Global stock markets have had a mixed week, with ongoing optimism about the outlook for the US economy tempered by rising geopolitical tensions.

Financial markets continue to digest the consequences of the election of Donald Trump, while in in the world of geopolitics, expectations of a changing world order under Trump 2.0 are having immediate consequences in Ukraine.

Headwinds are blowing but conditions are supportive, so we see both risks and opportunities in 2025.