.  
  1288.  
  1289. <li><strong>European Equities</strong>:
  1290. <ul class="wp-block-list">
  1291. <li>Opportunities in sectors like healthcare, industrials (renewables), and energy due to relative undervaluation.</li>
  1292.  
  1293.  
  1294.  
  1295. <li>Challenges from sluggish consumer demand and weak fixed investment.</li>
  1296. </ul>
  1297. </li>
  1298.  
  1299.  
  1300.  
  1301. <li><strong>Emerging Markets</strong>:
  1302. <ul class="wp-block-list">
  1303. <li>Asia ex-China equities benefit from regional trade integration and domestic consumption trends.</li>
  1304.  
  1305.  
  1306.  
  1307. <li>Latin America offers opportunities in commodity-linked sectors, while China faces structural growth headwinds.</li>
  1308. </ul>
  1309. </li>
  1310. </ul>
  1311.  
  1312.  
  1313.  
  1314. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1315.  
  1316.  
  1317.  
  1318. <h4 class="wp-block-heading"><strong>3. Fixed Income</strong></h4>
  1319.  
  1320.  
  1321.  
  1322. <ul class="wp-block-list">
  1323. <li><strong>Favorable Environment for Sovereign Debt</strong>:
  1324. <ul class="wp-block-list">
  1325. <li>Rate cuts and easing inflation create attractive opportunities in U.S. Treasuries and other advanced economy sovereign bonds.</li>
  1326.  
  1327.  
  1328.  
  1329. <li>Bull steepening of yield curves anticipated, with duration management being critical.</li>
  1330. </ul>
  1331. </li>
  1332.  
  1333.  
  1334.  
  1335. <li><strong>Investment-Grade Credit</strong>:
  1336. <ul class="wp-block-list">
  1337. <li>Limited potential for spread compression; returns driven by carry rather than capital appreciation.</li>
  1338.  
  1339.  
  1340.  
  1341. <li>Select opportunities in securitized credit and short-dated high-yield debt.</li>
  1342. </ul>
  1343. </li>
  1344.  
  1345.  
  1346.  
  1347. <li><strong>Emerging Market Debt</strong>:
  1348. <ul class="wp-block-list">
  1349. <li>Local currency bonds in Asia and Latin America favored due to policy easing and attractive yield differentials.</li>
  1350.  
  1351.  
  1352.  
  1353. <li>Risks include geopolitical tensions and potential U.S. dollar strength.</li>
  1354. </ul>
  1355. </li>
  1356. </ul>
  1357.  
  1358.  
  1359.  
  1360. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1361.  
  1362.  
  1363.  
  1364. <h4 class="wp-block-heading"><strong>4. Thematic and Alternative Investments</strong></h4>
  1365.  
  1366.  
  1367.  
  1368. <ul class="wp-block-list">
  1369. <li><strong>Thematic Investing</strong>:
  1370. <ul class="wp-block-list">
  1371. <li>AI and Blockchain technologies continue to gain traction, with applications expanding across industries.</li>
  1372.  
  1373.  
  1374.  
  1375. <li>Infrastructure investments, particularly in renewable energy and digital transformation, align with global sustainability trends.</li>
  1376. </ul>
  1377. </li>
  1378.  
  1379.  
  1380.  
  1381. <li><strong>Alternative Assets</strong>:
  1382. <ul class="wp-block-list">
  1383. <li>Real assets like commodities, real estate, and infrastructure provide diversification and inflation hedges.</li>
  1384.  
  1385.  
  1386.  
  1387. <li>Private equity and private credit opportunities offer enhanced returns and reduced volatility compared to traditional assets.</li>
  1388. </ul>
  1389. </li>
  1390. </ul>
  1391.  
  1392.  
  1393.  
  1394. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1395.  
  1396.  
  1397.  
  1398. <h4 class="wp-block-heading"><strong>5. Regional Spotlight: GCC Region</strong></h4>
  1399.  
  1400.  
  1401.  
  1402. <ul class="wp-block-list">
  1403. <li><strong>Economic Transformation</strong>:
  1404. <ul class="wp-block-list">
  1405. <li>Gulf Cooperation Council (GCC) countries, including Saudi Arabia and UAE, are diversifying away from oil through investments in renewable energy, healthcare, and smart infrastructure.</li>
  1406.  
  1407.  
  1408.  
  1409. <li>GCC equity markets have outperformed broader EM indices, offering lower volatility and attractive valuations.</li>
  1410. </ul>
  1411. </li>
  1412.  
  1413.  
  1414.  
  1415. <li><strong>Fixed Income Growth</strong>:
  1416. <ul class="wp-block-list">
  1417. <li>Rapid expansion in GCC bond markets, with increased issuance of sukuk and green bonds supporting sustainable growth objectives.</li>
  1418. </ul>
  1419. </li>
  1420. </ul>
  1421.  
  1422.  
  1423.  
  1424. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1425.  
  1426.  
  1427.  
  1428. <h4 class="wp-block-heading"><strong>Portfolio Recommendations</strong></h4>
  1429.  
  1430.  
  1431.  
  1432. <ol class="wp-block-list">
  1433. <li><strong>Equity Focus</strong>:
  1434. <ul class="wp-block-list">
  1435. <li>Overweight U.S. large caps and mid-caps; selectively allocate to undervalued European sectors and resilient EM regions like India and Indonesia.</li>
  1436. </ul>
  1437. </li>
  1438.  
  1439.  
  1440.  
  1441. <li><strong>Fixed Income Strategies</strong>:
  1442. <ul class="wp-block-list">
  1443. <li>Prioritize duration exposure in sovereign debt; selectively allocate to high-yield and EM bonds for yield enhancement.</li>
  1444. </ul>
  1445. </li>
  1446.  
  1447.  
  1448.  
  1449. <li><strong>Thematic and Real Assets</strong>:
  1450. <ul class="wp-block-list">
  1451. <li>Invest in transformative technologies (AI, blockchain) and real assets (commodities, infrastructure) for diversification and growth.</li>
  1452. </ul>
  1453. </li>
  1454.  
  1455.  
  1456.  
  1457. <li><strong>Diversification Beyond 60/40</strong>:
  1458. <ul class="wp-block-list">
  1459. <li>Incorporate alternative strategies, such as hedge fund replication, private credit, and real estate, to enhance portfolio durability and reduce correlation risks.</li>
  1460. </ul>
  1461. </li>
  1462. </ol>
  1463.  
  1464.  
  1465.  
  1466. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1467.  
  1468.  
  1469.  
  1470. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  1471.  
  1472.  
  1473.  
  1474. <p>State Street Global Advisors underscores the importance of adaptability and diversification in navigating a fragmented and volatile global landscape. By balancing traditional and alternative investments, focusing on thematic opportunities, and managing risks through active strategies, investors can optimize their portfolios for 2025 and beyond.</p>
  1475.  
  1476.  
  1477.  
  1478. <div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://arfa.capital/markets/wp-content/uploads/2025/01/State_Street_Global_Market_Outlook_2025_Finding_the_Right_Path.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of State_Street_Global_Market_Outlook_2025_Finding_the_Right_Path."></object><a id="wp-block-file--media-d83396f2-af4a-4ea4-bb5e-3fd687b56140" href="https://arfa.capital/markets/wp-content/uploads/2025/01/State_Street_Global_Market_Outlook_2025_Finding_the_Right_Path.pdf">State_Street_Global_Market_Outlook_2025_Finding_the_Right_Path</a><a href="https://arfa.capital/markets/wp-content/uploads/2025/01/State_Street_Global_Market_Outlook_2025_Finding_the_Right_Path.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-d83396f2-af4a-4ea4-bb5e-3fd687b56140">Download</a></div><p>The post <a href="https://arfa.capital/markets/markets-strategy/state-street-global-market-outlook-2025-finding-the-right-path/">State Street Global Market Outlook 2025 – Finding the Right Path</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  1481. <slash:comments>0</slash:comments>
  1484. <post-id xmlns="com-wordpress:feed-additions:1">2940</post-id> </item>
  1485. <item>
  1486. <title>Crédit Agricole CIB Emerging Markets 2025 Outlook – Navigating Headwinds</title>
  1487. <link>https://arfa.capital/markets/markets-strategy/credit-agricole-cib-emerging-markets-2025-outlook-navigating-headwinds/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=credit-agricole-cib-emerging-markets-2025-outlook-navigating-headwinds</link>
  1488. <comments>https://arfa.capital/markets/markets-strategy/credit-agricole-cib-emerging-markets-2025-outlook-navigating-headwinds/#respond</comments>
  1490. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  1491. <pubDate>Tue, 07 Jan 2025 07:59:13 +0000</pubDate>
  1492. <category><![CDATA[Markets Strategy]]></category>
  1493. <category><![CDATA[Credit Agricole]]></category>
  1494. <guid isPermaLink="false">https://arfa.capital/markets/?p=2937</guid>
  1495.  
