Updates with Nomura's forecasts for U.S. 10-year yield, FX, U.S. inflation and GDP growth rates; Evercore ISI's S&P 500 target; BofA Global Research's Core PCE target and GDP growth forecasts for UK and India; Citigroup's inflation forecasts; UBS Global Research's U.S. headline CPI forecast; GDP forecasts from Wells Fargo Investment Institute and Berenberg
Dec 17 (Reuters) - Uncertainties around U.S. policies may slow global economic growth modestly in 2025, according to major brokerages. They expect U.S. President-elect Donald Trump's proposed tariffs to fuel volatility across global markets, spurring inflationary pressures and, in turn, limiting the scope for major central banks to ease monetary policy.
World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.
Following are forecasts from some top banks on economic growth, inflation and the performance of major asset classes in 2025:
Forecasts for stocks, currencies and bonds:
Brokerage | S&P 500 target | U.S. 10-year yield target | EUR/USD | USD/JPY | USD/CNY |
UBS Global Research | 6400 | 3.80% | 1.04 | 145 | 7.60 |
Goldman Sachs | 6500 | 4.25% | 1.03(next 12-months) | 159(next 12-months) | 7.50(next 12-months) |
UBS Global Wealth Management | 6600 | 4.00% | 1.12 | 145 | 7.50 |
Wells Fargo Investment Institute | 6500-6700 | 4.50%-5.00% | 0.98-1.02 | 158-162 | |
6750 | 4.50% (Q4'25) | 1.09 | 146.3 | 7.28 | |
Deutsche Bank | 7000 | 4.7% (Q4'25) | 1.03 (Q4'25) | 7.50 | |
Nomura | 4.25% | 1.03 | 135 | 6.93 | |
6500 | 3.55% (Q4'25) | 1.10 (Q4'25) | 138 (Q4'25) | 7.60 (Q4'25) | |
J.P.Morgan | 6500 | 4.10% (Q3'25) | 1.08 | 148 | 7.50 |
BofA Global Research | 6666 | 4.25% | 1.10 | 160 | 7.40 |
Wells Fargo | 4.00% | 0.98 (Q4'25) | 154 (Q4'25) | 7.60 (Q4'25) | |
BMO Capital Markets | 6700 | ||||
Jefferies | 6000 | 4.43% | |||
Barclays | 6600 | 4.25% | |||
Piper Sandler | 6600 | ||||
Berenberg | 4.90% | 1.08 | 140 | 7.20 | |
3.65% (Q4'25) | 1.15 (Q4'25) | 131 (Q4'25) | |||
Canaccord Genuity | 6325 | ||||
Citigroup | 6500 | 4.20% (Q4'25) | |||
ING | 1.02 | 160 | 7.35 | ||
HSBC | 6700 | ||||
Evercore ISI | 6800 |
U.S. Inflation:
U.S. inflation (annual Y/Y for 2025) | ||
Brokerage | Headline CPI | Core PCE |
Goldman Sachs | 2.5% | 2.1% |
J.P.Morgan | 2.4% | 2.3% |
2.3% | 2.5% (Q4/Q4) | |
Barclays | 2.3% | 2.5% |
Wells Fargo | 2.6% | 2.5% |
2.3% | 2.5% | |
Deutsche Bank | 2.8% (Q4/Q4) | 2.6% (Q4/Q4) |
Wells Fargo Investment Institute | 3.3% | |
UBS Global Wealth Management | 2.6% | |
Citigroup | 2.5% | 2.5% |
BofA Global Research | 2.4% | 2.3% (Q4/Q4) |
Berenberg | 2.7% | 2.6% |
2.3% | ||
Nomura | 3.0% | 2.7% |
ING | 2.4% | |
Wells Fargo | 2.6% | |
Jefferies | 2.3% | 2.5% |
UBS Global Research | 2.5% | |
Real GDP Growth:
Real GDP growth forecasts for 2025 | ||||||
Brokerage | GLOBAL | U.S. | CHINA | EURO AREA | UK | INDIA |
UBS Global Research | 2.9% | 1.9% | 4.0% | 0.9% | 1.5% | 6.3% (for FY 26) |
Goldman Sachs | 2.7% | 2.5% | 4.5% | 0.8% | 1.2% | 6.3% |
Barclays | 3.0% | 2.1% | 4% | 0.7% | 1.2% | 7.2% |
3.0% | 2.1% | 4.0% | 1.0% | 1.4% | 6.5% (FY25/FY26) | |
J.P.Morgan | 2.4% | 2.2% | 3.9% | 0.8% | 1.0% | 6.0% |
UBS Global Wealth Management | 2.9% | 1.9% | 4.0% | 0.9% | 1.5% | 6.3% |
Wells Fargo | 2.5% | 2.0% | 4.0% | 1.0% | 1.6% | 5.9% |
Societe Generale | 3.3% | 2.2% | 4.7% | 1.0% | 1.6% | |
Citigroup | 2.2% | 1.0% | 4.2% | 1.1% | 1.0% | 6.7% |
Nomura | 2.9% | 2.2 | 4.0% | 1.1% | 1.0% | 5.8% |
BofA Global Research | 3.2% | 2.4% | 4.5% | 0.9% | 1.5% | 7.0% |
Deutsche Bank | 3.1% | 2.5% | 4.8% | 0.8% | 1.3% | 6.5% |
Wells Fargo Investment Institute | 2.6% | 2.5% | ||||
Berenberg | 2.6% | 2.4% | 4.5% | 1.0% | 1.3% | 6.5% |
2.1% | 4.5% | 1.5% | 1.5% | 6.7% (March 2026) | ||
Peel Hunt | 1.9% | 4.4% | 1.3% | 1.6% | 7.0% | |
ING | 2.0% | 4.6% | 0.7% | 1.4% | ||
Jefferies | 2.4% (Q4/Q4) | |||||
* UBS Global Research and UBS Global Wealth Management are distinct, independent divisions in UBS Group
* Wells Fargo Investment Institute is a wholly owned subsidiary of Wells Fargo Bank
(Compiled by the Broker Research team in Bengaluru; Editing by Anil D'Silva)
((Kanchana.Chakravarty@thomsonreuters.com;))
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