Publications

H1 2025 Market Outlook

2025 brings economic uncertainty. With resilient US growth, European challenges, and emerging market opportunities, our CIO shares key insights for H1. Explore strategies to navigate turbulence and position your portfolio for success.

2025 is here, and uncertainty dominates the economic landscape. From resilient US growth to European headwinds and opportunities in emerging markets, our Chief Investment Officer, Jean-Chsitophe Rochat, shares key insights for the first half of the year. Discover strategies to navigate the turbulence and position your portfolio for success.


Key Highlights

  • The US economy, driven by consumer spending, remains solid, with a potential boost under Trump.
  • Europe, caught between weak growth and political risks, could benefit from increased monetary easing by the ECB.
  • Emerging markets continue to grow, supported by attractive valuations and improved investor sentiment.
  • Gold, the safe-haven asset, continues to shine, while energy, particularly oil, remains under pressure.
  • The dollar remains strong in 2025, buoyed by the US economy, but turbulence is possible in the second half of the year.

👉Download the full report and equip yourself for the months ahead: Outlook - H1 - 2025 - Banque Heritage

January 17, 2025

Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

October 15, 2025

Publications

Letter from the CIO - September 2025

Towards Global Reflation, but Under Certain Conditions

September 17, 2025

Publications

2025 Outlook – Second Half

The first six months of 2025 have reshaped our view of global macroeconomic dynamics. A sequence of unexpected events has led us to reassessour convictions and adjust our positioning.

July 10, 2025