  1496. <description><![CDATA[<p>The Emerging Markets 2025 Outlook by Crédit Agricole CIB emphasizes resilience amidst external pressures, including geopolitical shifts, monetary&#8230;</p>
  1497. <p>The post <a href="https://arfa.capital/markets/markets-strategy/credit-agricole-cib-emerging-markets-2025-outlook-navigating-headwinds/">Crédit Agricole CIB Emerging Markets 2025 Outlook – Navigating Headwinds</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  1498. <content:encoded><![CDATA[<p>The <em>Emerging Markets 2025 Outlook</em> by Crédit Agricole CIB emphasizes resilience amidst external pressures, including geopolitical shifts, monetary policy divergence, and global trade realignment. The report forecasts a tempered slowdown in EM growth while highlighting opportunities in selective asset classes and regions.</p>
  1499.  
  1500.  
  1501.  
  1502. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1503.  
  1504.  
  1505.  
  1506. <h3 class="wp-block-heading"><strong>Key Macro Themes</strong></h3>
  1507.  
  1508.  
  1509.  
  1510. <h4 class="wp-block-heading"><strong>1. Growth Dynamics</strong></h4>
  1511.  
  1512.  
  1513.  
  1514. <ul class="wp-block-list">
  1515. <li><strong>Overall EM Growth</strong>:
  1516. <ul class="wp-block-list">
  1517. <li>Projected to slow modestly from <strong>4.1% in 2024 to 3.8% in 2025</strong>.</li>
  1518.  
  1519.  
  1520.  
  1521. <li>EM-DM growth differential remains positive but narrows slightly from 2.6 percentage points (2024) to 2.3 points (2025).</li>
  1522.  
  1523.  
  1524.  
  1525. <li>Domestic demand continues to support growth, though external headwinds, including U.S. tariffs, could intensify.</li>
  1526. </ul>
  1527. </li>
  1528.  
  1529.  
  1530.  
  1531. <li><strong>China</strong>:
  1532. <ul class="wp-block-list">
  1533. <li>Growth slows to 4.2%, driven by a decline in exports and cautious recovery in domestic demand amid property sector challenges.</li>
  1534.  
  1535.  
  1536.  
  1537. <li>Aggressive U.S. tariffs are anticipated to reduce GDP growth by 0.4 percentage points in 2025.</li>
  1538. </ul>
  1539. </li>
  1540.  
  1541.  
  1542.  
  1543. <li><strong>Other EM Regions</strong>:
  1544. <ul class="wp-block-list">
  1545. <li><strong>Asia</strong>: Moderated growth due to weaker electronics demand and increasing trade protectionism.</li>
  1546.  
  1547.  
  1548.  
  1549. <li><strong>Latin America</strong>: Resilience in Brazil and commodity exporters but vulnerabilities in Mexico and Colombia due to U.S. policy risks.</li>
  1550.  
  1551.  
  1552.  
  1553. <li><strong>EMEA</strong>: Geopolitical uncertainty and rising inflation risks weigh on Central and Eastern Europe.</li>
  1554. </ul>
  1555. </li>
  1556. </ul>
  1557.  
  1558.  
  1559.  
  1560. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1561.  
  1562.  
  1563.  
  1564. <h4 class="wp-block-heading"><strong>2. Monetary Policy</strong></h4>
  1565.  
  1566.  
  1567.  
  1568. <ul class="wp-block-list">
  1569. <li><strong>Easing Bias</strong>:
  1570. <ul class="wp-block-list">
  1571. <li>EM central banks expected to cautiously lower rates amid progress in disinflation, but risks of renewed inflation persist in parts of Latin America and EMEA.</li>
  1572.  
  1573.  
  1574.  
  1575. <li>Asia maintains a dovish tilt, with less urgency for rate cuts due to lower inflation concerns.</li>
  1576. </ul>
  1577. </li>
  1578.  
  1579.  
  1580.  
  1581. <li><strong>Fed Influence</strong>:
  1582. <ul class="wp-block-list">
  1583. <li>U.S. monetary policy pivots will dictate the pace and extent of EM rate cuts, with a focus on preserving interest rate differentials to stabilize currencies.</li>
  1584. </ul>
  1585. </li>
  1586. </ul>
  1587.  
  1588.  
  1589.  
  1590. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1591.  
  1592.  
  1593.  
  1594. <h4 class="wp-block-heading"><strong>3. Geopolitical Risks</strong></h4>
  1595.  
  1596.  
  1597.  
  1598. <ul class="wp-block-list">
  1599. <li><strong>US-China Tensions</strong>:
  1600. <ul class="wp-block-list">
  1601. <li>Escalation in tariffs and restrictions on technology and critical minerals could destabilize EM supply chains.</li>
  1602.  
  1603.  
  1604.  
  1605. <li>China’s economic buffer includes stimulus measures, but sustained pressures may weaken investor sentiment.</li>
  1606. </ul>
  1607. </li>
  1608.  
  1609.  
  1610.  
  1611. <li><strong>Tariff Impacts</strong>:
  1612. <ul class="wp-block-list">
  1613. <li>U.S. protectionist policies expected to negatively impact trade-dependent EMs, particularly in Asia and Mexico.</li>
  1614. </ul>
  1615. </li>
  1616.  
  1617.  
  1618.  
  1619. <li><strong>Global South vs. West</strong>:
  1620. <ul class="wp-block-list">
  1621. <li>The widening divide amplifies political risks and challenges global collaboration on trade and climate issues.</li>
  1622. </ul>
  1623. </li>
  1624. </ul>
  1625.  
  1626.  
  1627.  
  1628. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1629.  
  1630.  
  1631.  
  1632. <h3 class="wp-block-heading"><strong>Market Views and Investment Opportunities</strong></h3>
  1633.  
  1634.  
  1635.  
  1636. <h4 class="wp-block-heading"><strong>1. Currencies (EM FX)</strong></h4>
  1637.  
  1638.  
  1639.  
  1640. <ul class="wp-block-list">
  1641. <li><strong>Performance Expectations</strong>:
  1642. <ul class="wp-block-list">
  1643. <li>EM FX to face pressure in H1 2025 due to stronger USD and tariff-induced risks but could stabilize in H2 as U.S. rates decline.</li>
  1644.  
  1645.  
  1646.  
  1647. <li>Top Picks:
  1648. <ul class="wp-block-list">
  1649. <li><strong>Asia</strong>: Favor high-yielders (INR, IDR, PHP) over open economies (KRW, SGD, MYR).</li>
  1650.  
  1651.  
  1652.  
  1653. <li><strong>EMEA</strong>: ZAR benefits from reforms; TRY shows resilience in H1.</li>
  1654.  
  1655.  
  1656.  
  1657. <li><strong>LatAm</strong>: BRL remains resilient, but bearish on MXN and COP.</li>
  1658. </ul>
  1659. </li>
  1660. </ul>
  1661. </li>
  1662. </ul>
  1663.  
  1664.  
  1665.  
  1666. <h4 class="wp-block-heading"><strong>2. Fixed Income</strong></h4>
  1667.  
  1668.  
  1669.  
  1670. <ul class="wp-block-list">
  1671. <li><strong>Carry Opportunities</strong>:
  1672. <ul class="wp-block-list">
  1673. <li>EM-DM interest rate differential supports high-yield debt.</li>
  1674.  
  1675.  
  1676.  
  1677. <li>Short-duration instruments in Asia and EMEA remain attractive.</li>
  1678. </ul>
  1679. </li>
  1680.  
  1681.  
  1682.  
  1683. <li><strong>Regional Preferences</strong>:
  1684. <ul class="wp-block-list">
  1685. <li><strong>Asia</strong>: Receive CNY repo rates and long 5Y CGBs as China’s easing accelerates.</li>
  1686.  
  1687.  
  1688.  
  1689. <li><strong>Latin America</strong>: Focus on local currency debt in Brazil and Peru.</li>
  1690.  
  1691.  
  1692.  
  1693. <li><strong>EMEA</strong>: Selective exposure to South African and Turkish bonds.</li>
  1694. </ul>
  1695. </li>
  1696. </ul>
  1697.  
  1698.  
  1699.  
  1700. <h4 class="wp-block-heading"><strong>3. Equities</strong></h4>
  1701.  
  1702.  
  1703.  
  1704. <ul class="wp-block-list">
  1705. <li><strong>Regional Insights</strong>:
  1706. <ul class="wp-block-list">
  1707. <li>Asia: Weaker growth momentum in North Asia; India and Indonesia lead on domestic resilience.</li>
  1708.  
