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Roadmap for uncertain times

Invest flexibly, seize opportunities

The economy continues to grow in the second half of 2025, but at a slower pace. And there is still a lot of uncertainty about US trade policy. Opt for a neutral equity position -  and hold a bit more cash than earlier this year. This way, you can seize investment opportunities when they arise.

Investment Strategy

The Big Picture: When uncertainty prevails – stay invested, be flexible

04/06/2025

Trump’s ‘Liberation Day’ sent shockwaves across financial markets. Since then, trade tensions between the US and China have eased somewhat. Still, US tariff policies remain surrounded by uncertainty. As a result, investing in the second half of 2025 requires flexibility. 

Opportunities: Be ready to seize chances in the second half of 2025

04/06/2025

We are holding cash to capitalize on opportunities later this year. Where could these opportunities emerge – and which market segments are currently attractive for investors? 

Challenges: Is the US still a safe haven for investors?

04/06/2025

‘Sell America’ seemed to be the motto in markets when the US announced high import tariffs in early April. Are investors losing their confidence in the US as a safe haven? 

Disruptors: The next generation of defence is driven by technology

04/06/2025

Security has returned as a defining priority for Europe. But the nature of defence has changed.  

“Investing in uncertain times is like sailing through fog: stay alert to avoid icebergs. But you also need to be ready to accelerate if a treasure island appears. That's where a cash position comes into play.”

Chris Huys - Senior Fixed Income Portfolio Manager

Focus on Belgium

The new capital gains tax – What to expect ?

Investment Strategy

04/06/2025

At the time of writing, the federal government is still negotiating the modalities of the new capital gains tax. Thus, although certain things may still change, the broad outlines seem to be known already.

The capital gains tax will have a very broad scope, with different rates, exemptions, etc. In what follows, however, we will limit ourselves to the impact of the new legislation on your securities portfolio at ABN AMRO MeesPierson.

Update on Real Estate Market

Investment Strategy

04/06/2025

After a period of strong price increases, we have seen somewhat limited growth in real estate prices in recent years. The past few years can also be marked as a fairly turbulent period in real estate, characterized by rising interest rates and construction costs. 

Market comments

Will the US dollar maintain its global dominance?

Market comment

04/06/2025

The US administration’s aggressive tariff policies, wavering military support for allies, skirmishes with the rule of law and constitution, and threats to the independence of the Federal Reserve (Fed) have sent shockwaves through financial markets. Together, these developments are raising questions: Is the dollar still a safe-haven currency? Are we witnessing the start of a long-term shift that could threaten its global dominance?

Safe haven demand fuels bullish gold outlook

Market comment

04/06/2025

Gold prices have surged to record-high levels in early 2025, driven by an increasingly volatile global economy. This surge has led analysts to revise their forecasts, anticipating even higher peaks. Gold is expected to reach highs above the year-end target price of USD 3500. We expect the rally to extend into next year and prices to stabilise at higher levels. In this article, we explore the key drivers behind gold’s rally.  

Oversupply pressures oil markets in 2025

Market comment

04/06/2025

Oil prices remain volatile in 2025. Demand faces challenges from trade tensions and China's reduced demand growth, while OPEC+'s production increase raises fears of oversupply. Consequently, prices are expected to decrease, reflecting the uncertain market conditions. 

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