2025 Investment Outlook

On-Camera: Kristina Hooper - Chief Global Market Strategist, Invesco

Inflation has cooled substantially in most major economies, with no significant downturn for global growth. And it appears that the long-anticipated “soft landing” has arrived in the US. So, what happens next? Our 2025 Annual Investment Outlook focuses on what investors might expect to see after the landing. 

• In the US, we expect economic growth to decelerate to trend rates, but then reaccelerate and outperform most developed market economies in 2025.

• In Europe and the UK, we anticipate economic improvement from their current relative weakness.

• And in China, growth has remained below trend, but recent stimulus has raised the probability of an upside surprise in 2025. 
  

Split screen: Text on left / Presenter on right

Narration: Read on to explore our market views for equities, fixed income, currencies, and alternatives, as well as potential events that could have a positive or negative effect on our base case. 

Text:  Explore our full 2025 Investment Outlook for complete macro and market views, asset allocation guidance, alternative scenarios and risks. 

Disclosures 

Disclosure for opening slide 

This marketing communication is for Professional Clients, Financial Advisers, Qualified Clients/Sophisticated Investors (as defined in the important information at the end); for Sophisticated or Professional Investors in Australia; Institutional Investors in the United States; for Advisors and Institutional Investors in Canada; for Qualified Institutional Investors in Japan; for Professional Investors in Hong Kong, for Institutional Investors and/or Accredited Investors in Singapore, for certain specific sovereign wealth funds and/or Qualified Domestic Institutional Investors approved by local regulators only in the People’s Republic of China, for certain specific Qualified Institutions and/or Sophisticated Investors only in Taiwan, for Qualified Professional Investors in Korea, for certain specific institutional investors in Brunei, for Qualified Institutional Investors and/or certain specific institutional investors in Thailand, for certain specific institutional investors in Indonesia and for qualified buyers in the Philippines for informational purposes only. It is not intended for and should not be distributed to or relied upon by the public or retail investors and is not for consumer use. 

Disclosure at the end

Investment risks

The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations), and investors may not get back the full amount invested. Past performance is not a guide to future returns.

Important information

This marketing communication is for Professional Clients only in Dubai, Jersey, Guernsey, Isle of Man, Ireland, Continental Europe (as defined below) and the UK; for Institutional Investors only in the United States, for Sophisticated or Professional Investors in Australia; in New Zealand for wholesale investors (as defined in the Financial Markets Conduct Act); for Professional Investors in Hong Kong; for Qualified Institutional Investors in Japan; in Taiwan for Qualified Institutions/Sophisticated Investors; in Singapore for Institutional/Accredited Investors; for Qualified Institutional Investors and/or certain specific institutional investors in Thailand; for Qualified Clients/Sophisticated Investors in Israel; for certain specific sovereign wealth funds and/or Qualified Domestic Institutional Investors approved by local regulators only in the People’s Republic of China; for Qualified Professional Investors in Korea; for certain specific institutional investors in Brunei; for certain specific institutional investors in Malaysia upon request; for certain specific institutional investors in Indonesia; and for qualified buyers in the Philippines for informational purposes only. In Canada, this document is for use by Advisors and Institutional Investors. It is not intended for and should not be distributed to, or relied upon by, the public or retail investors. Please do not redistribute this document. 

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This marketing communication is not intended as a recommendation to invest in any particular asset class, security, strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. This report contains general information only and does not take into account individual objectives, taxation position or financial needs. Nor does this constitute a recommendation of the suitability of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. It is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy to any person in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it would be unlawful to market such an offer or solicitation. It does not form part of any prospectus. While great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. 

The opinions expressed are those of the individuals expressing them personally and may differ from the opinions of other Invesco investment professionals. Opinions are based upon current market conditions, and are subject to change without notice. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. This material may contain statements that are not purely historical in nature but are “forward-looking statements.” These include, among other things, projections, forecasts, estimates of income, yield or return or future performance targets. These forward-looking statements are based upon certain assumptions, some of which are described herein. Actual events are difficult to predict and may substantially differ from those assumed. All forward-looking statements included herein are based on information available on the date hereof and Invesco assumes no duty to update any forward-looking statement. Accordingly, there can be no assurance that estimated returns or projections can be realized, that forward-looking statements will materialize or that actual returns or results will not be materially lower than those presented. By accepting this document, you consent to communicate with us in English, unless you inform us otherwise. 

This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Advice Law”). Investors are encouraged to seek competent investment advice from a locally licensed investment advisor prior to making any investment. Neither Invesco Ltd. nor its subsidiaries are licensed under the Investment Advice Law, nor does it carry the insurance as required of a licensee thereunder. 

All data as October 31 2024, unless otherwise stated. All data is USD, unless otherwise stated. 

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Australia

This document has been prepared only for those persons to whom Invesco has provided it. It should not be relied upon by anyone else. Information contained in this document may not have been prepared or tailored for an Australian audience and does not constitute an offer of a financial product in Australia. You may only reproduce, circulate and use this document (or any part of it) with the consent of Invesco. 

The information in this document has been prepared without taking into account any investor’s investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs. 

You should note that this information: 

1. may contain references to dollar amounts which are not Australian dollars; 
2. may contain financial information which is not prepared in accordance with Australian law or practices; 
3. may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues. 
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Canada

In Canada this document is for use by Advisors and Institutional Investors. It is not intended for and should not be distributed to, or relied upon by, the public or retail investors. Please do not redistribute this document. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in an investment making decision. As with all investments there are associated inherent risks. Please obtain and review all financial material carefully before investing. 

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Continental Europe, Dubai, Guernsey, Ireland, the Isle of Man, Jersey and the UK

The document is intended only for Professional Clients in Continental Europe, Dubai, Ireland, the Isle of Man, Jersey, Guernsey, and the UK and is not for consumer use. Marketing materials may only be distributed without public solicitation and in compliance with any private placement rules or equivalent set forth in the laws, rules and regulations of the jurisdiction concerned. This document is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of any product for the circumstances of any particular investor. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investment. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without Invesco’s prior written consent. 

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