  1709.  
  1710.  
  1711. <li>LatAm: Brazil favored for structural reforms and commodity exposure.</li>
  1712.  
  1713.  
  1714.  
  1715. <li>EMEA: Cautious on CE4 equities due to geopolitical risks but opportunities in South Africa.</li>
  1716. </ul>
  1717. </li>
  1718. </ul>
  1719.  
  1720.  
  1721.  
  1722. <h4 class="wp-block-heading"><strong>4. Commodities</strong></h4>
  1723.  
  1724.  
  1725.  
  1726. <ul class="wp-block-list">
  1727. <li><strong>Oil and Metals</strong>:
  1728. <ul class="wp-block-list">
  1729. <li>Softer oil prices benefit commodity importers in Asia, while metal exporters in LatAm stand to gain from China’s stimulus measures.</li>
  1730. </ul>
  1731. </li>
  1732.  
  1733.  
  1734.  
  1735. <li><strong>Gold</strong>:
  1736. <ul class="wp-block-list">
  1737. <li>Retains appeal as a hedge against inflation and geopolitical instability.</li>
  1738. </ul>
  1739. </li>
  1740. </ul>
  1741.  
  1742.  
  1743.  
  1744. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1745.  
  1746.  
  1747.  
  1748. <h3 class="wp-block-heading"><strong>Strategic Recommendations</strong></h3>
  1749.  
  1750.  
  1751.  
  1752. <ol class="wp-block-list">
  1753. <li><strong>Geographic Diversification</strong>:
  1754. <ul class="wp-block-list">
  1755. <li>Prioritize resilient economies like India, Indonesia, and Brazil.</li>
  1756.  
  1757.  
  1758.  
  1759. <li>Reduce exposure to trade-sensitive markets like Mexico and Korea.</li>
  1760. </ul>
  1761. </li>
  1762.  
  1763.  
  1764.  
  1765. <li><strong>Focus on High-Yielders</strong>:
  1766. <ul class="wp-block-list">
  1767. <li>Leverage carry opportunities in Asia (INR, IDR) and LatAm (BRL).</li>
  1768. </ul>
  1769. </li>
  1770.  
  1771.  
  1772.  
  1773. <li><strong>Hedge Against Geopolitical Risks</strong>:
  1774. <ul class="wp-block-list">
  1775. <li>Use gold and U.S. Treasuries as stabilizers within portfolios.</li>
  1776. </ul>
  1777. </li>
  1778.  
  1779.  
  1780.  
  1781. <li><strong>Sectoral Allocation</strong>:
  1782. <ul class="wp-block-list">
  1783. <li>Emphasize structural themes like sustainability and regional infrastructure development.</li>
  1784. </ul>
  1785. </li>
  1786. </ol>
  1787.  
  1788.  
  1789.  
  1790. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1791.  
  1792.  
  1793.  
  1794. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  1795.  
  1796.  
  1797.  
  1798. <p>The <em>Emerging Markets 2025 Outlook</em> highlights a year of cautious optimism. While headwinds from tariffs, geopolitical tensions, and inflation risks persist, selective opportunities exist across high-yield currencies, local debt, and resilient equity markets. Strategic diversification and active management remain crucial to navigate this evolving landscape.</p><p>The post <a href="https://arfa.capital/markets/markets-strategy/credit-agricole-cib-emerging-markets-2025-outlook-navigating-headwinds/">Crédit Agricole CIB Emerging Markets 2025 Outlook – Navigating Headwinds</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  1801. <slash:comments>0</slash:comments>
  1804. <post-id xmlns="com-wordpress:feed-additions:1">2937</post-id> </item>
  1805. <item>
  1806. <title>Goldman Sachs Global Markets Outlook 2025 – Trading Tails and Tailwinds</title>
  1807. <link>https://arfa.capital/markets/markets-strategy/goldman-sachs-global-markets-outlook-2025-trading-tails-and-tailwinds/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=goldman-sachs-global-markets-outlook-2025-trading-tails-and-tailwinds</link>
  1808. <comments>https://arfa.capital/markets/markets-strategy/goldman-sachs-global-markets-outlook-2025-trading-tails-and-tailwinds/#respond</comments>
  1810. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  1811. <pubDate>Tue, 07 Jan 2025 07:54:23 +0000</pubDate>
  1812. <category><![CDATA[Markets Strategy]]></category>
  1813. <category><![CDATA[Goldman Sachs]]></category>
  1814. <guid isPermaLink="false">https://arfa.capital/markets/?p=2933</guid>
  1815.  
  1816. <description><![CDATA[<p>Goldman Sachs&#8217; Global Markets Outlook 2025 identifies a year of transition, with U.S. policy shifts, geopolitical tensions, and&#8230;</p>
  1817. <p>The post <a href="https://arfa.capital/markets/markets-strategy/goldman-sachs-global-markets-outlook-2025-trading-tails-and-tailwinds/">Goldman Sachs Global Markets Outlook 2025 – Trading Tails and Tailwinds</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  1818. <content:encoded><![CDATA[<p>Goldman Sachs&#8217; <em>Global Markets Outlook 2025</em> identifies a year of transition, with U.S. policy shifts, geopolitical tensions, and inflation risks dominating the global narrative. The report highlights ten key investment themes to guide portfolio strategies, emphasizing the balance between tail risks and tailwinds as markets adjust to a post-election environment and evolving economic landscapes.</p>
  1819.  
  1820.  
  1821.  
  1822. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1823.  
  1824.  
  1825.  
  1826. <h3 class="wp-block-heading"><strong>Key Investment Themes for 2025</strong></h3>
  1827.  
  1828.  
  1829.  
  1830. <h4 class="wp-block-heading"><strong>1. Wider Distributions After the Soft Landing</strong></h4>
  1831.  
  1832.  
  1833.  
  1834. <ul class="wp-block-list">
  1835. <li><strong>Base Case</strong>: Solid U.S. growth, cooling inflation, and favorable monetary policies support higher equities, stronger USD, and moderate rate cuts.</li>
  1836.  
  1837.  
  1838.  
  1839. <li><strong>Tail Risks</strong>:
  1840. <ul class="wp-block-list">
  1841. <li>Upside: Tariff limitations and stronger-than-expected productivity gains.</li>
  1842.  
  1843.  
  1844.  
  1845. <li>Downside: Inflation resurgence or broader trade conflicts.</li>
  1846. </ul>
  1847. </li>
  1848. </ul>
  1849.  
  1850.  
  1851.  
  1852. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1853.  
  1854.  
  1855.  
  1856. <h4 class="wp-block-heading"><strong>2. Tariff Risks</strong></h4>
  1857.  
  1858.  
  1859.  
  1860. <ul class="wp-block-list">
  1861. <li><strong>China Tariffs</strong>: New 20% tariffs expected in early 2025 with moderate impacts due to reduced U.S.-China trade dependence.</li>
  1862.  
  1863.  
  1864.  
  1865. <li><strong>Global Spillovers</strong>:
  1866. <ul class="wp-block-list">
  1867. <li>Broader tariffs on Europe or Mexico could significantly disrupt global trading arrangements, pushing inflation up by 1% in the U.S. and tightening financial conditions globally.</li>
  1868. </ul>
  1869. </li>
  1870. </ul>
  1871.  
  1872.  
  1873.  
  1874. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1875.  
  1876.  
  1877.  
  1878. <h4 class="wp-block-heading"><strong>3. Fiscal Risks and Terminal Rates</strong></h4>
  1879.  
  1880.  
  1881.  
  1882. <ul class="wp-block-list">
  1883. <li><strong>U.S. Fiscal Expansion</strong>: Tax cuts and increased defense spending push U.S. rates higher, while easing immigration adds to inflationary pressures.</li>
  1884.  
  1885.  
  1886.  
  1887. <li><strong>Global Divergences</strong>: Higher terminal rates anticipated in Japan and EMs due to fiscal stimulus and policy realignments.</li>
  1888. </ul>
  1889.  
  1890.  
  1891.  
  1892. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1893.  
  1894.  
  1895.  
  1896. <h4 class="wp-block-heading"><strong>4. Dollar Strength</strong></h4>
  1897.  
  1898.  
  1899.  
  1900. <ul class="wp-block-list">
  1901. <li><strong>Divergence Theme</strong>: The U.S. outpaces DM peers in growth, supported by fiscal policies and tariffs.</li>
  1902.  
  1903.  
  1904.  
  1905. <li><strong>Risks to USD Dominance</strong>: Broad-based trade conflicts or synchronized global fiscal responses could challenge USD strength.</li>
  1906. </ul>
  1907.  
  1908.  
  1909.  
  1910. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1911.  
  1912.  
  1913.  
