Market Update 03/2025 | Pro-Risk Stance Strengthens as Global Equities Lead
Global Equities Remain Attractive with AI and U.S. Leadership Driving Growth; European Stocks Show Renewed Promise Amid Easing Risks
In March 2025, T&T International maintains its Attractive rating on global equities, supported by resilient earnings growth and expanding AI investments. The U.S. and Asia ex-Japan remain favored regions, while European equities show renewed momentum due to improving sentiment and potential catalysts like de-escalation in Ukraine and increased defense spending. Fixed income maintains a Neutral stance overall, with high-grade and investment-grade bonds remaining Attractive. Commodities such as oil, gold, and transition metals are preferred. Currency views stay Neutral on CHF, EUR, GBP, and AUD, while the CNY remains Unattractive. Risks include policy shifts, tariff threats, and the U.S.-China tech rivalry. AI continues to be a key theme, with U.S. mega-cap tech leading, but signs of broader earnings growth are emerging across sectors.
