I Can See (More) Clearly Now

The third quarter was a good one for financial markets as investors received notable clarity on burning questions regarding the trade war, the job market and monetary policy. All our major equity asset classes moved higher – with U.S. small caps and emerging market equities showing pronounced gains (12.4% and 10.6% respectively) and U.S. large caps clawing back some year-to-date underperformance vs. their international developed counterparts (8% to 4.8% respectively). Meanwhile, interest rates fell modestly, credit spreads remain well-behaved and earnings growth accelerated – all offering fundamental support going into Q4.

Click to read more: 2025Q3 - Quarterly Market Rundown: I Can See (More) Clearly Now