国际投行：2025年第一季度投资展望报告（英文版）

The past few months were dominated by US election uncertainty, which left investors in limbo but still allowed equity markets to rally. Markets are happy that they know the result and can now plan ahead. And although the new administration’s policies bring uncertainty on the domestic policy, trade and fiscal front, the result is seen as positive for US risk assets. On other fronts, we have more clarity too. Most notably, it has become clear that the US is not on course for a reces