Global X Bets on Growth Themes Linked to U.S. Competitiveness

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U.S. competitiveness themes
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The 21st century is nearing its first quarter, and Global X has already drawn key lessons from this period: the U.S. economy and markets tend to be resilient.

The firm highlights several examples—the dot-com bubble, the global financial crisis, and COVID-19—all of which occurred since the turn of the century, yet the S&P 500 has quadrupled in value. “We keep this lesson in mind as we enter 2025 with a mix of optimism and uncertainty,” says Global X, noting that investor confidence and consumer expectations are improving, even as questions persist about economic policy and GDP growth is expected to slow.

Just like last year, Global X believes economic growth may once again surprise to the upside, supporting further market gains. However, the key drivers of growth this time will likely be different. “Some market participants argue that broad equity valuations look stretched, but in our view, fund flows suggest that investors remain willing to embrace risk assets,” they state. They add that broader market participation, improving profit margins, and continued earnings growth “could further lift equity valuations.” Conversely, they see fixed income as potentially “stuck in limbo due to interest rate volatility, which may force investors to be more creative and seek differentiated strategies.”

The strength of the services sector and corporate investment from large tech firms helped drive stronger-than-expected economic growth in 2024. However, Global X warns that economic uncertainty is likely to remain high, given the trade-offs and net effects of lower taxes, higher tariffs, reduced immigration, increased stimulus, and lighter regulation. That said, a manufacturing sector recovery, combined with renewed investment in small and mid-cap companies, could extend the mid-cycle expansion, leading to broader market participation and higher valuation multiples.

As a result, Global X will focus in 2025 on growth themes tied to U.S. competitiveness that still appear reasonably priced.

Building Portfolio Resilience in 2025

Equities and risk assets may be poised for another strong year, according to Global X. However, “the unique set of economic and political circumstances will likely warrant a more targeted approach in 2025.” A portfolio strategy aligned with key themes related to U.S. competitiveness “can provide reasonable upside and a degree of insulation from potential volatility.” The firm’s top investment themes include:

1. Infrastructure Development

A core part of the U.S. competitiveness narrative is the ongoing infrastructure renaissance. Construction, equipment, and materials companies have benefited from infrastructure-related policies and are positioned to gain from approximately $700 billion in additional spending over the coming years. Despite strong performance in recent years, these companies still trade at valuation multiples below the S&P 500. Moreover, traditionally rigid industries are adopting new technologies and practices, which could help expand profit margins.

2. Defense and Global Security

A series of interconnected global conflicts is creating new challenges for the U.S. and its allies. These evolving threats are expected to be persistent and unconventional, driving demand for new tactics, techniques, and technologies. Global defense spending, which reached $2.24 trillion in 2022, is projected to grow 5% in 2025, while defense company revenues are expected to rise nearly 10%, with profit margins improving from 5.2% to 7.6%. Compared to traditional defense platforms—such as battleships and fighter jets—lower-cost solutions like AI-driven defense systems and drones are expected to boost profitability, alongside greater automation in production processes.

3. Energy Independence and Nuclear Power

Even before AI-driven growth, energy demand was expected to rise sharply—and those forecasts have only increased. Fossil fuels will remain an essential part of the energy mix, but cost-effective and environmentally friendly alternatives will be critical to meeting surging demand. The tech sector has turned its attention to nuclear power, with many major companies announcing plans to utilize existing facilities or build small modular reactors (SMRs). Beyond the U.S., Japan, Germany, and Australia are expected to expand nuclear capacity, driving strong demand for uranium.

Selective Income Strategies for 2025

Income-focused investors may need to adopt a more selective approach in 2025, according to Global X, “given political uncertainty and potential interest rate volatility.” Many fixed-income instruments may underperform in a volatile rate environment, particularly long-duration assets. To minimize interest rate risk, Global X suggests equity-based strategies that could provide income with less sensitivity to rate fluctuations:

1. Covered Options Strategies

Equity-based covered options strategies can generate stable income while limiting direct exposure to interest rate movements. While the underlying asset may still fluctuate with the overall market (and indirectly with rate volatility), these strategies are not directly impacted by interest rate risk like traditional fixed income. Additionally, when rate volatility increases equity market volatility, option premiums tend to rise, maximizing income potential.

