Against a backdrop of extraordinary global uncertainty, Amundi's 2025 capital market assumptions report explores the game changers that are shaping investment decisions and asset class return expectations. Join Giulio Lombardo as he speaks to Monica Defend, Head of the Amundi Investment Institute, and John O’Toole, Head of Multi-Asset Investment Solutions, to discover this year's main findings and what's changed since last year.

Identifying three major themes for this year, Amundi's 2025 capital market assumptions takes a closer look at new socio-economic scenarios with their higher geopolitical fragmentation and tariffs, it explores the impact of a delayed transition to net zero, and assesses the impact of artificial intelligence at a regional level.

We dig deeper into these big transformative trends, including the macroeconomic and technological shifts, more frequent extreme climate events, and a slow transition, and look at how they are impacting our expectations for long-term returns for different asset classes globally. We also analyse how they're affecting long-term projections for growth and inflation.

Finally, we look at how these developments may drive investment opportunities, particularly in Europe, and how investors can adjust their strategic asset allocation to incorporate these return expectations in their portfolios.

Topics covered: markets, investment, economic, finance, capital market assumptions, return expectations, forecasts, trade, inflation, growth, GDP, central banks, Europe, tariffs, portfolios, asset allocation, equities, fixed income, emerging markets, real assets

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