1. Trade and tariff policy: Escalation vs easing
Market volatility in 2Q2025 offered investors a preview of what is taking shape: a world where risks are increasingly fragmented, cutting across policy, geopolitics, growth dynamics and interest rate uncertainty.
As we enter 3Q2025, the traditional playbook may need to evolve. Diversifying by asset class alone is no longer enough. What matters more is how assets respond to the same shock, and that means diversifying by risk driver, not just by sector or region.
