Entdecken Sie Anlagechancen außerhalb der USA, um Ihr Portfolio zu stärken

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The Shanghai skyline, photo of a woman in a black shirt. Text: JP Morgan, Global Perspectives, Asia-Pacific, Latin America, Europe, the Middle East, and Africa. GRACE PETERS, Global Head of Investment Strategy,

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Much of our 2025 outlook focuses on the US economy and the outlook for US risk assets. We believe the US economy is fundamentally strong, growing at 2% to 2.5% now, and with a very good chance that we continue to see 2% to 2.5% growth through the first six months, maybe the whole of 2025. As such, we expect US companies to see stronger earnings growth and healthy equity returns despite their richer starting valuations.

Meanwhile, outside of the US, trade uncertainty is likely to linger, weighing on corporate confidence and investor sentiment. So does that outlook mean investors should simply ignore investing in the rest of the world? We think not. In equities, whilst the US is our preferred market, we like to invest globally. Many of the themes we highlight in our 2025 outlook are global themes, the changing nature of national security, rising AI adoption, automation and robotics, the power needs required to support the AI transformation, and of course, shifting supply chains.

In adopting a stock picking approach, we believe investors are not betting on the European or Japanese economy, but simply seeking out a group of the best global companies that can tap into these GDP plus themes.

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European fixed-income assets

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In fixed income, the weaker growth outlook that we see for Europe means more cuts from the ECB are likely, and thus our conviction for holding longer duration in Europe is stronger than in the US.

To learn more, read our regional perspectives within the 2025 outlook. These three bite sized articles highlight how to find opportunities in emerging markets, an area where economic growth doesn't always equate to investment returns. We suggest a framework that seeks out thriving private sectors with minimal government interference, companies that value shareholders and earnings growth, and growing export channels. This leads us to find opportunity in India, Indonesia, Taiwan, and Mexico.

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AI-driven productivity

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European companies that supply critical inputs to the AI value chain, infrastructure, aerospace, and defense sectors. Investing in European national champions could be especially useful for clients who find themselves with outsized positions in US tech stocks and could benefit from global diversification and a thematic approach.

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Easing monetary policy.

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And in Latin America, we present a cautionary case study into fiscal activism or increased government investment. Early progress on controlling inflation was ultimately undermined by unwise government spending. This case study is particularly apt now, with investors concerned about regions where fiscal expansion could stoke inflation.

Each of the regional perspectives leads us back to portfolio resilience, a central theme in our 2025 outlook. This means a greater focus on diversification, income, uncorrelated returns, and strategies that provide downside protection without forgoing potential returns. We hope you enjoy exploring these insights and strengthening your investment strategy for 2025 and beyond.

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