  1914. <h4 class="wp-block-heading"><strong>5. China&#8217;s Resilience Amid Challenges</strong></h4>
  1915.  
  1916.  
  1917.  
  1918. <ul class="wp-block-list">
  1919. <li><strong>Policy Response</strong>: Fiscal measures (raising deficit to 3.6% of GDP) and local government debt resolution aim to stabilize growth.</li>
  1920.  
  1921.  
  1922.  
  1923. <li><strong>Geopolitical Risks</strong>: Tariffs and domestic restructuring remain key hurdles, though domestic demand transitions provide longer-term support.</li>
  1924. </ul>
  1925.  
  1926.  
  1927.  
  1928. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1929.  
  1930.  
  1931.  
  1932. <h4 class="wp-block-heading"><strong>6. Europe and Emerging Markets (EMs)</strong></h4>
  1933.  
  1934.  
  1935.  
  1936. <ul class="wp-block-list">
  1937. <li><strong>Europe</strong>: Sluggish growth exacerbated by trade tensions, with ECB deepening rate cuts.</li>
  1938.  
  1939.  
  1940.  
  1941. <li><strong>EMs</strong>:
  1942. <ul class="wp-block-list">
  1943. <li>Focus on resilient markets (e.g., India, select CEE economies).</li>
  1944.  
  1945.  
  1946.  
  1947. <li>Risks from a stronger USD and U.S. tariffs linger.</li>
  1948. </ul>
  1949. </li>
  1950. </ul>
  1951.  
  1952.  
  1953.  
  1954. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1955.  
  1956.  
  1957.  
  1958. <h4 class="wp-block-heading"><strong>7. Energy and Commodities</strong></h4>
  1959.  
  1960.  
  1961.  
  1962. <ul class="wp-block-list">
  1963. <li><strong>Oil</strong>: Brent crude expected to remain range-bound ($70–$85/bbl) with upside from geopolitical disruptions and downside from increased supply.</li>
  1964.  
  1965.  
  1966.  
  1967. <li><strong>Gold</strong>: Positioned as a hedge against inflation and geopolitical risks.</li>
  1968. </ul>
  1969.  
  1970.  
  1971.  
  1972. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1973.  
  1974.  
  1975.  
  1976. <h4 class="wp-block-heading"><strong>8. Inflation and Growth Shocks</strong></h4>
  1977.  
  1978.  
  1979.  
  1980. <ul class="wp-block-list">
  1981. <li><strong>Inflation Normalization</strong>:
  1982. <ul class="wp-block-list">
  1983. <li>Baseline: Inflation eases, allowing central banks to focus on growth.</li>
  1984.  
  1985.  
  1986.  
  1987. <li>Risks: Trade wars could increase U.S. core inflation to 3%, while a favorable oil supply backdrop aids disinflation.</li>
  1988. </ul>
  1989. </li>
  1990. </ul>
  1991.  
  1992.  
  1993.  
  1994. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  1995.  
  1996.  
  1997.  
  1998. <h4 class="wp-block-heading"><strong>9. Valuation Challenges</strong></h4>
  1999.  
  2000.  
  2001.  
  2002. <ul class="wp-block-list">
  2003. <li><strong>U.S. Equities</strong>: Historically high valuations suggest potential downside if growth slows.</li>
  2004.  
  2005.  
  2006.  
  2007. <li><strong>Credit Markets</strong>: Tight spreads offer limited upside, but high yields provide resilience.</li>
  2008. </ul>
  2009.  
  2010.  
  2011.  
  2012. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2013.  
  2014.  
  2015.  
  2016. <h4 class="wp-block-heading"><strong>10. Diversification and Hedges</strong></h4>
  2017.  
  2018.  
  2019.  
  2020. <ul class="wp-block-list">
  2021. <li><strong>Portfolio Strategies</strong>:
  2022. <ul class="wp-block-list">
  2023. <li>Emphasize U.S. equities with hedges against downside risks using options.</li>
  2024.  
  2025.  
  2026.  
  2027. <li>Long positions in USD and commodities like gold and oil enhance portfolio resilience.</li>
  2028. </ul>
  2029. </li>
  2030.  
  2031.  
  2032.  
  2033. <li><strong>Non-U.S. Opportunities</strong>: Select EM equities and bonds may benefit if U.S. policies are less aggressive than anticipated.</li>
  2034. </ul>
  2035.  
  2036.  
  2037.  
  2038. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2039.  
  2040.  
  2041.  
  2042. <h3 class="wp-block-heading"><strong>Strategic Recommendations</strong></h3>
  2043.  
  2044.  
  2045.  
  2046. <ol class="wp-block-list">
  2047. <li><strong>Equities</strong>:
  2048. <ul class="wp-block-list">
  2049. <li>Maintain overweight positions in U.S. equities, especially mid-cap and value stocks.</li>
  2050.  
  2051.  
  2052.  
  2053. <li>Diversify globally, focusing on non-U.S. opportunities with hedges for geopolitical risks.</li>
  2054. </ul>
  2055. </li>
  2056.  
  2057.  
  2058.  
  2059. <li><strong>Fixed Income</strong>:
  2060. <ul class="wp-block-list">
  2061. <li>Allocate to U.S. Treasuries, TIPS, and Bunds for diversification.</li>
  2062.  
  2063.  
  2064.  
  2065. <li>Favor short-duration bonds and select EM debt for yield opportunities.</li>
  2066. </ul>
  2067. </li>
  2068.  
  2069.  
  2070.  
  2071. <li><strong>Commodities</strong>:
  2072. <ul class="wp-block-list">
  2073. <li>Maintain exposure to oil and gold as hedges against inflation and geopolitical uncertainties.</li>
  2074. </ul>
  2075. </li>
  2076.  
  2077.  
  2078.  
  2079. <li><strong>Currency Positions</strong>:
  2080. <ul class="wp-block-list">
  2081. <li>Long USD against EUR, CAD, and EM currencies to capture strength from divergent growth trends.</li>
  2082. </ul>
  2083. </li>
  2084. </ol>
  2085.  
  2086.  
  2087.  
  2088. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2089.  
  2090.  
  2091.  
  2092. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  2093.  
  2094.  
  2095.  
  2096. <p>Goldman Sachs&#8217; 2025 outlook underscores a pivotal year for global markets, balancing opportunities in U.S. equities and commodities with risks from inflation, geopolitical tensions, and tariff shocks. Active portfolio management, diversification, and strategic hedging will be crucial in navigating the complexities of the year ahead.</p>
  2097.  
  2098.  
  2099.  
  2100. <div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://arfa.capital/markets/wp-content/uploads/2025/01/Goldman-Sachs-Global-Markets-Outlook-2025.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of Goldman Sachs - Global Markets Outlook 2025."></object><a id="wp-block-file--media-0e89231d-cc3d-43fa-98e3-6ecfe81f808f" href="https://arfa.capital/markets/wp-content/uploads/2025/01/Goldman-Sachs-Global-Markets-Outlook-2025.pdf">Goldman Sachs &#8211; Global Markets Outlook 2025</a><a href="https://arfa.capital/markets/wp-content/uploads/2025/01/Goldman-Sachs-Global-Markets-Outlook-2025.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-0e89231d-cc3d-43fa-98e3-6ecfe81f808f">Download</a></div><p>The post <a href="https://arfa.capital/markets/markets-strategy/goldman-sachs-global-markets-outlook-2025-trading-tails-and-tailwinds/">Goldman Sachs Global Markets Outlook 2025 – Trading Tails and Tailwinds</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  2107. <item>
  2108. <title>Barclays Outlook 2025 – Time to Deliver</title>
  2109. <link>https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=barclays-outlook-2025-time-to-deliver</link>
  2110. <comments>https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/#respond</comments>
  2112. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  2113. <pubDate>Tue, 24 Dec 2024 11:41:19 +0000</pubDate>
  2114. <category><![CDATA[Markets Strategy]]></category>
  2115. <category><![CDATA[Barclays]]></category>
  2116. <guid isPermaLink="false">https://arfa.capital/markets/?p=2925</guid>
  2117.  
  2118. <description><![CDATA[<p>Barclays&#8217; Outlook 2025 focuses on a year of transition, as global economies navigate the complexities of post-pandemic recovery,&#8230;</p>
  2119. <p>The post <a href="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/">Barclays Outlook 2025 – Time to Deliver</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  2120. <content:encoded><![CDATA[<p>Barclays&#8217; <em>Outlook 2025</em> focuses on a year of transition, as global economies navigate the complexities of post-pandemic recovery, geopolitical uncertainties, and accelerating technological disruptions. Key themes include adapting to economic realignment, harnessing opportunities in AI and sustainable investing, and managing risks from geopolitical tensions and inflation.</p>
  2121.  
  2122.  
  2123.  
