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Five Macro Myths: AI drives U.S. growth but with limits; layoffs fears overstated; Trump’s influence wanes; UK remains stable, not emerging; and year-end market optimism persists despite uncertainty.

Rothschild & Co has been named “Financial Adviser of the Year” in three categories at this year’s Mergermarket European M&A Awards. 1. Financial Adviser of the Year, European Mid-Market 2. European Financial Adviser of the Year, Healthcare 3. Financial Adviser of the Year, France

Rothschild & Co is proud to announce that it has received two major awards at The Banker's Investment Banking Awards, celebrating excellence and leadership in key growth regions.

The 2025 Budget increases taxes on dividends, savings, and rental income while leaving capital gains unchanged. Despite headline noise, changes are moderate; investors should focus on stability and maintain a long-term strategy.

The UK budget offers offsetting tax hikes and spending increases, leaving the economy largely unchanged. Growth forecasts dip, inflation target slips to 2027, and later fiscal tightening remains modest.

In this Market Perspective, we examine resilient markets navigating geopolitical strains, sticky inflation, ambitious AI valuations, rising tariffs, and shifting debt dynamics, and why disciplined positioning and strategic agility remain essential for long-term growth.

Longevity, driven by healthy and connected lifestyles, is emerging as a megatrend. It is reshaping economies and opening new avenues for ESG investing.

After years of pandemic-related disruptions, inflationary pressures, and geopolitical instability, the emergence of artificial intelligence (AI) as a general-purpose technology is reshaping economic dynamics. While it offers upside potential, AI also evokes memories of the dot-com boom of the late 1990s.

Global equities surged since April, driven by AI stocks, sparking Dotcom-era comparisons. Unlike the 2000 bubble, valuations and leverage are milder. Yet, AI’s payoff may lag, leaving lofty valuations exposed to near-term revenue risks.

Rothschild & Co Wealth Management UK provides globally diversified, preservation-focused wealth management for US clients. Our bottom-up investment approach prioritises prudent growth and long-term security.

Rothschild & Co’s UK Wealth Management business has appointed Ben Gulliford to lead its team in the Midlands, based in Birmingham, and support growing demand for its services in the region.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. October 12 2025 marked the third anniversary of the start of the current bull market that has seen the S&P500 rise by c90%, NASDAQ by c120% and the FTSE Venture Capital Index by 170%. At $7.1bn September was the biggest value month in European growth equity raises since 2021 while the $34.9bn ytd total already surpasses full year 2024.YTD US raises are $160.8bn, 1.5x 2024. AI and software lead the way on both sides of the Atlantic.

The 2025 Finance Act abolished the non-dom regime, increasing tax exposure. Former non-doms must reassess investment strategies, consider wrappers, review offshore accounts, and explore the FIG regime for potential tax relief and planning opportunities.

The TRF allows former non-doms to repatriate offshore income and gains at reduced tax rates, enabling UK investment. Rothschild & Co supports account setup, investment planning, and wrapper selection alongside expert tax advisers.

Global economic conditions remain complex as we enter the final quarter of 2025. While growth has shown an unexpected resilience since Liberation Day, the interplay of trade frictions, inflation dynamics, and policy uncertainty continues to shape a challenging environment. Central banks, particularly the Fed, face a delicate balancing act: sustaining economic momentum without reigniting inflationary pressures.

The US government entered a partial shutdown due to healthcare funding disputes. Economic impact depends on duration; markets remain stable, but worker furloughs and data delays pose risks.

In this edition of Insights – The Swiss Edge, we explore how Switzerland blends tradition with adaptability to remain a trusted home for wealth.

Rothschild & Co has won the Outstanding Global Restructuring Investment Bank award at this year’s Turnaround Atlas Awards for delivering exceptional advisory services to clients globally.

Our wealth framework brings clarity and structure to personal finances by dividing wealth into distinct “pots,”. This approach helps individuals visualise their wealth in a more meaningful way, moving beyond abstract numbers to focus on real-life goals, such as lifestyle needs, long-term security, growth opportunities, and business interests.

The 20th-century distinction between security and economics has dissolved. The investors and businesses who adapt to this new reality - recognising co-dependence, building integration and demanding reform - will be those best placed to navigate volatility and seize opportunity in the contested decade ahead. In our latest geopolitical blog, Mark Sedwill, Chair of Geopolitical Advisory at Rothschild & Co, reflects on the context and opportunities for investment in the defence sector.

The Fed cut rates amid strong demand and inflation, signaling more easing ahead despite resilient growth, market optimism, and rising geopolitical, valuation, and policy risks. Markets remain buoyant, but concerns over economic cracks and overvaluation suggest caution as financial conditions loosen and geopolitical tensions persist.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. In September’s update we dive into the world of venture capital investment in emerging sports leagues; look at how the German government is supporting VC investment in the Federal Republic; and review the big investors who have supercharged the $131bn invested in US and European AI LLM and foundation models since the start of 2023.

FADP IV closes at €2.4 billion, more than 70% larger than predecessor fund and meaningfully above €2.0 billion target. The Fund provides senior and junior debt financing to mid-market companies in Europe and North America.

Rothschild & Co is delighted to announce two new client focused senior appointments in its UK Wealth Management business.

France faces political uncertainty as PM Bayrou’s minority government risks collapse ahead of a 8 September confidence vote. Budget issues, rising populism, and high debt challenge stability, but market impacts remain limited—for now.

China’s stock market is up ~28% in 2025, outperforming globally, but structural issues persist. Property woes, deflation risks, and geopolitical tensions cloud the outlook despite resilient exports and targeted policy support.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. YTD global VC investment in defence businesses is up 2.5x yoy at $28.4bn. In August’s update we dive into the renewed growth in defence spending in Europe and the US, the changing technologies and methods of conducting warfare and the new opportunities this presents for private capital.

Gold has surged over 25% in 2025, outperforming major asset classes. Its rise defies traditional drivers like real yields and the dollar, instead reflecting geopolitical tensions, central bank buying, and investor uncertainty.

The global economy started 2025 on a solid footing as businesses and consumers rushed to front-run US tariffs by producing and buying more goods. Although several factors have unfolded more constructively than feared, was the drop in economic activity averted, or only delayed?

Emerging market stocks are outperforming developed markets in 2025, driven by broad-based earnings growth. Especially in Asia, amid stable currencies, improved fundamentals, and renewed investor sentiment.

Trump threatens new tariffs from August; markets react cautiously. Compromise expected, but trade tensions, volatility, and uncertainty remain elevated globally.