Mid-year outlooks 2025: Part II

Explore the latest market outlooks from top institutions

Will the second half of 2025 be as unpredictable as the first six months? What headwinds will materialize, and what challenges will dissipate? How should investors position their portfolio given today's macroeconomic backdrop? The authors of the various mid-year outlooks you’ll find below provide answers to these questions and more.

2025 Global Outlook: Resilient Income Growth in Uncertainty (PGIM Real Estate)

After a big correction, lots of bad news is already priced into global real estate markets. Where can investors find opportunities in this environment?

2025 Midyear Investment Outlook (Capital Group)

For compliance reasons, this paper is only accessible in certain geographies

A global trade war and shifting political alliances could slow growth, boost inflation and raise the risk of a recession. But this is not the only scenario that can prevail.

2025 Midyear Investment Outlook: The Global Reset (Invesco)

The global economic and political landscape is shifting rapidly, marked by a broad reordering of trade relations and political alliances around the globe.

H2 2025 Outlook: Steady Sailing in Choppy Waters (M&G Investments)

For compliance reasons, this paper is only accessible in certain geographies

The first half was 2025 was volatile. Finding stable sources of returns that meet investors’ aspirations is likely to become trickier.

Midyear 2025 Global Outlook: What’s Changed and What Hasn’t (Manulife IM)

For compliance reasons, this paper is only accessible in certain geographies

This report examines the potential direction for global growth, interest rates, fiscal stability, cross-border trade, and emerging markets.

Equity Outlook – More Wind in the Sails (BNP Paribas AM)

Equity markets are under the omen of uncertainty. What should investors expect from equity returns?

Mid-Year Investment Outlook 2025 (JP Morgan AM)

The global economy is structurally sound. However, several headwinds that investors should monitor closely approach.

H2 2025 Global Market Outlook (Standard Chartered Bank)

The authors of this paper expect H2 2025 to be constructive for economic and earnings growth. They also expect bouts of volatility.

U.S. Deals 2025 Midyear Outlook (PwC)

So far, deal volume and value are comparable to a year ago. Will these developments continue throughout 2025?

Private Markets 2025 (HedgeNordic)

Given the current macro backdrop, the most immediate shift in an unconstrained portfolio would be a significantly higher allocation to illiquid assets.

Oil 2025: Analysis and Forecast to 2030 (IEA)

Heightened trade tensions and uncertainty have weighed on the world economy and - by extension - oil demand growth.

Strategic Asset Allocation Review 2025 (Barclays Private Bank)

Effective asset allocation requires reliable estimates of future return and risk. How should investors think about the risk-return equation?

Mid-Year 2025 Outlook (Apollo)

There are several headwinds facing the U.S. economy, including uncertainty, the impact of tariffs, and the conflict in the Middle East.

M&A Midyear Report 2025: Separating the Signal from the Noise (Bain & Company)

Companies that leverage strength to continue M&A outperform those who stand still. Will this trend transpire in the second half of this year?