The US economy was once again in the driving seat in 2024. Political choices will likely shape financial markets in 2025. Donald Trump’s policy proposals contain inherent contradictions that have yet to be addressed. So far, investors have focused on the positive aspect of his program for corporate America: tax cuts and deregulation. Tariffs are expected to be used largely as a bargaining chip. Still, there is a clear risk that these threats morph into a global trade war. Europe would be particularly vulnerable. In all likelihood, US exceptionalism is likely to persist next year, supporting US rates and the dollar. Absent a trade war, risk assets should perform relatively well despite rich valuations.

The two guests speakers, Wolf von Rotberg, Equity Strategist at Banque J. Safra Sarasin and José Germano de Sousa, President of the Family Business Association, and Managing Director of the Germano de Sousa Centro de Medicina Laboratorial will discuss current trends and challenges coming along our path in 2025 and beyond.

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