Rothschild & Co Asset Management

While 2024 ends on a rather positive note for fixed-income markets, 2025 suggests that dynamics will be out of sync between different zones.

A popular sustainable investment theme, the transition is at the heart of building our sustainable investment strategy, embodied in particular by the R-co 4Change Net Zero Equity Euro fund.

In November, investment into digital asset products reached record levels. Since the start of the year, net capital inflows got to US$37bn1, with an additional US$8bn1 this month only. Bitcoin spot ETFs have surged past US$100bn mark in AUM. Donald Trump’s win at the US Presidential elections and majority in Congress supported expectations for a more favorable business environment for digital innovation.

While global growth has proved resilient to policy tightening, significant divergences have emerged across countries, and the outcome of the US election has increased the risks for that trend to amplify. Furthermore, by choosing not to act on any assumptions about what the incoming US administration might enact, combined with the long and variable lags of monetary policy, the Fed will struggle to contain the economic consequences of Donald Trump’s priorities.