MARCH QUARTER 2025 ECONOMIC COMMENTARY
The first quarter of 2025 has presented a complex economic landscape across major global economies, influenced by factors such as trade tensions, inflationary pressures, and varying growth trajectories.
In summary, Q1 2025 was marked by a mix of cautious optimism and underlying challenges across major economies, with trade tensions and inflationary pressures being central themes influencing economic performance.

MARCH QUARTER 2025 INVESTMENT MARKET COMMENTARY
Q1 2025 was marked by significant market movements across asset classes, shaped by geopolitical developments, trade policies, and economic indicators. Investors navigated a complex landscape, balancing opportunities and risks in a dynamic global environment.
Market Indices
The chart below shows the movement of markets over the quarter and for the year to 31 March 2025. Notably, most equity indices were negative for the quarter, but remained positive for the year. The NZD and AUD strengthened against the USD over the quarter, after a period of USD strength.

As we step into Q2 2025, we reflect on a quarter shaped by trade tensions, inflation, and shifting markets.
- Economy: U.S. growth slowed with stagflation concerns, China outperformed with 5.4% growth, and Europe showed modest recovery.
- Markets: U.S. stocks fell (S&P 500 down 4.6%), while Europe and China surged. Gold hit record highs (+19%), and the euro soared on Germany’s €500B stimulus.
- Outlook: Trade policies, inflation, and investment shifts will define Q2—stay agile and informed.
We appreciate your trust and look forward to guiding you through the months ahead.
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