Key Points **Industry/Company Involved**: - Tesla Inc (TSLA US) **Core Views and Arguments**: 1. **4Q24 Deliveries Missed**: Tesla's 4Q24 deliveries came in at 496k, 3% below the VA consensus. This missed the company's guidance of "slight growth in 2024" and raised concerns about the company's ability to achieve its ambitious 20-30% delivery growth target in 2025. [2] 2. **Production Weakness**: Production in 4Q24 was weak, down 7% YoY and 7% below deliveries. This could imply soft sales development into 1Q25. [2] 3. **Energy Storage Strength**: The Energy Storage business saw strong growth with 11GWh deployed in 4Q24, up 245% YoY and 60% QoQ. However, this was not enough to offset the auto weakness. [2] 4. **Sequential Weaker Earnings Expected**: TSLA is expected to report sequentially weaker earnings in 4Q24e, with the group gross margin down 100bps QoQ. [3] 5. **Uncertainty in Pre-revenue Opportunities**: The realization of pre-revenue opportunities, such as autonomous vehicles, remains uncertain due to regulatory approval and commercialization challenges. [3] 6. **Maintain Reduce Rating**: HSBC maintains a Reduce rating on TSLA with a target price of USD140.00, implying 65% downside to the current share price. [4] **Other Important Points**: 1. **Valuation**: The valuation approach used by HSBC is a 50:50 weighted average of DCF and peer multiples-based valuation. [4] 2. **Upside Risks**: Upside risks include the launch of new BEV models and market enthusiasm for Tesla's AI endeavors and associated projects. [4] 3. **Financial Ratios**: TSLA's financial ratios, such as PE, EV/EBITDA, and ROE, are compared to peers and industry benchmarks. [7] 4. **Price Relative**: TSLA's stock is compared to the S&P 500 and other tech peers in terms of valuation multiples. [18] 5. **Rating Distribution**: HSBC's rating distribution for long-term investment opportunities is presented, showing the percentage of ratings assigned to Buy, Hold, and Sell. [51] 6. **Share Price and Rating Changes**: TSLA's share price performance and rating history are discussed, showing changes over time. [52] 7. **Disclosures**: Important disclosures related to the report, including analyst certifications and potential conflicts of interest, are provided. [45-58] 8. **Disclaimer**: The report includes a disclaimer stating that the opinions contained within are based upon publicly available information and are subject to change without notice. [65]

Industry and Company Overview * **Industry**: Indian power sector, focusing on electricity demand, supply, and infrastructure. * **Key Companies**: NTPC Ltd., Adani Green Energy Ltd., ReNew Power, Power Finance Corp Ltd., Power Grid Corp. of India Ltd., IEX, and Adani Green Energy Ltd. Key Themes and Observations * **Power Demand and Supply**: * **Demand**: Expected to grow at 0.9x real GDP in FY26, with rooftop solar expected to erode net demand growth by 15-20%. * **Supply**: Shortages expected to continue in CY25, with potential for easing in the second half due to increased thermal capacity. * **Battery Storage**: Expected to play a significant role, with 3 GW of battery tenders in 2024 and significant potential for growth in CY25. * **Renewables**: Expected to see a slowdown in tendering due to transmission charges and import barriers. * **Transmission**: Grid capex plans have peaked, with limited room for further government estimates to increase. * **DISCOMs**: Key metrics have worsened, but there is a belief in directional improvement due to central government push. * **Solar PV**: Brighter outlook for solar cells, with potential for higher profits due to strong government stance and challenges in importing equipment from China. * **Valuations**: All preferred names are below or in-line with global median. * **Investment Implications**: * **Outperform**: NTPC, ReNew Power, Power Finance Corp Ltd., Power Grid Corp. of India Ltd. * **Underperform**: IEX, Adani Green Energy Ltd. Detailed Analysis * **Power Demand**: * Expected to grow at 0.9x real GDP in FY26, with rooftop solar expected to erode net demand growth by 15-20%. * Demand growth expected to slow down to 0.8x real GDP in FY25 due to cooler weather expectations, high base, and impact of rooftop solar. * Long-term view of 1x real GDP growth for India's power demand. * **Power Supply**: * Shortages expected to continue in CY25, with potential for easing in the second half due to increased thermal capacity. * Limited dispatchable supply expected to meet incremental non-solar power demand. * Significant potential for growth in battery storage and renewables. * **Battery Storage**: * 3 GW of battery tenders in 2024, with significant potential for growth in CY25. * Battery prices expected to continue to decline, making storage more affordable. * Potential for impact on new pumped storage, wind generation, and thermal plants. * **Renewables**: * Expected to see a slowdown in tendering due to transmission charges and import barriers. * Transmission charges to apply to renewable plants commissioned after June 2025. * Potential for higher costs for DISCOMs, leading to lower interest in signing PPAs and for new tenders. * **Transmission**: * Grid capex plans have peaked, with limited room for further government estimates to increase. * NEP-II on transmission has Rs 9 trillion plan considering ~460 GW of generation capacity addition. * Potential for increased tendering activity in the short term. * **DISCOMs**: * Key metrics have worsened, with rising AT&C losses and limited tariff hikes. * Belief in directional improvement due to central government push. * **Solar PV**: * Brighter outlook for solar cells, with potential for higher profits due to strong government stance and challenges in importing equipment from China. * Entry of Reliance could be a key negative for solar modules. * Industry checks suggest a very tight market with 'domestic cells' selling at 16-17 cents/w. Conclusion The Indian power sector is expected to face challenges in the short term, with demand growth expected to slow down and supply shortages continuing. However, the long-term outlook remains positive, with significant potential for growth in battery storage, renewables, and transmission infrastructure. The report provides a detailed analysis of the key themes and investment implications for various companies in the sector.

Summary of India Strategy Outlook Company/Industry Involved - Focus on the Indian economy and market outlook for 2025 Core Points and Arguments 1. **Investment Strategy Shift**: After a year of caution regarding macro and earnings risks, the recommendation is to start buying selectively in the Indian market [1][2][3] 2. **Economic Slowdown**: The Indian economy has shown signs of slowing down, with a depreciation of the currency and weak GDP numbers. The Nifty index is projected to reach 26,500 by the end of 2025, representing a 12% return [2][4][58] 3. **Market Corrections**: A significant market correction of approximately 9.8% has occurred, with the Indian Rupee (INR) depreciating by about 2.4%. The next quarter is critical as focus shifts back to growth [3][4] 4. **Historical Context**: The current economic situation is compared to 2005, where similar trends were observed. The expectation is for a recovery within 2-3 quarters, similar to past cycles [3][8][10] 5. **Government Capex**: Government capital expenditure has declined by 15% year-on-year until October, with only 42% of the target met. This mirrors fiscal prudence seen in previous cycles [22][4] 6. **Sector-Specific Views**: The recommendation is to be selective in sector investments, with Financials reduced in weight, while IT, Telecom, and Utilities are upgraded to Overweight. Healthcare is downgraded to Underweight due to valuation concerns [7][4] 7. **Domestic Investment Growth**: There is a notable increase in domestic investments, with household allocation to equities expected to rise to 15% this year, which may support market stability [50][48] 8. **Earnings Expectations**: FY26 is expected to mark a recovery in performance after a brief hiatus, with revenue and PAT growth anticipated to accelerate. However, there are concerns about optimistic earnings expectations slipping from FY25 to FY26 [58][59] Other Important but Possibly Overlooked Content 1. **Credit Growth**: Credit growth has been stifled compared to previous cycles, with personal loans growing at a modest 12-16% recently, down from highs of 32-33% [38][39] 2. **Private Capex**: Unlike previous cycles, private sector participation in capital expenditure has been moderate, with the government taking a larger role in infrastructure spending [42][43] 3. **Geopolitical Uncertainties**: The potential impact of geopolitical situations, including U.S. political changes, is acknowledged as a factor that may weigh on market sentiment [3][57] 4. **Market Resilience**: The Indian market has shown resilience to foreign institutional investor (FII) outflows, with domestic investments playing a crucial role in supporting market stability [48][50] This summary encapsulates the key insights and projections regarding the Indian economy and market outlook for 2025, highlighting both opportunities and risks for investors.

