The first quarter of 2025 was a period of heightened volatility and uncertainty for global markets, driven by a confluence of macroeconomic and geo-political factors.

The 2024 market saw strong equity gains, led by a resilient economy and easing inflation. However, fixed income faced challenges as rising yields and a stronger dollar impacted performance.

Global equities stalled in the fourth quarter, pressured by concerns over a potential trade war and signs that interest rates may remain higher than previously expected.