Equity Outlook 2025: The Year of the Alpha Bet

We are entering a benign part of the cycle, according to our strategists in Goldman Sachs Research, as interest rate cuts that coincide with economic growth tend to be supportive for equities. Nevertheless, global equities have already risen 40% since October 2023 leaving them more vulnerable to any disappointments. They expect index progress in 2025 will depend on the pace of earnings growth, and forecast total equity returns in of 10% (in US dollars) through to the end of 2025.

• 2025 Equity Outlook

  The Year of the Alpha Bet