Industry/Company Involved * **Goldman Sachs Global Investment Research** - The document is a report from Goldman Sachs' Global Investment Research division, focusing on inflation trends across various economies. Core Points and Arguments 1. **Core Inflation Trends**: * Core goods inflation slowed in Japan and Canada, but increased in the US, the Euro area, and the UK. * Core services inflation slowed in most economies, with the largest decline in the Euro area and acceleration in Canada. * Traditional core inflation measures preferred by major central banks differ in terms of included categories and measurement approaches. * Goldman Sachs' trimmed core inflation measure systematically trims a weighted one-third of month-to-month changes across all core inflation categories and then takes the weighted average of the remaining two-thirds. * The trimmed core inflation rate stands at +3.7% in the UK, +2.9% in Canada, +2.5% in the US, and +2.4% in the Euro area. * Core goods inflation slowed in Canada and Japan but increased elsewhere. * Core services inflation generally declined in most economies. * Rent inflation declined in Canada and the US but increased in the UK. * Energy inflation increased in Japan and the UK, remained in negative territory elsewhere. * Food inflation increased in the UK and US but slowed elsewhere. * The breadth of inflationary pressures continues to moderate. * The share of the headline basket running above 4% on a six-month annualized basis declined across DMs. * The share of the basket with year-over-year inflation increasing ticked up outside of the US. * The distribution of three-month inflation rates across items continued to shift back towards pre-pandemic norms in most economies, but remains more dispersed in Canada. 2. **Inflation Forecasts**: * Goldman Sachs revised up its end-2024 forecasts for core inflation in Canada and the Euro area, and its end-2025 forecast for core inflation in the UK. * Goldman Sachs revised its end-2024 headline inflation forecasts by +0.1pp in the UK and -0.1pp in Canada. * Goldman Sachs expects further disinflation in most economies in 2025, with year-over-year core inflation slowing to +2.1% in Japan, +2.4% in the US, +2.0% in the Euro area, +2.8% in the UK, and +2.0% in Canada. * The GS harmonized core excludes a consistent set of items from CPI in all economies. Other Important Points * The document includes various charts and tables illustrating inflation trends and forecasts. * The document provides a detailed explanation of the methodology used to calculate trimmed core inflation. * The document includes disclosures regarding the authorship and distribution of the report.

Key Points WPP * **Inorganic Growth Limited**: WPP's focus on organic growth and integration of AI (WPP Open) to enhance operational efficiencies, limiting major inorganic moves due to increased leverage. * **2024 Guidance Downgrade**: Impacted by challenges in the TMT sector and loss of Pfizer contract, but optimism for 2025. * **Shift in Focus**: Moving beyond restructuring efforts, concentrating on competition and expansion. Telecoms * **Market Structure Improvements**: BT Group and Vodafone may benefit from improved market structure in the UK and Italy, while Orange and Telefonica may see improvements in Spain. * **Telenor and CK Hutchison**: Telenor as a potential consolidator in Denmark and Sweden, CK Hutchison potentially exiting these markets. * **German Regulatory Decisions**: Telefonica may increase market presence in Germany depending on regulatory decisions. * **Recommendation**: Switch out of low-BBB rated TELEFO 2.592% 2031s into better-rated BRITEL 3.75% 2031s for a 2bp pick. Advertising Agencies * **Scale and Efficiency**: Scale becoming increasingly important for media buying and negotiations with digital platforms and ad tech vendors. * **Omnicom/Interpublic Deal**: Targets $750m of annual cost synergies, with WPP focusing on restoring balance sheet metrics. * **Publicis**: May have flexibility to consider inorganic options, with potential for headline risk. Broadcasting and Streaming * **Netflix**: Well-positioned to navigate fragmented content landscape, with increasing demand for on-demand content. * **Content Spending**: Netflix expects to spend $17bn in 2024 on content, expanding its library and local language content. * **Broadcasters**: Facing challenges from streaming platforms, with some broadcasters expanding into AVOD space. Satellite * **Intelsat and SES**: SES acquired Intelsat for $5bn, aiming to maintain investment grade credit metrics and return cash to shareholders. * **Satcom Market**: Expected to grow rapidly, with lower orbits (MEO and LEO) showing particularly high growth rates. * **Starlink**: Challenging legacy operators in Aviation and Maritime markets. Payments * **FIS and Fiserv**: Both companies saw robust earnings in 2024, with outlook upgrades and strong cash flow generation. * **FIS**: Completed