Richard de Groot

The most important call will be to evaluate how the election of Trump in the US will influence the global economy and financial markets.

On the positive side, for equity markets there is the planned tax reduction, but we also expect inflation to remain more sticky and are particularly concerned about what the impact of the tariffs is going to be on the global economy. For now, much remains unclear so we expect limited impact in the first half of 2025, but the second half could be more difficult.