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Investment Weekly

Decomposing 2025 stock market returns
28 November 2025

    Chart of the week – Decomposing 2025 stock market returns

    Chart of the week – Decomposing 2025 stock market returns

    The macro and market environment in 2025 has been characterised by resilient growth, moderating (though sticky), inflation, policy uncertainty, and broadly positive markets. But as we explain in our new Investment Outlook 2026, we expect a “Role Reversal” in market drivers in the coming year. So, what will that look like?

    More from this week:

    Market Spotlight

    • “Multiple engines” powering private credit

    Lens on…

    • Fixing a hole
    • Margin call
    • China tech reboots

    Read the full commentary PDF, 3.27MB