1、Special reportGLOBAL Insight 2025 OutlookBeyond the horizonInvestment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency,are not deposits or other obligations of,or guaranteed by,a bank or any bank affiliate,and are subject

2、 to investment risks,including possible loss of the principal amount invested.Produced:Nov.25,2024 11:53 ET;Disseminated:Dec.2,2024 15:00 ETFor important and required non-U.S.analyst disclosures,see page 32.RBC Wealth ManagementGlobal Insight 2025 OutlookContentsAll values in U.S.dollars and priced

3、as of market close,Nov.15,2024,unless otherwise stated.3 Market overview:Equity balancing actGains from the past two years could be a hard act to follow.6 Focus article:The“Unstoppables”Four powerful trends involving game-changing innovations and demographic changes are set to play out in the global

4、 economy over the coming decades.11 United StatesA more complex equity landscape and the potential for Fed policy shifts mean investors will need to be nimble in 2025.14 CanadaDespite potential headwinds,we are generally constructive on Canadian markets,though we expect less outperformance in credit

5、.17 United KingdomAmid efforts to stimulate growth in the face of economic challenges,we see selective long-term opportunities in both equities and fixed income.20 EuropeTrade and internal tensions are likely to play key roles in 2025,as potential tariffs and political disruptions cloud the picture.

6、23 Asia PacificAsias equity outlook will likely depend on U.S.tariffs,Chinas stimulus and Japans structural changes.Stable fundamentals support cautious optimism for investment-grade bonds.27 Commodities29 Currencies31 Research resources32 Required disclosuresRBC Wealth Management|3 Global Insight 2