2. Energy Infrastructure Investments

Master Limited Partnerships (MLPs)—which own energy infrastructure assets such as pipelines—can generate steady income without direct exposure to interest rate movements. These assets typically pay consistent dividends and have long-term supply contracts that stabilize cash flows. While their values can fluctuate with oil prices, their correlation to commodities is generally modest, as they do not extract or own the raw materials—they simply transport them. Additionally, real assets like commodities and energy infrastructure are often viewed as inflation hedges.

3. Preferred Stocks

Preferred stocks sit above common equity but below fixed income in the capital structure. They trade at par value and pay fixed or floating dividends. While investors are not guaranteed payments, preferred shareholders receive dividends before common stockholders. Since they are issued at par with a predetermined payout structure, they can be sensitive to interest rates. However, because they carry more risk than bonds, they tend to offer higher yields.

Most preferred shares are issued by banks, which generate steady cash flows from net interest income. With potential financial sector deregulation and increased small-business lending, preferred stocks could become an attractive income option in 2025.

Shedding Light on the Sticky, Rigid, and Persistent Inflation

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Persistent inflation in focus

The latest report on the U.S. Consumer Price Index (CPI) showed that core inflation rose 0.4% month-over-month, surpassing consensus expectations. This pushed annual inflation to 3% in January 2025, up from 2.9% in December 2024. Additionally, the report detailed price spikes in categories that typically increase at the start of the year, including auto insurance, internet/TV subscriptions, and prescription drugs.

According to analysts at Banca March, the data presented a mixed picture: “The increase was mainly due to energy prices contributing to inflation (+0.06%) for the first time since last July, as well as a weaker downward drag from goods prices, which fell -0.13% year-over-year in January, marking their smallest decline since December 2023.”

They note that this shift in goods prices was driven largely by two components—used cars and prescription drugs—which together contributed +0.3% to January’s inflation, whereas in December, they had subtracted three-tenths from the CPI.

On a more positive note, service prices continued their gradual moderation trend, though not enough to prevent the inflation uptick. Service inflation rose at a 4.3% annual rate—one-tenth lower than in December—marking the slowest increase in service prices since January 2022. “Notably, the largest component, imputed rents, moderated to +4.4% year-over-year, down from +6% a year ago, supporting the gradual ‘normalization’ of inflation. However, upward pressure came from transportation services such as insurance and vehicle maintenance,” explain Banca March experts.

What Does This Mean?

According to Tiffany Wilding, U.S. economist at PIMCO, these figures do not change the broader narrative that the U.S. economy remained strong at the turn of the year while inflation progress stalled. “If anything, this reinforces the Federal Reserve’s (Fed) stance of keeping rates steady for some time. We believe inflation is likely to remain uncomfortably high through 2025 (with core CPI at 3%), despite growing risks of a more pronounced slowdown in the labor market and real GDP growth, stemming from Trump’s recent immigration policy announcements and broader political uncertainty,” explains Wilding.

She adds that Trump’s policies put the Fed in a difficult position: “Sticky inflation raises questions about whether the Fed will ultimately deliver the two 25-basis-point rate cuts implied in its December Summary of Economic Projections (SEP). At the same time, a more significant slowdown in real GDP growth and labor markets—both of which have been buoyed by strong immigration trends—could increase downside risks to the economy,” she says.

Uncertainty for Central Banks

Experts agree that this situation puts the spotlight on the Fed and other monetary institutions. “Central banks are no longer a source of stability, as they are caught between the need to control inflation and the desire to avoid an economic slowdown that may be necessary to bring inflation sustainably back in line with targets. This dilemma could worsen if the U.S. tariff threat materializes, as governments may have no choice but to loosen fiscal policies. Monetary policy decisions could take investors by surprise, as central banks may take very different paths,” note Marco Giordano, Chief Investment Officer at Wellington Management, and Martin Harvey, fixed income portfolio manager at Wellington Management.

