Francois Botha

In Q3 2025, the global investment landscape is shaped by slowing U.S. growth, rising geopolitical tensions, and shifting trade dynamics. Weaker private demand and elevated tariffs are weighing on U.S. consumption and investment, while policy uncertainty adds to the drag. Though the Federal Reserve is expected to cut rates in the second half, the economic impact may be modest. Meanwhile, geopolitical frictions—especially between the U.S. and China as well as in the Middle East—are intensifying, prompting Europe to pursue greater unity and trade diversification. This creates a more favourable backdrop for European assets.

Despite subdued growth, corporate earnings remain resilient, supporting a cautiously optimistic asset allocation. Equity returns may be moderate in the near term, but regional rotation—particularly toward Europe—could become a more persistent investment theme

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