Global Quarterly Q3 2025

We at Lundgreen’s Investor Insights are committed to keeping a close eye on market-moving developments, and our latest Global Quarterly magazine delivers on this promise.

This magazine issue zooms in on the early ripple effects created by a global shift towards trade protectionism, a trend initiated by the US. Being the world’s biggest economy, these Trump-branded tariffs are upsetting global trade and have challenged long-standing diplomatic ties. Political leaders are finding themselves in negotiation mode with foreign partners, all while they are managing domestic concerns on prices and jobs.

The sky-high US tariffs have temporarily sent financial assets tumbling, but their eventual recovery has been dictated largely by how each individual economy responded. Ironically but not surprisingly, we find that the US has hurt itself the most when it waged this global trade war – so much that it has prompted our company to change our risk allocation towards US investments from “overweight” to “neutral” in April. China, Trump’s main target, has managed to grow robustly in the first half of 2025 despite facing export duties of as much as 145 per cent, while India continues to chug ahead despite the apparent collapse of trade negotiations with Washington.

Consistent with our long-held view, major economies in Europe have firmed up their path to stagnation. Recent reform proposals put forward in Germany and France, for example, would do little to spur any economic growth nor will it save them from a debt quicksand. We discuss these and more in our articles written by our on-the-ground contributors.

This tariff tug-of-war has added more clouds in the horizon, but we find rays of sunshine in high-growth emerging economies in Asia. As always, we remain watchful of the global economies and continue to light the way as you make your investment decisions. We are always happy to hear any feedback that you may have.

Peter Lundgreen
Founding CEO