Global Strategy 3Q 2025

The second quarter ended as it had begun - with a high level of uncertainty. While it was the announcement of massive US tariffs at the beginning of the quarter, it was the escalation of the conflict in the Middle East at the end. Although the situation currently looks to have calmed down, the outlook remains difficult. A far-reaching decision on US tariffs is planned for July 9. However, the economy is proving to be surprisingly resilient, which is also reflected in persistently good corporate data. Our outlook for the financial markets therefore remains largely positive.