Trump and Inflation

Benjamin Melman, Global CIO at Edmond de Rothschild AM, warns that global inflation no longer seems to be retreating, especially in the U.S. services sector, while rising oil, gas, commodity, and agricultural prices have added further inflationary pressures in recent months. In this context, he argues that Trump’s administration has introduced an additional layer of uncertainty regarding future inflation trends with its tariff and deportation policies.

“While it may be tempting to downplay these concerns by suggesting that tariffs are merely a negotiation tool to extract concessions from affected countries, and that large-scale deportations are technically difficult to implement, it would be a mistake to draw conclusions just one week into Trump’s second term,” Melman points out.

However, he clarifies that even if Trump does not fully implement these inflationary measures, or does so on a limited scale, the unleashing of so-called ‘animal spirits’ in the U.S.—driven by expectations of deregulation and tax cuts—cannot be ruled out. “This is likely to stimulate the economy and inflation through more traditional channels, particularly given that the output gap is already positive,” he concludes.

Arturo Karakowsky is Named Member of the Chairman’s Club of Morgan Stanley

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Arturo Karakowsky named Chairman’s Club member
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Morgan Stanley announced that Arturo Karakowsky, Managing Director of the Morgan Stanley Wealth Management office in Houston, has been named a member of the Chairman’s Club, an elite group composed of the firm’s top financial advisors.

“The appointment is a recognition of creativity and excellence in providing a wide variety of investment products and wealth management services to its clients,” the company said in a statement.

A native of Houston, Texas, Karakowsky joined Morgan Stanley in 2007. He holds a degree in Financial Management from the Instituto Tecnológico y de Estudios Superiores de Monterrey and has a CFP (Certified Financial Planner) certification from Rice University. He received the Forbes Best-In-State Wealth Advisors recognition in 2024 and was named to Forbes America’s Top Next-Gen Wealth Advisors in 2022.

“I am very proud to announce that I have been named a member of the prestigious Chairman’s Club of Morgan Stanley, an elite group of the firm’s financial advisors,” Karakowsky wrote on his personal LinkedIn profile. “Thank you for your continued trust in our team. It is a privilege to help you achieve your financial goals,” he added.

From Skepticism to Active Support: U.S. Creates the Strategic Cryptocurrency Reserve

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U.S. creates strategic cryptocurrency reserve
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The Trump administration is once again boosting the crypto market with a new initiative. Over the weekend, the U.S. president announced the creation of a “Strategic Cryptocurrency Reserve,” which will include digital assets such as Bitcoin, Ethereum, Ripple, Solana, and Cardano. These new steps align with Donald Trump’s goal of making the U.S. the “crypto capital of the world.”

As a result of this announcement, the price of some cryptocurrencies surged: Bitcoin reached $93,000, while Ripple and Cardano saw significant gains, and Ethereum rose by 11%.

Without a doubt, the initiative announced by Trump has revitalized the entire industry, as crypto market sentiment had hit rock bottom. “The Crypto Fear and Greed Index had dropped from 55 (neutral) to 21 (extreme fear) in less than a week. Last Friday’s Bybit hack shook investor confidence, compounded by growing uncertainty over tariffs on Mexico and Canada, which will indeed take effect, adding to market anxiety,” acknowledged Simon Peters, an analyst at eToro, just three days ago.

This negative sentiment was also evident in Bitcoin’s price, which was holding at the $92,000 support level. The cryptocurrency has fallen 20% from its all-time high of $109,300. According to experts, a 35% correction could bring it down to around $70,000.

The SEC Clearly Shifts Its Stance on Cryptocurrencies

Crypto industry experts highlight that these initiatives reflect a shift in Trump‘s stance on cryptocurrencies, from initial skepticism in 2019 to active support today, with the declared goal of making the U.S. the “crypto capital of the world.” A clear example of this shift is that Trump is set to host the first Cryptocurrency Summit at the White House next Friday—the first such event organized by a U.S. president.

Another example of this change in approach involves Coinbase. Last week, the SEC announced that it had agreed to dismiss its enforcement case against the company. “If incoming SEC Chairman Paul Atkins approves the decision, the dismissal will mark the end of the ‘regulation by enforcement’ approach led by former SEC Chairman Gary Gensler,” explains Frank Dowing, Director of Analysis for Next Generation Internet at ARK.

