Q1 2025 Market Review: A Quarter of Contrasts
Our Co-CEO and Head of Finance, Hugo Studhalter, shares his perspective on the first quarter of the year. He highlights Europe’s strong equity momentum, the political challenges weighing on U.S. markets, and gold’s renewed appeal in uncertain times.
The first quarter of 2025 painted a divided picture. While European markets delivered strong gains, U.S. equities faced mounting pressures. In this concise review, Hugo Studhalter outlines the key market drivers and what they mean for investors moving forward.
Highlights at a glance:
- Strong gains in Europe
The DAX, Euro Stoxx 50, and Swiss SPI all posted notable growth. Favorable economic conditions, fiscal support, and falling interest rates provided a solid foundation. - Weaker performance in the U.S.
U.S. equity markets lagged behind. Tech stocks, in particular, experienced sharp losses. Political uncertainty and discussions of new tariffs added to investor caution. - Gold back in focus
Gold has gained more than 18% year-to-date. In a volatile environment, many investors turned to it as a safe haven. - Opportunities beyond the U.S.
While some U.S. stocks now offer better value, European and select emerging markets currently present more compelling opportunities. - Diversification is key
Market dynamics are shifting rapidly. Relying solely on major U.S. tech names may no longer be enough. A well-diversified approach is more important than ever.
View the full presentation here:
Q1 2025 Market Analysis
Disclaimer:
For important legal information, please refer to the disclaimer included in the presentation.