As 2025 comes to an end, we look back on a year shaped by a complex geopolitical environment, shifting policy signals and an unexpectedly resilient global economy.

In our final podcast episode of the year, Global Investment Strategists Kevin Gardiner and Victor Balfour join Laura Kuenlen, Investment Communications, to discuss the forces that shaped markets, how we positioned portfolios in a changing environment, and the themes that could influence the investment landscape in 2026.

As we approach the final weeks of the year, markets continue to show resilience, though not without moments of unease.

In our latest podcast, we examine the factors shaping sentiment: the pause in gold’s long rally, renewed questions about the health of US banks, and the ongoing debate around potential bubbles in technology.

We also discuss what this means for portfolio positioning, and why a disciplined, balanced approach still feels like the most sensible path forward.

Equities higher, bond yields rising, the Fed back in easing mode, and the US dollar under pressure - investors have had plenty to digest in recent weeks.

In this episode, Global Investment Strategists Kevin Gardiner and Victor Balfour join Laura Künlen to discuss what’s driving markets, whether inflation has entered a “new normal”, and the right stance for our asset allocation as we head into year-end.