Midyear Equity Outlook: Staying Selective Amid Volatility

Summary

• A year that began with a rosy outlook for equities was soon jolted by tariff announcements, sending markets reeling.
• The direction of tariff policy and the resulting impact on the economy and corporate earnings are key questions our investment team is closely monitoring.
• There are global implications of the U.S. market scenarios. While the U.S. may face challenges, trading partners could be in an even more vulnerable position.
• Active management and diversified portfolio construction are key in helping investors navigate the volatile market environment.

Thapana Onphalai

By Nicolas Janvier, CFA

In an environment of elevated macro risks and uncertainty, there are bright spots fueling our optimism for equities.

A year that began with a rosy outlook for equities was soon jolted by tariff