2025Q4 - Quarterly Market Rundown: Title Fight

With trade deal outlines in place with nearly all major trading partners (and Mexico and Canada still covered by the existing agreement, for now), the Q4 focus centered on negotiations between the U.S. and China. No deal was struck. Instead, the trade truce was extended for another year. Investors should expect this to be the pathway forward – akin to a heavyweight boxing match that’s likely to go a number of rounds (over a number of years) before fully decided. As the U.S. - China bout continues, all major asset classes managed gains, with global equity markets continuing their positive momentum since Liberation Day.

Click to read more: 2025Q4 - Quarterly Market Rundown: Title Fight