According to Dowing, during Gensler’s tenure—from April 2021 to January 2025—the SEC filed numerous cases against Coinbase and its competitors, alleging that digital asset exchanges and staking businesses violated U.S. securities laws. “Despite good-faith efforts to comply with ambiguous securities regulations applied to digital assets, cases against these companies continued. Now, a crypto-friendly administration has taken the lead. Several bills on stablecoins and digital asset market structure are expected to move quickly through the Republican-controlled Congress, providing regulatory clarity for companies in the sector. In our view, the shift toward common-sense legislation and regulation will accelerate the adoption of public blockchains, benefiting investment strategies with significant exposure to digital assets,” Dowing notes.

Crypto ETFs: An Unstoppable Success

A clear sign of the favorable environment for crypto assets is the surge in passive investment vehicles. According to State Street projections, growing demand for crypto ETFs will soon surpass assets in precious metal ETFs in North America, making them the third-largest asset class in the ETF industry—behind only stocks and bonds.

Bitcoin and Ethereum ETFs were launched in the U.S. just last year, yet they have already accumulated $136 billion in assets, despite the recent market correction. State Street also forecasts that the SEC will approve more crypto-specific ETFs this year, with Litecoin, XRP, and Solana being the most likely to receive spot ETF approval, given that multiple U.S. ETF providers have already filed applications for these products.

Asset Managers Turn to Greater Diversification to Navigate a More Multipolar World

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Asset managers embrace diversification for a multipolar world
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This week has made it clear that we are in a new multipolar world, marked by a geopolitical and multilateral relations realignment. In this scenario, populism and politics generate increasing noise, which the market, for its part, strives to ignore. According to investment firms, this context calls for investors to rethink their roadmaps. What are they proposing?

For Michael Strobaek, Global CIO, and Nannette Hechler-Fayd’herbe, Head of Investment Strategy, Sustainability, and Research, and EMEA CIO at Lombard Odier, “a geopolitical realignment could significantly reshape the global economy and financial markets, leading to more balanced risk-adjusted returns across all asset classes and highlighting the benefits of broad diversification for asset allocators.”

According to these experts, investors are navigating a new post-Cold War multipolar era, where risk-adjusted returns are converging across major asset classes. “The global liberal democratic order seems to be taking a back seat to short-term national and economic interests, led by the new U.S. administration. Asset allocators must manage risk diligently and diversify broadly, leveraging alternative assets whenever possible,” stress experts at Lombard Odier.

For Gianluca Ungari, Head of Hybrid Portfolio Management at Quantitative Investments (Vontobel), and Sven Schubert, Head of Macro Research at Quantitative Investments (Vontobel), markets are moving quickly in response to this new environment. “Despite the initial impact of the tariff announcement on Canada, Mexico, and China—followed by a 25% increase on steel and aluminum imports starting March 12—the markets have absorbed the news relatively well. The direction of market movements in early February reflects the economic effects of the U.S. tariff hikes,” they note.

February now ends with the idea of reciprocal tariffs and ongoing negotiations between the U.S. and Russia to end the war in Ukraine. Because of this, Ungari and Schubert believe investors must stay vigilant. “While we maintain a constructive market outlook and a long position in equities, hedging strategies could be crucial for performance this year. So far, our tail hedges, such as the Japanese yen and gold, have performed well. Meanwhile, European equities have outperformed in recent weeks, driven by expectations of fiscal stimulus after the German elections and Trump’s decision to delay tariffs on Canada and Mexico,” they explain.

Enguerrand Artaz, strategist and fund manager at La Financière de l’Échiquier (LFDE), acknowledges that uncertainty has surged to levels even higher than during the trade tensions of 2019. In his view, equities should rotate towards more defensive sectors that are less exposed to global trade, such as utilities and real estate. “This scenario is not necessarily negative for European small caps, which are, on average, less exposed to international trade and more sensitive to falling interest rates,” he notes.

