Q4 2024 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

• A Focused Forecast: We expect the bull market to run through 2025, with global equities beating consensus expectations in another very good year—with Europe and value leading global markets higher.
• US Gridlock Persists Post-Election: Despite a unified government, US gridlock is not going away entirely as slim majorities make follow through on sweeping changes and campaign promises difficult. However, high expectations for a “pro-business” Republican government could be frustrated by legislative hurdles.
• Sentiment Diverges Between US and Non-US Markets: Professional US equity forecasts for 2025 are elevated relative to 2024. Outside the US, particularly in Europe, sentiment has turned increasingly dour improving the likelihood that markets surprise on the upside.