sale of 55% stake in Worldpay, with proceeds designated for debt reduction. * **Fiserv**: Continued to reduce leverage while investing in growth and generating strong cash flow. * **Digital Payments**: Expected to drive growth in payments industry, with mobile wallets and real-time payments increasing. Equipment Makers * **Ericsson and Nokia**: Both companies saw improved performance in 2024, with Ericsson focusing on cost actions and Nokia on restructuring plans. * **RAN Demand**: Expected to remain soft in 2025, with investment needs underpinning the equipment sector in the mid/longer term. * **AI and Cloud**: Expected to drive demand for higher capacity, lower latency, denser, more resilient, and more energy efficient digital networks. IT Services and Software * **SAP**: Upgraded to Overweight, with strong positioning in the market, good operational leverage, and robust growth prospects from cloud and Gen-AI streams. * **Capgemini**: Downgraded revenue growth expectations for the remainder of the year, but expected to return to organic growth in 2025. * **Gartner**: Worldwide software spending expected to grow +14% to $1.23tn in 2025, with IT services expected to increase +9.4% to $1.73tn. Media * **Omnicom**: Merged with Interpublic, creating the largest advertising holding company and a stronger competitor. * **ITV**: Potential takeover candidate, with strong balance sheet and low leverage, but facing strategic uncertainties and muted earnings in 2025. * **Bertelsmann**: Continues to exhibit a steady craving for M&A, with investments in Penguin Random House and BMG. * **Netflix**: Initiated with an Overweight recommendation, with strong competitive positioning and ongoing top-line growth supported by operational leverage benefits.

Summary of the Conference Call Industry Overview - The focus is on the **Life Insurance** sector in **North America** with a positive outlook for 2025 due to a favorable macro environment, including a steepening yield curve and an aging population [10][15][72]. Key Points 2025 Outlook - Expected **13% EPS growth** and **15% return on equity** for life insurers in 2025, supported by stable equity markets and mortality aligning with expectations [10][15]. - Capital return is projected to remain robust, with **6.1% buyback accretion**, an increase from **5.4% in 2024** [10][15]. Major Themes Influencing Life Insurance Stocks 1. **Steepening Yield Curve**: Anticipated rate cuts are expected to steepen the yield curve, positively impacting life insurance earnings [10][15][116]. 2. **Demographic Trends**: An aging population is expected to drive demand for life insurance products [10][15]. 3. **Variable Investment Income**: This remains a wildcard for earnings, with potential improvements expected from capital markets activity and private market valuations [20][126]. Group Insurance Performance - Group insurance is expected to perform strongly in 2025, particularly in the dental and disability segments, while group life may face headwinds due to normalizing mortality rates [10][72]. - **Unum** is anticipated to benefit significantly from stable group life and supportive disability segments [72]. Annuity Market Dynamics - Strong demand for annuity products is expected to continue, driven by an aging population and stable macro conditions [10][45]. - Annuity sales reached historical records in 2024, with a **23% YoY growth** compared to **21% in 2023** [139]. - Companies like **Equitable** and **Corebridge** are well-positioned to gain market share due to their strong capital positions and vertical integration [10][45]. Competitive Landscape - The competitive landscape for **Registered Index-Linked Annuities (RILA)** has intensified, with market share now concentrated among the top ten carriers [139]. - Companies with robust distribution networks and investment management capabilities are expected to perform better in the RILA space [10][45]. Variable Investment Income Challenges - Variable investment income has been underperforming due to muted realizations in private equity and lower valuations in real estate [142][147]. - While there are signs of improvement, a full recovery in variable investment income is not expected until 2026 [148]. Dental and Disability Insurance - The dental insurance market is expected to see a better underwriting environment due to annual re-pricing and reduced inflation pressure [144]. - Favorable performance in disability insurance is anticipated to continue, driven by stable pricing and claims experience [144]. Conclusion - The life insurance sector is poised for growth in 2025, driven by favorable macroeconomic conditions, demographic trends, and strong demand for annuity products. However, challenges remain in variable investment income and competitive pressures in the annuity market. Companies like **Unum**, **Equitable**, and **Corebridge** are expected to be key beneficiaries in this evolving landscape [10][72][139].

