Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Strong Fundamentals Carry The Day: Profit growth estimates remain in low double-digit territory for 2025. Without clarity on the ultimate tariff regime and its duration, the base case thus remains for continued expansion and risk-asset outperformance.
  
  
• Market View — Tariffs Cometh: What Investors Need to Know about U.S. Trade: Forget what you have been taught since bilateral commerce is much more than just exports, imports and the attendant trade balance.
  
  
• Thought of the Week — Where We Stand: CIO Tariff Scorecard: We believe that tariffs are likely to remain a blunt instrument of U.S. diplomacy and remain watchful of the prospect of sustained tariffs—and what that could mean for growth, inflation, earnings, revenue, and more.​