  2124. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2125.  
  2126.  
  2127.  
  2128. <h3 class="wp-block-heading"><strong>Key Themes and Economic Insights</strong></h3>
  2129.  
  2130.  
  2131.  
  2132. <h4 class="wp-block-heading"><strong>1. Global Macro Overview</strong></h4>
  2133.  
  2134.  
  2135.  
  2136. <ul class="wp-block-list">
  2137. <li><strong>United States</strong>:
  2138. <ul class="wp-block-list">
  2139. <li>GDP growth is projected at <strong>2.1%</strong> for 2025, supported by fiscal stimulus and rate cuts, but headwinds include waning consumer strength and tariff uncertainties.</li>
  2140.  
  2141.  
  2142.  
  2143. <li>Inflation is forecast at <strong>2.3%</strong>, with the Federal Reserve likely cutting rates further.</li>
  2144. </ul>
  2145. </li>
  2146.  
  2147.  
  2148.  
  2149. <li><strong>Eurozone</strong>:
  2150. <ul class="wp-block-list">
  2151. <li>Growth remains subdued at <strong>0.7%</strong>, with recovery led by Spain, while Germany and France face challenges due to sluggish manufacturing and political instability.</li>
  2152.  
  2153.  
  2154.  
  2155. <li>The ECB is expected to continue rate cuts, with inflation dropping below <strong>2%</strong>.</li>
  2156. </ul>
  2157. </li>
  2158.  
  2159.  
  2160.  
  2161. <li><strong>China</strong>:
  2162. <ul class="wp-block-list">
  2163. <li>Growth slows to <strong>4%</strong> amid demographic headwinds and a troubled property market. Stimulus measures focus on recapitalizing banks and supporting local governments.</li>
  2164.  
  2165.  
  2166.  
  2167. <li>Trade tensions with the U.S. and demographic pressures further complicate the outlook.</li>
  2168. </ul>
  2169. </li>
  2170.  
  2171.  
  2172.  
  2173. <li><strong>United Kingdom</strong>:
  2174. <ul class="wp-block-list">
  2175. <li>GDP growth estimated at <strong>1.2%</strong>, as inflation recedes. Fiscal pressures and higher unemployment remain concerns, though gilt markets and export-driven equities offer investment opportunities.</li>
  2176. </ul>
  2177. </li>
  2178. </ul>
  2179.  
  2180.  
  2181.  
  2182. <figure class="wp-block-image size-large"><img data-recalc-dims="1" fetchpriority="high" decoding="async" width="1024" height="786" data-attachment-id="2927" data-permalink="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/attachment/image-112/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?fit=1470%2C1128&amp;ssl=1" data-orig-size="1470,1128" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?fit=300%2C230&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?fit=1024%2C786&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=1024%2C786&#038;ssl=1" alt="" class="wp-image-2927" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=1024%2C786&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=300%2C230&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=768%2C589&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=332%2C255&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=664%2C510&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=688%2C528&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=1044%2C801&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?resize=1400%2C1074&amp;ssl=1 1400w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-43.png?w=1470&amp;ssl=1 1470w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2183.  
  2184.  
  2185.  
  2186. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2187.  
  2188.  
  2189.  
  2190. <h4 class="wp-block-heading"><strong>2. Equities</strong></h4>
  2191.  
  2192.  
  2193.  
  2194. <ul class="wp-block-list">
  2195. <li><strong>Broad Market Trends</strong>:
  2196. <ul class="wp-block-list">
  2197. <li>Equity markets have been buoyed by strong performance in AI and mega-cap tech stocks but face valuation challenges.</li>
  2198.  
  2199.  
  2200.  
  2201. <li>Sectors such as utilities, consumer staples, and healthcare present defensive opportunities.</li>
  2202. </ul>
  2203. </li>
  2204.  
  2205.  
  2206.  
  2207. <li><strong>Regional Insights</strong>:
  2208. <ul class="wp-block-list">
  2209. <li>U.S. equities expected to deliver moderate returns as earnings growth replaces multiple expansion.</li>
  2210.  
  2211.  
  2212.  
  2213. <li>European equities offer select opportunities despite overall weaker growth.</li>
  2214. </ul>
  2215. </li>
  2216.  
  2217.  
  2218.  
  2219. <li><strong>Thematic Investing</strong>:
  2220. <ul class="wp-block-list">
  2221. <li>AI and automation drive investment narratives, though concerns about sustainability, energy use, and broader economic impact persist.</li>
  2222. </ul>
  2223. </li>
  2224. </ul>
  2225.  
  2226.  
  2227.  
  2228. <figure class="wp-block-image size-large"><img data-recalc-dims="1" decoding="async" width="1024" height="743" data-attachment-id="2929" data-permalink="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/attachment/image-114/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?fit=1433%2C1040&amp;ssl=1" data-orig-size="1433,1040" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?fit=300%2C218&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?fit=1024%2C743&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=1024%2C743&#038;ssl=1" alt="" class="wp-image-2929" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=1024%2C743&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=300%2C218&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=768%2C557&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=332%2C241&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=664%2C482&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=688%2C499&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=1044%2C758&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?resize=1400%2C1016&amp;ssl=1 1400w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-45.png?w=1433&amp;ssl=1 1433w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2229.  
  2230.  
  2231.  
  2232. <figure class="wp-block-image size-large"><img data-recalc-dims="1" decoding="async" width="1024" height="807" data-attachment-id="2928" data-permalink="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/attachment/image-113/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?fit=1422%2C1121&amp;ssl=1" data-orig-size="1422,1121" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?fit=300%2C236&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?fit=1024%2C807&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=1024%2C807&#038;ssl=1" alt="" class="wp-image-2928" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=1024%2C807&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=300%2C236&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=768%2C605&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=332%2C262&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=664%2C523&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=688%2C542&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=1044%2C823&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?resize=1400%2C1104&amp;ssl=1 1400w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-44.png?w=1422&amp;ssl=1 1422w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2233.  
  2234.  
  2235.  
  2236. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2237.  
  2238.  
  2239.  
  2240. <h4 class="wp-block-heading"><strong>3. Fixed Income</strong></h4>
  2241.  
  2242.  
  2243.  
  2244. <ul class="wp-block-list">
  2245. <li><strong>Yield Dynamics</strong>:
  2246. <ul class="wp-block-list">
  2247. <li>Global yields are likely past their peak, with divergence expected as U.S. growth remains robust while Europe and the UK face weaker growth.</li>
  2248.  
  2249.  
  2250.  
  2251. <li>Tight credit spreads suggest limited upside, making securitized credit and BB-rated bonds attractive for carry opportunities.</li>
  2252. </ul>
  2253. </li>
  2254.  
  2255.  
  2256.  
  2257. <li><strong>Emerging Market Debt</strong>:
  2258. <ul class="wp-block-list">
  2259. <li>Emerging markets present opportunities for diversification, though China’s property market issues pose default risks in Asia.</li>
  2260. </ul>
  2261. </li>
  2262. </ul>
  2263.  
  2264.  
  2265.  
  2266. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2267.  
  2268.  
  2269.  
  2270. <h4 class="wp-block-heading"><strong>4. Artificial Intelligence</strong></h4>
  2271.  
  2272.  
  2273.  
  2274. <ul class="wp-block-list">
  2275. <li><strong>Productivity vs. Constraints</strong>:
  2276. <ul class="wp-block-list">
  2277. <li>While AI adoption accelerates, challenges such as energy demands, training costs, and societal integration slow progress.</li>
  2278.  
  2279.  
  2280.  
  2281. <li>Estimates for AI-driven GDP growth range from modest (1.1%) to transformative (100%) over the next decade, depending on scalability and adoption.</li>
  2282. </ul>
  2283. </li>
  2284.  
  2285.  
  2286.  
  2287. <li><strong>Sectoral Impact</strong>:
  2288. <ul class="wp-block-list">
  2289. <li>AI’s implementation is uneven across industries, with healthcare and finance requiring stringent oversight due to data sensitivity and accuracy concerns.</li>
  2290. </ul>
  2291. </li>
  2292. </ul>
  2293.  
  2294.  
  2295.  
  2296. <figure class="wp-block-image size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="1024" height="735" data-attachment-id="2930" data-permalink="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/attachment/image-115/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?fit=1451%2C1042&amp;ssl=1" data-orig-size="1451,1042" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?fit=300%2C215&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?fit=1024%2C735&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=1024%2C735&#038;ssl=1" alt="" class="wp-image-2930" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=1024%2C735&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=300%2C215&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=768%2C552&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=332%2C238&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=664%2C477&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=688%2C494&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=1044%2C750&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?resize=1400%2C1005&amp;ssl=1 1400w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-46.png?w=1451&amp;ssl=1 1451w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2297.  