Summary of Integrated Oils Sector Conference Call Industry Overview - The crude oil market is facing challenges as supply growth is expected to outpace demand growth, leading to a below mid-cycle crack spread year for downstream operations [4][4] - The price forecast for Brent crude oil is set at $70 per barrel for 2025, aligning with current market strip pricing, while the 2026 base case shows a downside risk skewed towards lower prices [4][4] Key Financial Metrics - The estimated earnings per share (EPS) for Q4 are approximately 3% below market expectations, with 2025 estimates around 27% lower due to a combination of reduced crude price forecasts and lower crack spread assumptions [4][4] Company Ratings and Financial Projections - **Chevron (CVX)**: - Rating: Not Rated (NR) - 2023 Total Return of Capital Yield: 9.8% - 2025 Estimated Dividend Yield: 11.7% [11][11] - **ExxonMobil (XOM)**: - Rating: Overweight (OW) - 2023 Total Return of Capital Yield: 7.6% - 2025 Estimated Dividend Yield: 8.1% [11][11] - **Canadian Companies**: - **Crescent Point Energy (CVE)**: - Rating: Overweight (OW) - 2023 Total Return of Capital Yield: 5.2% - 2025 Estimated Dividend Yield: 6.5% [11][11] - **Suncor Energy (SU)**: - Rating: Neutral (N) - 2023 Total Return of Capital Yield: 7.3% - 2025 Estimated Dividend Yield: 5.8% [11][11] Market Positioning - Defensive positioning is recommended in the current market, favoring US companies over Canadian counterparts due to more attractive downside valuations and better free cash flow (FCF) resilience [4][4] Price and Yield Forecasts - The forecast for Brent crude oil prices includes: - Downside: $70/bbl - Base case: $80/bbl - Upside: $90/bbl [5][5] - Free Cash Flow (FCF) Yield projections for 2025 and 2026 indicate a range from 0% to 16% across various companies, with US companies generally showing stronger resilience [6][6] Additional Insights - The integrated oils sector is expected to experience a challenging environment with modest growth in both supply and demand, impacting overall profitability and investment returns [4][4] - The analysis suggests a cautious approach to investment in the sector, with a focus on companies that demonstrate strong cash flow and capital return capabilities [4][4]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Global Sustainable Investing** landscape, particularly the performance and trends in sustainable assets under management (AuM) and the implications of macroeconomic factors on sustainable investing strategies. Core Insights and Arguments 1. **Performance Expectations**: The anticipated tailwind for sustainable equities due to a global slowdown did not materialize, leading to a neutral performance outlook for sustainable investments in the mid-year review [8][9][11]. 2. **Growth in Sustainable AuM**: Sustainable AuM grew by **7%** in the first ten months of **2024**, reaching **US$3.2 trillion**, primarily driven by returns rather than inflows [9][19]. 3. **Underperformance of Sustainable Funds**: Sustainable funds underperformed the broader market across most regions, with sustainable equity funds lagging by **6%** year-to-date [20][23]. 4. **Regional Fund Flows**: European sustainable equity funds experienced slight inflows, but these were offset by outflows in the US and Asia. In fixed income, sustainable net flows outpaced the broad market, particularly in Europe and Asia [10][39]. 5. **Macroeconomic Signals**: The performance outlook remains uncertain due to conflicting macroeconomic signals, with a slight moderation in growth and interest rates potentially supporting ESGQ performance [11][66]. 6. **Policy and Regulatory Changes**: The EU is expected to see an inflection point in environmental and social policymaking, while the US may face setbacks in sustainable investing under a potential Trump administration [12][50][68]. 7. **Sustainable Investment Themes for 2025**: Key themes identified include biodiversity, energy transition, governance, and financial inclusion, with specific regional focuses [13][99]. Additional Important Content 1. **GSS+ Issuance Trends**: GSS+ issuance remains significant in Europe, although it has declined from the 2021-22 peak. The US market is expected to see a continued decline in labelled issuance [14]. 2. **Sector Allocation Implications**: The implications of sector allocations on sustainable fund performance are unclear, with sustainable funds typically overweight in utilities and underweight in consumer discretionary sectors [47]. 3. **Sustainable Fund Classification**: SFDR Article 8 funds performed adequately, while Article 9 funds underperformed, reflecting the complexities in fund flows and performance dynamics [32][34]. 4. **Emerging Market Developments**: Emerging markets are increasingly prioritizing sustainability, with Brazil and China making significant strides in environmental policies and regulations [92]. 5. **Corporate Governance in Japan**: Japan's corporate governance reforms are influencing other Asian markets, with a notable increase in shareholder proposals and a focus on capital efficiency [94]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of sustainable investing, along with the regulatory landscape and emerging trends.