Additionally, Artaz believes that in a diversified allocation, it would be advisable to increase the proportion of fixed-income assets. “This is a logical move, as a tariff hike is both deflationary and recessionary for affected countries. An escalation could prompt the ECB to cut rates even further. While interest rates have shown resilience so far, if uncertainty persists, it could affect investor sentiment.” Artaz concludes that “for markets, an unpleasant but defined scenario—such as a fixed and final tariff increase—is often better than ambiguity fueled by political volatility.”

Market Behavior

According to Axel Botte, Head of Market Strategy at Ostrum AM (Natixis IM), financial markets appear isolated from the erratic communications coming from Donald Trump. “The flattening of the yield curve has led to a generalized tightening of spreads. Despite the Fed’s stance of maintaining the status quo and the restrictive policy of the Bank of Japan, monetary easing remains the predominant global trend. However, the sharp rise in gold prices sends a lone note of concern,” says Botte.

This global instability is also reflected in oil prices. In fact, the price of West Texas Intermediate (WTI) crude oil reached $72.80 per barrel on February 19, 2025, closing at $72.05 per barrel. “The increase in WTI crude prices is due to a combination of geopolitical, climatic, and supply-demand factors. Uncertainty surrounding production in Russia and the United States, along with the possibility of OPEC maintaining supply restrictions, has created a favorable environment for price escalation,” explains Antonio Di Giacomo, Senior Market Analyst at XS.com.

Additionally, in his view, investors have responded to these events with increased financial speculation in oil. “Market volatility has led to a higher volume of futures contract trading, contributing to price fluctuations. In this sense, traders are closely watching for any signs of changes in production policies from major exporting countries,” says Di Giacomo.

Another asset reflecting this context is gold. “Its price will remain high throughout 2025 amid increased central bank purchases, growing concerns over the harmful effects of U.S. tariffs, and demand for newly introduced gold ETFs. However, it could weaken if the interest rate differential between the U.S. and the rest of the world remains wide, which could keep the dollar strong, exerting downward pressure on gold. That said, this is not our base-case scenario,” adds Peter Smith, Senior International Equity Strategist at Federated Hermes.

BBVA Securities Adds Sarah Swammy as Managing Director in New York

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BBVA hires Sarah Swammy as Managing Director
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BBVA Corporate & Investment Banking (CIB) has added Sarah Swammy to its team as Managing Director of BBVA Securities Inc. (BSI) with the goal of further developing its broker-dealer infrastructure and strategically expanding its institutional business platform, the bank announced in a statement.

“We are very proud to have Sarah join us in expanding our business in the U.S.,” said Regina Gil Hernández, Head of BBVA CIB USA. “She will be key in expanding BSI’s broker-dealer infrastructure and product capabilities to better serve the business needs of our institutional clients,” she added.

Swammy has more than 20 years of experience in capital markets and risk management. She has held senior roles in operations management and business oversight, specializing in risk analysis, global markets, risk controls, and capital markets at leading international financial institutions such as Bank of America, Sumitomo Mitsui Banking Corporation, Wells Fargo, State Street, and BNY Mellon.

With her addition, BBVA CIB continues to enhance value for its institutional clients, including banks, insurance companies, and asset managers, both in the U.S. and internationally.

Swammy will report to Lucho Alarcón, Head of Global Markets USA at BBVA, and Peter Jensen, CEO of BSI.

The SEC Creates a Cybersecurity and Emerging Technologies Unit

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SEC creates cybersecurity unit for emerging technologies
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The U.S. securities regulator has created the Cybersecurity and Emerging Technologies Unit (CETU) to focus on combating cyberattacks and protecting retail investors from “malicious actors in the emerging technologies space,” the SEC announced in a statement.

The new department replaces the Cybersecurity and Crypto Assets Unit and is led by Laura D’Allaird. It consists of approximately 30 fraud specialists and attorneys from multiple SEC offices.

“Under Laura’s leadership, this new unit will complement the work of the Crypto Assets Task Force, led by Commissioner Hester Peirce,” stated Mark T. Uyeda, the SEC’s interim chairman, in the announcement.

D’Allaird was previously Co-Director of the Cybersecurity and Crypto Assets Unit. According to her LinkedIn profile, she has been with the SEC since 2016 and has also served as an advisor to SEC Commissioner Jaime Lizárraga, a member of the Democratic Party.