  2298.  
  2299.  
  2300. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2301.  
  2302.  
  2303.  
  2304. <h4 class="wp-block-heading"><strong>5. ESG and Sustainable Investing</strong></h4>
  2305.  
  2306.  
  2307.  
  2308. <ul class="wp-block-list">
  2309. <li><strong>Key ESG Factors for 2025</strong>:
  2310. <ul class="wp-block-list">
  2311. <li>Environmental: Biodiversity, carbon emissions, and water management take center stage as regulatory and investor focus intensifies.</li>
  2312.  
  2313.  
  2314.  
  2315. <li>Social: Human capital development, labor management, and data privacy are critical for sustainable growth.</li>
  2316.  
  2317.  
  2318.  
  2319. <li>Governance: Corporate transparency, anti-corruption measures, and board diversity remain vital.</li>
  2320. </ul>
  2321. </li>
  2322.  
  2323.  
  2324.  
  2325. <li><strong>Nature and Biodiversity</strong>:
  2326. <ul class="wp-block-list">
  2327. <li>With $700 billion annual funding gaps for biodiversity preservation, companies face financial risks from reliance on ecosystems.</li>
  2328. </ul>
  2329. </li>
  2330. </ul>
  2331.  
  2332.  
  2333.  
  2334. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2335.  
  2336.  
  2337.  
  2338. <h3 class="wp-block-heading"><strong>Investment Strategies</strong></h3>
  2339.  
  2340.  
  2341.  
  2342. <ol class="wp-block-list">
  2343. <li><strong>Equity Markets</strong>:
  2344. <ul class="wp-block-list">
  2345. <li>Focus on high-quality, resilient stocks with strong fundamentals and reasonable valuations.</li>
  2346.  
  2347.  
  2348.  
  2349. <li>Defensive sectors such as utilities and consumer staples are favored, with selective exposure to value cyclicals.</li>
  2350. </ul>
  2351. </li>
  2352.  
  2353.  
  2354.  
  2355. <li><strong>Fixed Income</strong>:
  2356. <ul class="wp-block-list">
  2357. <li>Prioritize securitized credit and short-dated BB-rated bonds for higher carry yields.</li>
  2358.  
  2359.  
  2360.  
  2361. <li>Diversify with emerging market debt, emphasizing issuer selection to manage risks.</li>
  2362. </ul>
  2363. </li>
  2364.  
  2365.  
  2366.  
  2367. <li><strong>AI Opportunities</strong>:
  2368. <ul class="wp-block-list">
  2369. <li>Invest in task-specific AI applications in areas with clear productivity gains rather than speculative frontier models.</li>
  2370. </ul>
  2371. </li>
  2372.  
  2373.  
  2374.  
  2375. <li><strong>Sustainability</strong>:
  2376. <ul class="wp-block-list">
  2377. <li>Align portfolios with ESG principles, emphasizing climate resilience and biodiversity-focused investments.</li>
  2378. </ul>
  2379. </li>
  2380. </ol>
  2381.  
  2382.  
  2383.  
  2384. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2385.  
  2386.  
  2387.  
  2388. <h3 class="wp-block-heading"><strong>Conclusion</strong></h3>
  2389.  
  2390.  
  2391.  
  2392. <p>Barclays&#8217; <em>Outlook 2025</em> emphasizes a selective, diversified approach to navigate a complex global environment. By balancing pro-growth opportunities with defensive strategies, investors can capture growth while mitigating risks. AI, sustainability, and emerging market dynamics present long-term opportunities for forward-looking portfolios.</p><p>The post <a href="https://arfa.capital/markets/markets-strategy/barclays-outlook-2025-time-to-deliver/">Barclays Outlook 2025 – Time to Deliver</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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  2395. <slash:comments>0</slash:comments>
  2398. <post-id xmlns="com-wordpress:feed-additions:1">2925</post-id> </item>
  2399. <item>
  2400. <title>Schroders&#8217; Outlook 2025: Equities &#038; Fixed Income</title>
  2401. <link>https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=schroders-outlook-2025-equities-fixed-income</link>
  2402. <comments>https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/#respond</comments>
  2404. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  2405. <pubDate>Tue, 24 Dec 2024 11:33:35 +0000</pubDate>
  2406. <category><![CDATA[Markets Strategy]]></category>
  2407. <category><![CDATA[Schroders]]></category>
  2408. <guid isPermaLink="false">https://arfa.capital/markets/?p=2920</guid>
  2409.  
  2410. <description><![CDATA[<p>Schroders&#8217; Outlook 2025: Equities report provides a comprehensive analysis of the global equity landscape, highlighting key sectors, countries,&#8230;</p>
  2411. <p>The post <a href="https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/">Schroders’ Outlook 2025: Equities & Fixed Income</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  2412. <content:encoded><![CDATA[<p>Schroders&#8217; <em>Outlook 2025: Equities</em> report provides a comprehensive analysis of the global equity landscape, highlighting key sectors, countries, and themes poised to influence investment strategies in the coming year.</p>
  2413.  
  2414.  
  2415.  
  2416. <p><strong>Global Equities Perspective</strong></p>
  2417.  
  2418.  
  2419.  
  2420. <p>The report notes that, as of November 2024, the S&amp;P 500 has risen by 25% in USD terms, and the MSCI All-Country World Index has increased by 18%, despite geopolitical tensions and political turmoil. This growth is attributed to strong earnings, particularly in the U.S., and investor optimism for 2025.</p>
  2421.  
  2422.  
  2423.  
  2424. <figure class="wp-block-image size-full"><img data-recalc-dims="1" loading="lazy" decoding="async" width="770" height="492" data-attachment-id="2923" data-permalink="https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/attachment/image-111/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?fit=770%2C492&amp;ssl=1" data-orig-size="770,492" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?fit=300%2C192&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?fit=770%2C492&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=770%2C492&#038;ssl=1" alt="" class="wp-image-2923" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?w=770&amp;ssl=1 770w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=300%2C192&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=768%2C491&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=332%2C212&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=664%2C424&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-42.png?resize=688%2C440&amp;ssl=1 688w" sizes="(max-width: 770px) 100vw, 770px" /></figure>
  2425.  
  2426.  
  2427.  
  2428. <p><strong>Technology Sector Dominance</strong></p>
  2429.  
  2430.  
  2431.  
  2432. <p>A significant portion of market gains has been driven by &#8220;Mega-Tech&#8221; stocks—Meta, Alphabet, Microsoft, Nvidia, Amazon, and Apple—linked to artificial intelligence (AI). Nvidia, for instance, has seen its shares surge over 600% since the launch of ChatGPT in November 2022. However, the substantial capital expenditure in AI by major tech companies raises questions about the sustainability of their dominance, especially if revenue growth does not keep pace with investments.</p>
  2433.  
  2434.  
  2435.  
  2436. <p><strong>Valuation Concerns</strong></p>
  2437.  
  2438.  
  2439.  
  2440. <p>Global equities are currently expensive, with U.S. markets appearing particularly overvalued. Despite this, valuations may remain supported in the short term due to declining global inflation and anticipated interest rate cuts by central banks, which historically bolster equity markets. Consensus earnings estimates project 8-12% average growth annually over the next two years across key global regions.</p>
  2441.  
  2442.  
  2443.  
  2444. <p><strong>Potential Impact of U.S. Policies</strong></p>
  2445.  
  2446.  
  2447.  
  2448. <p>The re-election of Donald Trump introduces uncertainties, particularly regarding proposed tariffs on imports, which could act as a regressive tax on U.S. consumers and potentially elevate inflation. Such policies may have significant implications for both the U.S. and global economies.</p>
  2449.  
  2450.  
  2451.  
  2452. <p><strong>Australian Equities Outlook</strong></p>
  2453.  
  2454.  
  2455.  
  2456. <p>In the Australian context, equity markets have been buoyed by increased money supply, supporting asset prices but not necessarily improving living standards. There is a notable disconnect between company fundamentals and valuations, with sectors like financials and technology experiencing substantial gains, while materials, energy, and consumer staples remain undervalued. This disparity suggests that company valuations are heavily influenced by market sentiment and news, making the timing of a potential return to fundamentals unpredictable.</p>
  2457.  
  2458.  
  2459.  
  2460. <p><strong>Investment Implications</strong></p>
  2461.  
  2462.  
  2463.  
  2464. <p>Investors should be cognizant of the elevated valuations and the potential for market corrections, especially in sectors with significant capital expenditures like technology. Diversification across sectors and geographies, along with a focus on fundamental value, may be prudent strategies in navigating the 2025 equity landscape.</p>
  2465.  
  2466.  
  2467.  
  2468. <h2 class="wp-block-heading">Fixed income</h2>
  2469.  
  2470.  
