2025 promises to be a year of contrasts. In 2025: A CHANGING WORLD Europe, uncertainty reigns, particularly in France and Germany, due to the absence of a majority in their respective parliaments. This contrast is all the more striking with the United States, where Donald Trump became the 47th President on 20 January, after winning a majority of the popular and electoral votes, as well as majorities in the Senate and House of Representatives. The tone of his mandate for 2025 is set: Donald Trump has surrounded himself with strong personalities such as Elon Musk at the head of the future Department of Government Efficiency and has already threatened his trading partners with higher tariffs on numerous occasions. Nevertheless, this changing world continues to present opportunities for growth. Artificial intelligence, for example, still has a long way to go, with ChatGPT celebrating its second birthday in December 2024. The electric vehicle sector is also undergoing rapid change, with the emergence of new Chinese manufacturers who are set to challenge both the traditional European manufacturers and the American stars of the sector. As a result, electrification is also likely to be a key theme over the next few years, as demand for electricity is set to continue to be driven by the huge needs of data centres and electric vehicles alike. Finally, central banks will continue to influence the markets, but without the synchronisation of monetary policies that characterised previous years. While the European Central Bank is set to continue cutting rates significantly, the Federal Reserve could slow its pace. The Bank of Japan, for its part, could opt for the opposite direction by raising its key rate, while the Swiss National Bank is likely to look quickly at the question of negative rates. These divergences in monetary policy will make bonds a source of investment opportunities and maintain this asset class as a key element in navigating this rapidly changing world. Nevertheless, this changing world continues to present opportunities for growth. Annual Report 2024 17
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