Global equities have been on a remarkable run this year — and September kept the momentum going. In NZD terms, returns have been especially strong.

Markets remain resilient — but what risks lie ahead?   Global equity markets have performed well this year, navigating a steady stream of headlines and policy uncertainty.

As we reach the halfway point of the year, it’s fair to say 2025 has been extraordinary by any standard.

With trade-related concerns easing for the time being, market and investor attention has turned elsewhere.

Terms like volatile or unpredictable don’t really do justice to what has been experienced in financial markets over the past month or so.

Heightened uncertainty surrounding U. S. policy, coupled with Trump’s unpredictable tumultuous approach to tariffs, has clearly influenced investor and consumer confidence this year.

2025 was always expected to bring its share of surprises and curveballs for investors.

The year has only just begun, yet it has already been eventful.

2024 exceeded expectations in terms of investment returns, with the U. S. economy steering clear of a significant slowdown and technological innovation progressing steadily.

While the US election results are naturally generating plenty of interest, beyond the election noise, we believe there have been some developments over the past month that have shifted the…