CHAPTER 1
REVERSALS OF FORTUNE
CHAPTER 2
ON THE UP
CHAPTER 3
A YEAR TO FORGET
CHAPTER 4
PICKING UP THE PIECES
CHAPTER 5
DEALMAKERS RETURN
CHAPTER 6
EMBRACING CHANGE
INTRODUCTION
Risk and resilience are the watchwords for 2025
In the past five years, the world economy has weathered disease and war. As Donald Trump prepares to take office again, the range of possible outcomes is wider than ever. Hefty sovereign debts and pumped-up stocks depend on the planet once again coping with fresh shocks.
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CHAPTER 1
REVERSALS OF FORTUNE
CHAPTER 1 - REVERSALS OF FORTUNE
US-China tech war will hold Asian allies hostage
Politicians will hinder central banks’ easing plan
Donald Trump will meet his match in bond markets
India starts resembling China in unflattering ways
OpenAI IPO would create the next hot meme stock
CHAPTER 2
ON THE UP
CHAPTER 2 - ON THE UP
Obesity giants will begin $80 bln M&A face-off
SpaceX will be a better $1 trln bet than Tesla
Chinese investment banking will roar back in 2025
Saudi’s sports M&A splurge will get smarter
Smart glasses give tech giants dangerous FOMO
Brick phones will ring in an unlikely revival
CHAPTER 3
A YEAR TO FORGET
CHAPTER 3 - A YEAR TO FORGET
Microsoft’s AI setback: an imaginary letter
Luxury firms will warily cut prices to boost sales
India’s green power producers will get a shakeout
Tech will learn the value of a cash paycheck
Credit markets’ calm veneer will crack
Insurance risks will be a proxy carbon tax
CHAPTER 4
PICKING UP THE PIECES
CHAPTER 4 - PICKING UP THE PIECES
Buyout barons will find ways to douse fire sale
China will wield big mop to clean up property mess
Debt brake release will pull Germany out of slump
Tokyo’s property boom looks built to last
Oil will aid rather than hinder Trump-MbS bromance
Green energy will be a smart contrarian trade
AI will become a Madison Avenue sensation in 2025
CHAPTER 5
DEALMAKERS RETURN
CHAPTER 5 - DEALMAKERS RETURN
Art of the 2025 deal will be postBidenism
Insurers will stake their claim in private credit
BHP will try a club deal for Anglo American
Intel’s independent streak will come to an end
Moutai will raise a glass to its LVMH moment
CHAPTER 6
EMBRACING CHANGE
CHAPTER 6 - EMBRACING CHANGE
