SEPTEMBER QUARTER 2025 ECONOMIC COMMENTARY
Overall, Q3 2025 showcased a fragmented landscape: global growth was positive but uneven, held back by trade policies, inflation dynamics, and lagged effects of tight global financial conditions. Central banks are pivoting cautiously, while fiscal and structural vulnerabilities remain prominent in forecasts for the rest of the year.
SEPTEMBER QUARTER 2025 INVESTMENT MARKET COMMENTARY
The quarter’s strong cross-asset returns demonstrate how global capital markets rapidly adjusted to renewed monetary easing, even as pockets of volatility persisted amid ongoing fiscal and trade policy uncertainty.
Market Indices
The chart below shows the movement of markets over the quarter and for the year to 30 September 2025, in local currency terms.
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