2025 MIDYEAR GLOBAL OUTLOOK
Getting a grip on uncertainty
Sharp U.S. policy shifts and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features. Long-term macro anchors are weaker given the many different potential outcomes. Yet immutable economic laws prevent policy from revamping the world overnight.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Investment themes
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01
Investing in the here and now
Immutable economic laws limit how fast global trade and capital markets can evolve, providing more certainty about the near-term macro outlook than the long term. That keeps us pro risk and overweight U.S. equities.
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02
Taking risk with no macro anchor
We believe this environment of transformation is better than the prior decade for achieving above-benchmark returns, or alpha. Yet the volatile macro environment injects risk into portfolios that needs to be actively managed or neutralized.
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03
Finding anchors in mega forces
Even with the loss of long-term macro anchors, we believe mega forces are durable return drivers. Yet mega forces don’t map into broad return drivers, and we get granular to track their evolution across and within asset classes. We like the AI theme.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. The opinions expressed are as of June 2025 and may change as subsequent conditions vary.
Discover our key themes for the 2025 Midyear Global Outlook
Read the latest views from BII across asset classes, as we take stock of recent events and their potential implications for tactical and strategic allocations.
Getting a grip on uncertainty
2025 Midyear Global Outlook Investment Guide – APAC
In our investment guide, we look at how to position portfolios for the 3 key investment themes laid out for Midyear 2025. You will find actionable implementation ideas across index, alpha-seeking and liquid alternative strategies.
Explore our fund range
Discover how BlackRock’s products could help you adjust your portfolio to a new world of heightened macro volatility. Navigate our range of iShares and BlackRock funds.
