Executive Summary As November 2025 unfolds, the global economy has been stress-tested by structural challenges. While inflation is moderately moving towards central bank targets, several successive rate cuts in the EU and US have been implemented and underlying growth momentum is weakening. Our Sector Navigator is showing a large and

The Big Picture: Closing the third quarter of 2025, it seems we're caught between resilience and restraint. Growth is holding steady, driven by a seemingly never ending appetite for more tech and (overheated? 🤫) AI investments. But even with this hyper-growth industry pushing into new highs, we are still