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    Dive into our outlooks containing comprehensive analysis of global economic trends, market forecasts, and key themes and drivers shaping the investment landscape for the coming quarter.

    • Solving the Uncertainty Puzzle: IWM Outlook Q2 2025

      April 01, 2025

      In Q2 2025, investors face a complex but opportunity-rich landscape. Policy uncertainty, driven by escalating tariff threats, shifting geopolitical alliances, and fragmented global leadership, is amplifying volatility across asset classes. Yet, underlying macro resilience, accelerating innovation, and targeted fiscal responses are creating pockets of strength for diversified portfolios.

    • Building Resilience: IWM Outlook 2025

      December 5, 2024

      The return of Donald Trump as the U.S. president is reshaping global priorities, heralding a wave of "America First" policies, deregulation, and industry revitalization. Against this backdrop, our strategy zeroes in on resilience and opportunity, anchored in five key investment themes designed to empower portfolios amidst uncertainty.

    • Position for Fat Tails: IWM Outlook Q4 2024

      September 30, 2024

      As we enter Q4, our investment committee maintains a particularly bullish outlook, supported by a convergence of highly favorable macroeconomic factors and strategic shifts from key global players. This optimism stems from factors like the impending rate cut cycle of the US Federal Reserve, and expectations of a "bazooka" stimulus from the Chinese government. However, we highlight development of key tail risks which could derail the current progress.

    Contributor

     

    Gareth Nicholson

    CIO and Head Discretionary Portfolio Management

    Disclaimer

    • IWM CIO Corner Disclaimer

      This material has been prepared by the International Wealth Management business line of Nomura International (Hong Kong) Limited (“NIHK”) and/or Nomura Singapore Limited (“NSL”), and if applicable, with the contribution of one or more of its affiliates (collectively, “Nomura Group”). This is not a research report and the contents herein are strictly general and macro in nature and should not be considered research. This material is: (i) for your information only, and we are not soliciting any action based upon it; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security or investments or accept any services in any jurisdiction where it may be illegal; and (iii) provided on the basis that it must not be relied upon for any purpose.

      While all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation, warranty or undertaking, expressed or implied, is made and no responsibility or liability is accepted by the Nomura Group and/or its directors, officers and employees as to the accuracy, completeness, merchantability or fitness for a particular purpose of the information contained herein or any other information provided by any other person in connection with the information described herein or their distribution or for the results obtained from the use of this information. Nomura Group and/or its directors, officers and employees do not accept any liability whatsoever for any loss or damage (including, without limitation, direct, indirect or consequential loss or loss of profits or loss of opportunity) suffered by you or any third party in connection with the use of this material or its contents.

      Nothing herein should be construed as investment advice, and the Nomura Group is not in any way providing any investment advice. You should refrain from entering into, or purchasing any investment product unless you fully understand all the risks involved and you have independently determined that the investment is suitable for you. If you are in doubt to any aspect of this material, you should consult your own counsel, stockbroker or other professional advisers as to the legal, tax, financial and related aspects of any investment with specific reference to your particular circumstances.

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