Summary of Key Points from the Conference Call Industry Overview - The document focuses on the **Investment Grade** sector, particularly the **financials** and **industrials** sectors, as well as **P&C insurance** and **E&P** (exploration and production) sectors [1][3][51]. Core Insights and Arguments - **Sector Compression**: There has been broad compression in 2024, leading to reduced dispersion across sectors. The financials-industrials basis has compressed to **14 basis points (bp)**, which is still wider than the historical median of **8bp** [1][23]. - **Rating Changes**: The bank sector has been upgraded to **Overweight** from **Market Weight**, while E&P, P&C, retail, and supermarkets have been downgraded to **Underweight** [1][51][60]. - **Expectations for 2025**: The financials-industrials basis is expected to compress further due to lower net supply from financials, which is projected to be **$135 billion**, constituting only **22%** of total net supply [1][23][52]. - **Regulatory Environment**: Reduced regulatory uncertainty is anticipated to benefit banks, as the incoming administration's agenda may favor deregulation [1][24][56]. - **M&A Activity**: Total North American M&A volumes are expected to reach **$2.0-2.1 trillion** in 2025, with cyclical sectors likely to be more acquisitive [1][33][34]. Important but Overlooked Details - **Dispersion Levels**: The dispersion of sector spreads is at its lowest since 2006, indicating that returns will increasingly depend on single-name credit selection rather than sector calls [1][11][14]. - **Sector Concentration**: Certain sectors like tobacco and cable/satellite are highly concentrated, with a few tickers driving most of the market value, which could lead to significant performance reliance on these few credits [1][18][19]. - **Interest Rate Volatility**: Rate volatility poses a risk for further compression in the sector, as historical data shows a correlation between the MOVE index and the financials-industrials basis [1][27][57]. - **Valuation Metrics**: The P&C insurance sector's basis to US credit is only **5bp**, indicating that it does not offer a compelling sector premium based on current valuations [1][60]. Conclusion - The investment outlook for 2025 suggests a favorable environment for banks due to expected basis compression and stable fundamentals, while sectors like P&C insurance and E&P face challenges due to valuation concerns and market dynamics [1][51][60].

Industry/Company Involved * **UBP Investment Outlook 2025** - This document is a comprehensive outlook for the global economy and investment opportunities in 2025, published by Union Bancaire Privée (UBP), a private bank and asset manager. Core Views and Arguments * **Global Economy - Fragmented but Resilient**: The global economy is expected to grow in 2025, but growth will be fragmented. The US, Asia, and a few European countries will be the main drivers of growth, while others may face challenges. * **US Economic Outlook**: The US economy is expected to grow in a range of 2-2.5% in 2025, driven by strong consumer spending, investment in new technologies, and ongoing fiscal stimulus. * **Asia Economic Outlook**: Asia is expected to be a major driver of global growth in 2025, with China's economy stabilizing and India and the ASEAN region experiencing strong growth. * **European Economic Outlook**: Europe's economic outlook is complex, with growth expected to be limited in the eurozone and UK. Political uncertainty and trade tensions pose risks to the region. * **China Economic Outlook**: China's economy is expected to stabilize in 2025, but growth will remain challenging. Policy measures to support the economy and reform the real estate sector are crucial. * **Investment Opportunities**: * **Healthcare and Defence**: These sectors offer resilience and accelerating growth in 2025. * **Singapore**: Offers cyclical exposure and attractive valuations. * **Copper and Aluminium**: Benefiting from US economic resilience and China's stimulus. * **AI Hardware/Infrastructure**: Expected to grow in 2025, but software adoption is lagging. * **Investment Risks**: * **Rising Bond Yields**: A potential rebound in US inflation could lead to higher bond yields. * **Geopolitical Risks**: Geopolitical tensions and trade wars pose risks to the global economy. Other Important Content * **Inflation**: Inflation is expected to remain a concern in 2025, particularly in the service sector and in the US and UK. * **Currency**: The US dollar is expected to remain strong in the short term, while emerging market currencies are likely to post a mixed performance. * **Gold and Silver**: Expected to perform well in 2025 due to geopolitical uncertainty and strong demand. * **Hedge Funds**: Can offer shelter against risks in a fragmented global economy.