Insights

Despite protectionism, conflict, and fiscal concerns, 2025 delivered resilient growth, falling rates, and easing geopolitical risks. Stocks soared, bonds rebounded, gold surged, and fundamentals strengthened, driving broad market gains despite dollar weakness and fragmented AI-driven momentum.

2025 delivered modest growth, easing inflation, and falling rates amid geopolitical tension, fragile ceasefires, and populist pressures. AI hype dominated markets, gold surged, and resilience prevailed despite tariffs, political drama, and valuation risks, setting cautious optimism for 2026.

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.

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.

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.

European growth needs more than demand-side fixes, it requires focus on output and products. Innovation, targeted government support, and sustainable production are key to driving inclusive, lasting economic development.

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 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.

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.

Our Electrification Sphere brings clarity to the energy transition by convening industry leaders to address the challenges of powering AI and digital infrastructure sustainably. Through expert dialogue, the report explores how innovative grid solutions, renewable integration, and strategic investment can shape a resilient, decarbonised future for data-driven industries.

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.

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.

Despite fears, pensions aren't doomed. The real issue is economic output, not savings. Growth depends on labour, innovation, and productivity—not demographics alone. Misframed debates risk worsening outcomes unnecessarily.

In this Market Perspective, resilient markets continue to mask global uncertainty. AI optimism fuels tech stock momentum, but valuations remain stretched. With inflation sticky and tariffs rising, strategic caution persists in a shifting investment landscape.

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.

Rothschild & Co Wealth Management hosted Ed Conway and Fiona Howarth to explore how six key materials - sand, salt, iron, copper, oil, and lithium - underpin sustainability, and the global transition to cleaner energy.

Bitcoin dominates crypto’s $3.4tn market but lacks utility, stability, and intrinsic value. Stablecoins may offer a more viable, less volatile path for decentralized digital payments and broader financial inclusion.

No parent wants to pass on wealth to their children and watch them fritter it away. Here’s how to give your family the best chance in life while ensuring your wealth is protected for generations to come.

Capital markets have outperformed expectations in 2025, despite political and economic turbulence. While risks remain, resilient fundamentals and cautious optimism support current valuations.

Middle East tensions raise oil price risks, but markets remain calm. History shows geopolitical shocks don’t always trigger financial turmoil. Oil could surge—or fall—depending on conflict spread and trade disruptions.

Long-term interest rates are rising due to inflation expectations, debt concerns, and technical market factors, despite falling short-term rates and easing trade tensions.

Achieving a successful business exit is a significant milestone, and navigating this complex process requires careful planning and expert advice. We are proud to support Boardwave in its mission of accelerating success by offering insights and guidance on optimising exits for entrepreneurs.

In this Market Perspective we discuss the economic impact of Trump's second term, focusing on tariffs, inflation, and market volatility, while highlighting potential geopolitical shifts and the uncertain outlook for global growth and investment strategies.