31 July 2025
3 min
Global growth forecasts for 2025 have slipped since April’s ‘Liberation Day’ tariff announcements. Despite subsequent tariff delays and trade deals, the US effective tariff rate is much higher than it was. Meanwhile, US and UK inflation is expected to rise in the near term.
Global equities rebounded from an early-April sell-off, rising strongly in the second quarter (Q2). Credit spreads retraced their earlier widening to end the quarter tighter, close to historic lows. UK 10-year gilt yields fell amid slowing growth and interest-rate cuts, but concerns over higher bond issuance and waning demand kept long-term yields elevated.
In this quarter's edition, our experts cover:
Global themes
Government bonds
Credit
Equities
Property
If you have any questions on anything covered in this update, or would like to discuss further, please get in touch.
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is
based on its understanding of events as at the date of publication, which may be subject to change. It is not to be
relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal,
investment or tax advice) on specific circumstances.
HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon
data provided by third parties, reasonable care has been taken to assess its accuracy. However, we provide no
guarantee and accept no liability in respect of any errors made by any third party.
We pride ourselves on being thought leaders and are constantly discussing the many issues facing and shaping our industry. Sign up to find our current thinking on topical issues.
Opens in new window Subscribe
