Equity and bond markets are set for gains in 2025 but the big uncertainty for investors will be the policy choices of incoming US president Donald Trump, say Wall Street strategists.
Ten major banks surveyed by the Financial Times, including Goldman Sachs, Bank of America and HSBC, are on average upbeat on next year, with many of 2024’s themes set to continue.
But they admit that Trump’s arrival in the White House next month and how he implements plans such as trade tariffs and tax cuts will be key for the direction of financial markets.
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