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(Reuters) – Uncertainties round U.S. insurance policies could gradual world financial progress modestly in 2025, based on main brokerages. They count on U.S. President-elect Donald Trump’s proposed tariffs to gas volatility throughout world markets, spurring inflationary pressures and, in flip, limiting the scope for main central banks to ease financial coverage.
World economies and fairness markets have had a sturdy 12 months, with world progress anticipated to common 3.1% this 12 months, a Reuters ballot printed in October confirmed.
Following are forecasts from some high banks on financial progress, inflation and the efficiency of main asset courses in 2025:
Forecasts for shares, currencies and bonds:
Brokerage S&P 500 U.S. 10-year EUR/USD USD/JPY USD/CNY
goal yield goal
UBS International 6400 3.80% 1.04 145 7.60
Analysis
Goldman 6500 4.25% 1.03(subsequent 159(subsequent 7.50(subsequent
Sachs 12-months) 12-months 12-months)
)
UBS International 6600 4.00% 1.12 145 7.50
Wealth
Administration
Wells Fargo (NYSE:WFC) 6500-6700 4.50%-5.00% 0.98-1.02 158-162
Funding
Institute
Societe 6750 4.50% (This autumn’25) 1.09 146.3 7.28
Generale
Deutsche 7000 4.7% (This autumn’25) 1.03 (This autumn’25) 7.50
Financial institution
Nomura 135 6.93
4.25% 1.03
Morgan 6500 3.55% (This autumn’25) 1.10 (This autumn’25) 138 7.60
Stanley (This autumn’25) (This autumn’25)
J.P.Morgan 6500 4.10% (Q3’25) 1.08 148 7.50
BofA International 6666 4.25% 1.10 160 7.40
Analysis
Wells Fargo 4.00% 0.98 (This autumn’25) 154 7.60
(This autumn’25) (This autumn’25)
BMO Capital 6700
Markets
Jefferies 6000 4.43%
Barclays (LON:BARC) 6600 4.25%
Piper 6600
Sandler
Berenberg 4.90% 1.08 140 7.20
BNP Paribas (OTC:BNPQY) 3.65% (This autumn’25) 1.15 (This autumn’25) 131
(This autumn’25)
Canaccord 6325
Genuity
Citigroup (NYSE:C) 6500 4.20% (This autumn’25)
ING 1.02 160 7.35
HSBC 6700
Evercore 6800
ISI
U.S. Inflation:
U.S. inflation (annual Y/Y for 2025)
Brokerage Headline CPI Core PCE
Goldman Sachs 2.5% 2.1%
J.P.Morgan 2.4% 2.3%
Morgan Stanley (NYSE:MS) 2.3% 2.5% (This autumn/This autumn)
Barclays 2.3% 2.5%
Wells Fargo 2.6% 2.5%
Societe Generale (OTC:SCGLY) 2.3% 2.5%
Deutsche Financial institution (ETR:DBKGn) 2.8% (This autumn/This autumn) 2.6% (This autumn/This autumn)
Wells Fargo 3.3%
Funding
Institute
UBS International 2.6%
Wealth
Administration
Citigroup 2.5%
2.5%
BofA International 2.4% 2.3%
Analysis (This autumn/This autumn)
Berenberg 2.7% 2.6%
BNP Paribas 2.3%
Nomura 2.7%
3.0%
ING 2.4%
Wells Fargo 2.6%
Jefferies 2.3% 2.5%
UBS
International Analysis 2.5%
Actual GDP Progress:
Actual GDP progress forecasts for 2025
Brokerage GLOBAL U.S. CHINA EURO AREA UK INDIA
UBS International 2.9% 1.9% 4.0% 0.9% 1.5% 6.3% (for
Analysis FY 26)
Goldman Sachs 2.7% 2.5% 4.5% 0.8% 1.2% 6.3%
Barclays 3.0% 2.1% 4% 0.7% 1.2% 7.2%
Morgan Stanley 3.0% 2.1% 4.0% 1.0% 1.4% 6.5%
(FY25/FY2
6)
J.P.Morgan 2.4% 2.2% 3.9% 0.8% 1.0% 6.0%
UBS International Wealth 2.9% 1.9% 4.0% 0.9% 1.5% 6.3%
Administration
Wells Fargo 2.5% 2.0% 4.0% 1.0% 1.6% 5.9%
Societe Generale 3.3% 2.2% 4.7% 1.0% 1.6%
Citigroup 2.2% 1.0% 4.2% 1.1% 1.0% 6.7%
Nomura 2.2 4.0% 1.0% 5.8%
2.9% 1.1%
BofA International 3.2% 2.4% 4.5% 0.9%
Analysis 1.5% 7.0%
Deutsche Financial institution 3.1% 2.5% 4.8% 0.8% 1.3% 6.5%
Wells Fargo 2.5%
Funding 2.6%
Institute
Berenberg 2.4% 4.5% 1.0% 6.5%
2.6% 1.3%
BNP Paribas 2.1% 4.5% 1.5% 1.5% 6.7%
(March
2026)
Peel Hunt 1.9% 4.4% 1.3% 1.6% 7.0%
ING 2.0% 4.6% 0.7% 1.4%
Jefferies 2.4%
(This autumn/This autumn)
* UBS International Analysis and UBS International Wealth Administration are distinct, impartial divisions in UBS Group
* Wells Fargo Funding Institute is a completely owned subsidiary of Wells Fargo Financial institution
