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Outlook 2025
28 Jan 2025
2024 has been another strong year for risky assets as global equities returned circa 19% driven by US economic exceptionalism which remained largely intact throughout the year as the S&P 500 delivered circa 25% in total returns. Since bottoming in October 2022, the bull market has in fact been a broad one as plenty of stock market indices are up by more than 25% since then. Performance only appears narrow because of the significant outperformance of a small number of large-cap stocks.

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