Global Quarterly Q1 2025

Dear Reader,

We present our latest Global Quarterly magazine from Lundgreen’s Investor Insights, where we look at emerging developments concerning the world’s biggest economies that collectively account for two-thirds of global GDP.

This magazine puts together the expertise of our on-the-ground contributors who help us identify market trends that warrant our close attention. In turn, we use these insights to review and recalibrate our investment positions and advice as needed.

Financial markets are treading highly volatile waters this 2025 in the face of an escalating tariff war waged by the US, softening consumer demand, and piling public debt. Because of this, some people, including investors, have become more uncertain about the world. We consider the world as being more “loud” but not necessarily more uncertain; the global markets are robust, and a huge part of it is moving forward. This loudness predominately comes from the Oval Office in the White House in Washington D.C., but it mainly harms, and will continue to harm, the American economy more than anything else.

The US under a second Trump administration appears to have shot itself in the foot as inflation, GDP growth, and the dollar are all taking a hit. The American economy is the largest in the world and the US presidency is still the world’s most powerful position, so yes, it still means something when the US President punches, but it has become less important. Recent events have also forced the rest of the world to find a workaround to support their own growth in ways we have not seen before – not necessarily led by Europe, and the results may come faster than we imagine.

Changes always lead to new market trends that emerge in response to increasing volatility, and this is very likely. For one, mid- to long-term interest rates are more likely to move upwards as inflation trends higher.

Despite more clouds in the horizon, we at Lundgreen’s Capital see rays of sunshine breaking through. There are a lot of moving parts that can trigger more volatility in the financial markets, but it is no reason to be scared. This is expected as the world forges ahead.

I hope you find this magazine helpful in your investment decisions, and as always, we are happy to hear any feedback that you may have.

Peter Lundgreen
Founding CEO