  2471.  
  2472. <p>Schroders&#8217; <em>Outlook 2025: Fixed Income</em> report provides an in-depth analysis of the fixed income landscape, highlighting key factors influencing bond markets and offering strategic insights for investors.</p>
  2473.  
  2474.  
  2475.  
  2476. <p><strong>Global Economic Context</strong></p>
  2477.  
  2478.  
  2479.  
  2480. <p>As we enter 2025, the global economy is influenced by several factors:</p>
  2481.  
  2482.  
  2483.  
  2484. <ul class="wp-block-list">
  2485. <li><strong>US Economic Policies</strong>: The incoming US administration&#8217;s agenda, including stricter immigration controls, relaxed fiscal policies, deregulation, and tariffs on international goods, introduces uncertainties that may impact inflation and economic growth.</li>
  2486.  
  2487.  
  2488.  
  2489. <li><strong>Monetary Policy Shifts</strong>: Central banks are adjusting policy rates, with the Federal Reserve&#8217;s recent rate cuts leading to realignment in bond yields. This environment presents opportunities for fixed income investments, offering attractive income levels not seen since the 2008 financial crisis.</li>
  2490. </ul>
  2491.  
  2492.  
  2493.  
  2494. <figure class="wp-block-image size-full"><img data-recalc-dims="1" loading="lazy" decoding="async" width="770" height="513" data-attachment-id="2922" data-permalink="https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/attachment/image-110/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?fit=770%2C513&amp;ssl=1" data-orig-size="770,513" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?fit=300%2C200&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?fit=770%2C513&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=770%2C513&#038;ssl=1" alt="" class="wp-image-2922" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?w=770&amp;ssl=1 770w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=300%2C200&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=768%2C512&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=332%2C221&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=664%2C442&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-41.png?resize=688%2C458&amp;ssl=1 688w" sizes="(max-width: 770px) 100vw, 770px" /></figure>
  2495.  
  2496.  
  2497.  
  2498. <p><strong>Fixed Income Market Dynamics</strong></p>
  2499.  
  2500.  
  2501.  
  2502. <ul class="wp-block-list">
  2503. <li><strong>US Treasury Yields</strong>: Ten-year US Treasury nominal yields are expected to remain above 4%, with real yields (adjusted for inflation) exceeding 2%, providing compelling income opportunities for investors.</li>
  2504.  
  2505.  
  2506.  
  2507. <li><strong>Credit Markets</strong>: Credit fundamentals are anticipated to stay robust in 2025. Elevated all-in yields and steeper yield curves should continue to attract inflows into credit markets. However, potential policy changes could introduce volatility in corporate bond spreads.</li>
  2508.  
  2509.  
  2510.  
  2511. <li><strong>Emerging Market Debt (EMD)</strong>: EMD has shown resilience despite challenges such as rising developed market government bond yields and geopolitical instabilities. Continued policy support in emerging markets is essential to maintain this resilience.</li>
  2512. </ul>
  2513.  
  2514.  
  2515.  
  2516. <p><strong>Investment Strategies</strong></p>
  2517.  
  2518.  
  2519.  
  2520. <ul class="wp-block-list">
  2521. <li><strong>Diversification</strong>: Increased geopolitical risks and economic uncertainties underscore the importance of diversification across geographies and asset classes to enhance portfolio resilience.</li>
  2522.  
  2523.  
  2524.  
  2525. <li><strong>High-Quality Assets</strong>: Focusing on high-quality fixed income assets, such as investment-grade corporate bonds and short-dated securities, can provide stability and attractive income in a potentially volatile environment.</li>
  2526.  
  2527.  
  2528.  
  2529. <li><strong>Active Management</strong>: Given the dynamic nature of economic policies and market conditions, active management is crucial to navigate the fixed income landscape effectively, allowing for adjustments in response to policy shifts and market developments.</li>
  2530. </ul>
  2531.  
  2532.  
  2533.  
  2534. <p><strong>Conclusion</strong></p>
  2535.  
  2536.  
  2537.  
  2538. <p>Schroders&#8217; analysis suggests that, despite potential challenges posed by policy uncertainties and geopolitical risks, the fixed income market in 2025 offers attractive opportunities for income generation and portfolio diversification. Investors are advised to remain vigilant and adaptable, leveraging active management strategies to navigate the evolving landscape.</p><p>The post <a href="https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/">Schroders’ Outlook 2025: Equities & Fixed Income</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
  2540. <wfw:commentRss>https://arfa.capital/markets/markets-strategy/schroders-outlook-2025-equities-fixed-income/feed/</wfw:commentRss>
  2541. <slash:comments>0</slash:comments>
  2544. <post-id xmlns="com-wordpress:feed-additions:1">2920</post-id> </item>
  2545. <item>
  2546. <title>Amundi 2025 Investment Outlook – Bright Spots in a World of Anomalies</title>
  2547. <link>https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies</link>
  2548. <comments>https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/#respond</comments>
  2550. <dc:creator><![CDATA[ARFA Markets Team]]></dc:creator>
  2551. <pubDate>Tue, 24 Dec 2024 11:27:54 +0000</pubDate>
  2552. <category><![CDATA[Markets Strategy]]></category>
  2553. <category><![CDATA[Amundi]]></category>
  2554. <guid isPermaLink="false">https://arfa.capital/markets/?p=2914</guid>
  2555.  
  2556. <description><![CDATA[<p>Amundi’s 2025 Investment Outlook identifies a world reconfigured by anomalies such as geopolitical tensions, economic fragmentation, and evolving&#8230;</p>
  2557. <p>The post <a href="https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/">Amundi 2025 Investment Outlook – Bright Spots in a World of Anomalies</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></description>
  2558. <content:encoded><![CDATA[<p>Amundi’s <em>2025 Investment Outlook</em> identifies a world reconfigured by anomalies such as geopolitical tensions, economic fragmentation, and evolving market dynamics. Despite these challenges, the report emphasizes “bright spots” for investors to capitalize on, supported by resilient economic growth, monetary easing, and targeted opportunities in risk assets, private markets, and sustainability themes.</p>
  2559.  
  2560.  
  2561.  
  2562. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2563.  
  2564.  
  2565.  
  2566. <h3 class="wp-block-heading"><strong>Key Themes and Investment Convictions</strong></h3>
  2567.  
  2568.  
  2569.  
  2570. <h4 class="wp-block-heading"><strong>1. A Benign Global Economic Outlook</strong></h4>
  2571.  
  2572.  
  2573.  
  2574. <ul class="wp-block-list">
  2575. <li><strong>United States</strong>:
  2576. <ul class="wp-block-list">
  2577. <li>Economic moderation as inflation subsides and the Federal Reserve gradually cuts rates. GDP growth expected at ~1.7%.</li>
  2578.  
  2579.  
  2580.  
  2581. <li>Transition from fiscal stimulus to structural adjustments under Trump’s administration.</li>
  2582. </ul>
  2583. </li>
  2584.  
  2585.  
  2586.  
  2587. <li><strong>Europe</strong>:
  2588. <ul class="wp-block-list">
  2589. <li>Modest recovery driven by disinflation, rate cuts by the ECB, and green transition investments. Expected GDP growth ~1.0%.</li>
  2590.  
  2591.  
  2592.  
  2593. <li>Growth challenges persist due to geopolitical risks and productivity gaps.</li>
  2594. </ul>
  2595. </li>
  2596.  
  2597.  
  2598.  
  2599. <li><strong>Emerging Markets (EMs)</strong>:
  2600. <ul class="wp-block-list">
  2601. <li>Asia, led by India and Indonesia, continues to grow robustly, supported by regional trade ties and technological leadership.</li>
  2602.  
  2603.  
  2604.  
  2605. <li>China’s economy stabilizes with strategic fiscal and monetary policy adjustments.</li>
  2606. </ul>
  2607. </li>
  2608. </ul>
  2609.  
  2610.  
  2611.  
  2612. <figure class="wp-block-image size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="1024" height="482" data-attachment-id="2916" data-permalink="https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/attachment/image-108/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?fit=1065%2C501&amp;ssl=1" data-orig-size="1065,501" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?fit=300%2C141&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?fit=1024%2C482&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=1024%2C482&#038;ssl=1" alt="" class="wp-image-2916" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=1024%2C482&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=300%2C141&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=768%2C361&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=332%2C156&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=664%2C312&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=688%2C324&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?resize=1044%2C491&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-39.png?w=1065&amp;ssl=1 1065w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2613.  
  2614.  
  2615.  
  2616. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2617.  
  2618.  
  2619.  
  2620. <h4 class="wp-block-heading"><strong>2. Investment Opportunities in a Fragmented World</strong></h4>
  2621.  
  2622.  
  2623.  
