Policy shifts shake equity markets and mega-cap confidence

The twists and turns of 2025 have had a huge impact on businesses, governments and investors, who are constantly reacting to every macroeconomic issue thrown at them. They have had to adapt to unprecedented shifts in trade policies, with the full impact of these yet to be realised. Deglobalisation is expected to be a running theme for investors for the rest of the year, impacting economies and affecting equity, fixed income and asset allocation outlooks. Equity markets have already been rocked by trade tariffs, and there are still concerns over the performance of US mega-caps. German fiscal...