1、New Rules2025 Mid Year Investment OutlookThe value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested.For illustrative purposes only,this document is a global view of the recent evolution of the economic conditions.This is

2、marketing support which constitutes neither investment advice nor a recommendation to buy or sell investment.This commentary is not the result of investment research and is not subject to legal requirements designed to promote the independence of investment research and is not subject to any prohibi

3、tion on dealing ahead of its dissemination.Marketing CommunicationFor Professional Clients only and should not be distributed to or relied upon by Retail Clients.PUBLICForewordMacroTop of mindFixed income deep diveEquity deep diveMulti-asset deep diveForeword 03Macro outlook and market implications0

4、5Top of mind09Deep divesAlternatives beyond US dollar denominated bonds13A turning tide in global equity leadership 17Rewriting the equity playbook21ContentsThis commentary provides a high-level overview of the recent economic environment and is for information purposes only.It is a marketing commun

5、ication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments nor should it be regarded as investment research.It has not been prepared in accordance with legal requirements designed to promote the independence of investment research a

6、nd is not subject to any prohibition on dealing ahead of its dissemination.The views expressed within this report were held at the time of preparation and are subject to change without notice.Any forecast,projection or target where provided is indicative only and not guaranteed in any way.HSBC Asset