  2624. <ul class="wp-block-list">
  2625. <li><strong>Risk Assets</strong>:
  2626. <ul class="wp-block-list">
  2627. <li>Pro-risk stance favors equities, investment-grade credit, and EM bonds.</li>
  2628.  
  2629.  
  2630.  
  2631. <li>High-yield bonds and leveraged loans offer attractive yields, particularly in a low-volatility environment.</li>
  2632. </ul>
  2633. </li>
  2634.  
  2635.  
  2636.  
  2637. <li><strong>Private Markets</strong>:
  2638. <ul class="wp-block-list">
  2639. <li>Infrastructure investments, driven by global energy transition needs, provide long-term growth and stability.</li>
  2640.  
  2641.  
  2642.  
  2643. <li>Private debt offers appealing income opportunities amid a low-interest-rate landscape.</li>
  2644. </ul>
  2645. </li>
  2646.  
  2647.  
  2648.  
  2649. <li><strong>Sectoral Focus</strong>:
  2650. <ul class="wp-block-list">
  2651. <li>Growth in artificial intelligence (AI), clean energy, healthcare, and manufacturing re-shoring.</li>
  2652.  
  2653.  
  2654.  
  2655. <li>Financials, communication services, and utilities stand out for their resilience and valuation attractiveness.</li>
  2656. </ul>
  2657. </li>
  2658. </ul>
  2659.  
  2660.  
  2661.  
  2662. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2663.  
  2664.  
  2665.  
  2666. <h4 class="wp-block-heading"><strong>3. Geopolitical Risks and Diversification</strong></h4>
  2667.  
  2668.  
  2669.  
  2670. <ul class="wp-block-list">
  2671. <li><strong>Geopolitical Tensions</strong>:
  2672. <ul class="wp-block-list">
  2673. <li>U.S.-China trade wars and strategic rivalries reshape global supply chains.</li>
  2674.  
  2675.  
  2676.  
  2677. <li>Potential peace talks in Ukraine and evolving alliances (e.g., BRICS) create uncertainties and opportunities.</li>
  2678. </ul>
  2679. </li>
  2680.  
  2681.  
  2682.  
  2683. <li><strong>Risk Mitigation</strong>:
  2684. <ul class="wp-block-list">
  2685. <li>Inflation-linked bonds, gold, and other safe-haven assets provide hedges against geopolitical and inflation risks.</li>
  2686.  
  2687.  
  2688.  
  2689. <li>Diversification across geographies and asset classes remains critical.</li>
  2690. </ul>
  2691. </li>
  2692. </ul>
  2693.  
  2694.  
  2695.  
  2696. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2697.  
  2698.  
  2699.  
  2700. <h4 class="wp-block-heading"><strong>4. The Role of Central Banks</strong></h4>
  2701.  
  2702.  
  2703.  
  2704. <ul class="wp-block-list">
  2705. <li><strong>Monetary Policy</strong>:
  2706. <ul class="wp-block-list">
  2707. <li>Global central banks, led by the Fed and ECB, are easing policy rates to support economic recovery.</li>
  2708.  
  2709.  
  2710.  
  2711. <li>Rates unlikely to return to pre-pandemic lows, requiring investors to adjust income expectations.</li>
  2712. </ul>
  2713. </li>
  2714.  
  2715.  
  2716.  
  2717. <li><strong>Fixed Income</strong>:
  2718. <ul class="wp-block-list">
  2719. <li>U.S. Treasuries and investment-grade credit offer attractive yields.</li>
  2720.  
  2721.  
  2722.  
  2723. <li>EM bonds benefit from dovish local central banks, with select opportunities in high-yield debt.</li>
  2724. </ul>
  2725. </li>
  2726. </ul>
  2727.  
  2728.  
  2729.  
  2730. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2731.  
  2732.  
  2733.  
  2734. <h4 class="wp-block-heading"><strong>5. Emerging Market Resilience</strong></h4>
  2735.  
  2736.  
  2737.  
  2738. <ul class="wp-block-list">
  2739. <li><strong>Asia’s Growth Drivers</strong>:
  2740. <ul class="wp-block-list">
  2741. <li>Intra-regional trade networks, such as RCEP, strengthen resilience across sectors like ICT, semiconductors, and agriculture.</li>
  2742.  
  2743.  
  2744.  
  2745. <li>India and Indonesia remain top picks, offering strong growth, favorable demographics, and policy support.</li>
  2746. </ul>
  2747. </li>
  2748.  
  2749.  
  2750.  
  2751. <li><strong>China’s Recovery</strong>:
  2752. <ul class="wp-block-list">
  2753. <li>Stabilization efforts focus on domestic demand and re-routing trade impacted by U.S. tariffs.</li>
  2754. </ul>
  2755. </li>
  2756. </ul>
  2757.  
  2758.  
  2759.  
  2760. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2761.  
  2762.  
  2763.  
  2764. <h4 class="wp-block-heading"><strong>Key Investment Strategies</strong></h4>
  2765.  
  2766.  
  2767.  
  2768. <ol class="wp-block-list">
  2769. <li><strong>Dynamic Asset Allocation</strong>:
  2770. <ul class="wp-block-list">
  2771. <li>Balance pro-risk positions in equities and credit with inflation-resilient assets like infrastructure and cyclical metals.</li>
  2772. </ul>
  2773. </li>
  2774.  
  2775.  
  2776.  
  2777. <li><strong>Sectoral Rotation</strong>:
  2778. <ul class="wp-block-list">
  2779. <li>Favor sectors aligned with structural trends, including AI, clean energy, and industrials.</li>
  2780. </ul>
  2781. </li>
  2782.  
  2783.  
  2784.  
  2785. <li><strong>Private Markets</strong>:
  2786. <ul class="wp-block-list">
  2787. <li>Emphasize private debt and infrastructure for income and growth in a low-yield environment.</li>
  2788. </ul>
  2789. </li>
  2790.  
  2791.  
  2792.  
  2793. <li><strong>Geopolitical Hedging</strong>:
  2794. <ul class="wp-block-list">
  2795. <li>Integrate gold, inflation-linked bonds, and defensive equities to mitigate geopolitical risks.</li>
  2796. </ul>
  2797. </li>
  2798. </ol>
  2799.  
  2800.  
  2801.  
  2802. <figure class="wp-block-image size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="1024" height="494" data-attachment-id="2917" data-permalink="https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/attachment/image-109/" data-orig-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?fit=1060%2C511&amp;ssl=1" data-orig-size="1060,511" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?fit=300%2C145&amp;ssl=1" data-large-file="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?fit=1024%2C494&amp;ssl=1" src="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=1024%2C494&#038;ssl=1" alt="" class="wp-image-2917" srcset="https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=1024%2C494&amp;ssl=1 1024w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=300%2C145&amp;ssl=1 300w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=768%2C370&amp;ssl=1 768w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=332%2C160&amp;ssl=1 332w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=664%2C320&amp;ssl=1 664w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=688%2C332&amp;ssl=1 688w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?resize=1044%2C503&amp;ssl=1 1044w, https://i0.wp.com/arfa.capital/markets/wp-content/uploads/2024/12/image-40.png?w=1060&amp;ssl=1 1060w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
  2803.  
  2804.  
  2805.  
  2806. <hr class="wp-block-separator has-alpha-channel-opacity"/>
  2807.  
  2808.  
  2809.  
  2810. <p>Amundi’s <em>2025 Outlook</em> underscores the importance of strategic flexibility in navigating a fragmented world. By balancing pro-risk exposures with inflation-resilient strategies and focusing on thematic opportunities, investors can harness growth while safeguarding against economic and geopolitical disruptions.</p>
  2811.  
  2812.  
  2813.  
  2814. <div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://arfa.capital/markets/wp-content/uploads/2024/12/2024.11-Investment_Outlook_2025-EN.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of 2024.11 - Investment_Outlook_2025 - EN."></object><a id="wp-block-file--media-3ff7aaf2-565e-46b1-b014-1b921917c38f" href="https://arfa.capital/markets/wp-content/uploads/2024/12/2024.11-Investment_Outlook_2025-EN.pdf">2024.11 &#8211; Investment_Outlook_2025 &#8211; EN</a><a href="https://arfa.capital/markets/wp-content/uploads/2024/12/2024.11-Investment_Outlook_2025-EN.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-3ff7aaf2-565e-46b1-b014-1b921917c38f">Download</a></div><p>The post <a href="https://arfa.capital/markets/markets-strategy/amundi-2025-investment-outlook-bright-spots-in-a-world-of-anomalies/">Amundi 2025 Investment Outlook – Bright Spots in a World of Anomalies</a> first appeared on <a href="https://arfa.capital/markets">ARFA Markets</a>.</p>]]></content:encoded>
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