September 2025

Rear View Mirror Q3 2025

Global equity markets continued to benefit from AI-driven investment during the quarter, alongside changing interest rate expectations, emerging market growth and ongoing geopolitical tensions that shaped investor sentiment

Global equity markets delivered a strong quarter, supported by continued investment in artificial intelligence and resilient corporate earnings. Beneath the surface, inflation remained persistent, interest rate expectations shifted and geopolitical tensions continued to shape investor sentiment. This commentary reviews the principal market developments during the quarter, assessing what occurred, why it happened and how these events influenced portfolio behaviour and long-term investment expectations.

The rear-view mirror

Looking back at recent market developments and portfolio behaviour, assessing what occurred, why it happened, and how outcomes compared with prior expectations.

As geopolitical tensions eased, attention turned to the continued growth of AI investment, the recovery in UK gilts and the impact of inflation and interest rate decisions on global marketsRead moreRead moreJune 2026

As geopolitical tensions escalated and oil prices surged, this quarter examines the impact on global markets, why Emerging Markets outperformed, the challenges facing US equities, and the risks of persistent inflation.Read moreRead moreMarch 2026

Regional market performance diverged as UK equities outperformed, AI investment gathered pace and bond markets strengthened. This commentary examines the key developments that shaped investor confidence heading into 2026.Read moreRead moreDecember 2025