2025 MID-YEAR REVIEW AND OUTLOOK

As of mid-2025, US stocks have edged higher after tariff-driven sell-off, China’s market has rallied strongly on the back of AI breakthroughs, Japan’s equities have traded largely flat amid rate and inflation worries, Bitcoin has extended its gains under a more favourable policy outlook and gold has climbed notably as investors sought safety. Looking into the second half, markets expect US growth to slow amid tariff uncertainty, China to lean on policy support to meet its growth targets, Japan to see modest growth if export demand steadies, crypto to benefit from clearer rules and a wave of listings from blockchain firms.