Global Reset Favors Non-US Assets

Insights from Invesco’s midyear outlook reveal how 2025’s policy turbulence is reshaping cross-asset opportunities.

• Elevated US tariffs, slowing growth expectations and cautious Fed policy contrast with firmer domestic support in Europe, Japan and China, where fiscal and monetary measures help stabilise activity. 

• With US valuations stretched and earnings differentials narrowing, leadership increasingly shifts toward non-US equities—particularly Europe, the UK and Asia—while Chinese tech gains momentum on competitive AI advances. 

• A softer dollar, stronger safe-haven flows and more appealing yields outside the US favour global bonds, selective currencies and diversified commodity exposure. 

Curious how these dynamics translate into actionable positioning across regions and asset classes? The full report offers a comprehensive roadmap.