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Macroeconomics 1 min read time

Market Outlook - September 2025

By Olav Chen Head of Allocation and Global Fixed Income 10 September 2025

An overview of recent market developments and macroeconomic conditions, as well as our over- and underweight positions. This primarily discusses equity, bonds, and money markets. Alternative investments, such as real estate and private equity, will not be systematically covered in the report, but such asset classes should also be included in a long-term investment portfolio.

Key Points

  • Fears of tariffs are easing further after trade agreements and a new delay in tariff hikes between the U.S. and China
  • Growth expectations are being revised upwards, but still remain lower than at the beginning of the year
  • The U.S. labour market has weakened further, and revisions show that job growth was lower than previously expected

Storebrand-Market-Commentary-September-2025.pdf

Date: 10/09/25
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