“The unit will not only protect investors but also facilitate capital formation and market efficiency, paving the way for innovation to grow. It will root out those who seek to misuse innovation to harm investors and undermine confidence in new technologies,” added Uyeda.

Uyeda’s appointment—a known cryptocurrency supporter—as interim SEC chairman suggested a likely easing of the regulator’s policy on digital assets. He is expected to hold the position until Trump’s nominee to succeed Gary Gensler, Paul Atkins, completes his confirmation process in the Senate.

According to the SEC’s official statement, CETU will leverage “the staff’s considerable expertise in financial and cyber technology to combat misconduct related to securities transactions” across several priority areas. These include fraud involving emerging technologies such as artificial intelligence and machine learning, the use of social media or fake websites to commit fraud, hacking to obtain material non-public information, the takeover of retail brokerage accounts, and fraud related to blockchain technology and crypto assets.

State Street Acquires Mizuho Financial Group’s Global Custody Business

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State Street acquires Mizuho's custody business
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State Street Corporation and Mizuho Financial Group have announced an agreement under which State Street will acquire Mizuho‘s global custody business and related activities outside Japan. According to the companies, these businesses support the overseas investments of Mizuho‘s Japanese clients.

Currently, Mizuho operates its global custody business and related services outside Japan through its local subsidiaries: Mizuho Trust & Banking (Luxembourg)—owned by Mizuho Trust & Banking—and Mizuho Bank (USA), a wholly owned subsidiary of Mizuho Bank, Ltd. Both entities manage approximately $580 billion in assets under custody and $24 billion in assets under management.

According to the companies, following this transaction, Mizuho will leverage its expertise and network as one of Japan’s leading financial institutions to continue providing its Japanese clients with reliable custody services for their domestic assets while collaborating with State Street on global custody and related services.

The transaction is expected to be completed in the fourth quarter of 2025, as it remains subject to regulatory approvals and other closing conditions.

Key Statements on the Transaction

“Japan, Luxembourg, and the United States are key markets for State Street. This transaction demonstrates our strong commitment to accelerating our growth in these markets. Mizuho’s decision to entrust State Street with serving its valued clients reaffirms its confidence in our high-quality service, industry-leading capabilities, and commitment to product innovation and technology investment. With 35 years of experience in Japan and Luxembourg, along with our long-standing presence in the United States, State Street is well-positioned to support the global growth and business transformation of Mizuho‘s clients,” said Stefan Gmür, Head of Asia-Pacific and Head of Strategic Business Growth at State Street.

Meanwhile, Tsutomu Yamamoto, Senior Executive Officer and Head of the Global Transaction Banking Unit at Mizuho, added: “In today’s increasingly complex investment landscape, clients require global custody providers with significant scale and deep expertise. After careful evaluation, we have decided to transfer our global custody business to State Street, a recognized leader with an established presence in Japan. This strategic move will ensure that our clients benefit from State Street‘s global platform and extensive expertise.”

According to Hiroshi Kobayashi, Head of Japan at State Street, this transaction aims to meet clients’ needs not only in global custody but also in data management, risk and performance analysis, currency management, and securities financing.

“We look forward to ensuring a seamless transition for Mizuho’s clients. As the acquired business integrates into our global operating model, we are confident that our increased scale will allow us to further expand our technological and service capabilities, enhancing the experience for both existing and new clients in Japan,” Kobayashi stated.

State Street’s Business in Japan and Luxembourg

State Street established its business in Japan more than 35 years ago. With an experienced team of over 500 employees across its offices in Tokyo and Fukuoka, State Street provides Japanese institutional investors with a full range of services, including trusts, global custody, middle- and back-office outsourcing, data management, trading solutions, and financing. State Street also operates a center of operational excellence in Fukuoka, which has been supporting clients in Japan and the broader Asia-Pacific region for over a decade.

Additionally, State Street has been present in Luxembourg for 35 years, offering services such as fund administration, custody, and transfer agency. Headquartered in Boston, Massachusetts, State Street operates globally across more than 100 markets.

