Market outlook October 2025

Market outlook by the Allocation and Global Fixed Income team in Storebrand Asset Management 

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 products should also be included in a long-term investment portfolio.

Key points

  • The U.S. Federal Reserve (Fed) cuts interest rates again for the first time since December last year
  • U.S. labour market data continues to weaken, although unemployment remains stable
  • The Fed’s independence is under pressure, while the U.S. government experienced a partial shutdown

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market developments, the manager's skills, the fund's risk profile and management fees. The returns can be negative as a result of price losses. There is risk associated with investments in the fund due to market movements, developments in currency, interest rates, economic conditions, industry- and company-specific conditions. Before investing, customers are advised to familiarize themselves with the fund's key information and prospectus, which contains further information about the fund's characteristics and costs.