A Look at U.S. Stocks in 2025

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U.S. stocks in 2025: outlook and opportunities
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The Argentine firm Puente has just published its Global Equities Report, a short and effective document that summarizes its outlook for the coming months and recommends being highly selective to avoid short-term risks.

Puente‘s vision for the U.S. stock segment looks optimistic for 2025 but more modest compared to the previous year, in a scenario where growth is expected to slow down and the interest rate stands at 4.5%. This continues to favor global fixed income, they indicate, given the high nominal yields that result from it.

The asset management company prioritizes sectors such as energy, technology, industrial, and financial, but with a focus on companies with strong fundamentals, high dividends, or lower valuations (“value”), to reflect that short-term risks have not yet dissipated and that selectivity remains crucial.

“Stock valuations are ‘expensive’ compared to their historical averages, with the price/earnings ratio for the next 12 months of the S&P 500 at 22.1 times, exceeding the historical average of the last 5 years (19.8 times) and the last decade (18.2 times). Meanwhile, the consensus analyst estimate for the S&P 500 stock index projects a level of 6,510 points by the end of 2025,” says Puente.

The January Snapshot and Earnings Season

The main U.S. stock indices saw widespread gains in the first month of the year, with the S&P 500 reaching a new all-time high. In this regard, the Dow Jones led the trend with a 4.6% increase, followed by the S&P 500 with a 2.3% rise, and the Nasdaq climbing 0.7%. With these results, the indices have accumulated gains of 4.1%, 2.5%, and 1.1%, respectively.

According to analysts at Puente, the corporate earnings season for the fourth quarter of 2024 is well underway, as 62% of the companies that make up the S&P 500 index have reported their financial statements. So far, 77% of these companies have reported earnings that exceeded analysts’ consensus projections. In terms of revenue, 63% of companies have surpassed quarterly revenue expectations.

“Thus, companies have reported a year-over-year earnings per share (EPS) growth of +16.4% to date. On the revenue side, a +5.2% year-over-year increase is evident for the quarter. The outlook for this year appears favorable for equities in general. For the first quarter, EPS growth of +8.7% year-over-year is expected, along with a +4.5% increase in revenue,” the report states.

Puente believes that the upward trend will strengthen, with stronger performance in the second half of the year, as long as macroeconomic conditions remain stable. Thus, EPS growth of 13% year-over-year and a 5.5% increase in revenue are projected for 2025.

Wealthtech GPTAdvisor Expands into the Americas and Adds Camila Rocha to Its Team

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GPTAdvisor se expande a las Américas
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GPTAdvisor, a financial advisory firm powered by artificial intelligence, has announced its expansion into the Americas with the addition of Camila Rocha as Co-founder & General Manager for the region, according to a statement.

“This strategic move marks the beginning of a new phase for the company, strengthening its presence in the region and bringing its artificial intelligence platform to more businesses and professionals,” the firm stated.

GPTAdvisor already has clients in the region, such as the Uruguayan firm AIVA, and highlights that the opening of its office in Mexico reinforces its commitment to the American market. The company aims to offer solutions tailored to local needs, optimizing financial decision-making through advanced artificial intelligence.

With extensive experience in the technology and financial sectors, Camila Rocha will lead GPTAdvisor’s expansion and localization strategy in the Americas.

“The hot topic today is artificial intelligence, but companies still don’t know how to integrate it into their daily operations. GPTAdvisor offers a proven solution that addresses precisely this need, providing the AI applicability layer that is key to business success today,” said Rocha.

“The Americas represent a strategic opportunity for GPTAdvisor. With Camila leading this expansion, we are confident that we can understand and respond to the specific needs of the local market, offering a truly relevant solution for our clients,” stated Salvador Mas, CEO of GPTAdvisor.

Currently, GPTAdvisor serves well-known clients in Europe, including Santander, Bankinter, and ANDBANK, among others. With its expansion into the Americas, the wealthtech aims to add the region’s leading financial institutions to its client portfolio, further solidifying its leadership in AI-driven financial advisory.

Operations in the Americas began in February 2025, and the company is already working on adapting its platform to provide closer and more efficient support to users in the region.