Q3-2025 Macro Outlook: Less chaos, and hopefully a bit more clarity
Market drivers and catalysts
Equities: Tech under pressure; tariff risks; Europe weak; UK defensive
Volatility: VIX calm; mild jitters; sector rotation
Digital assets: BTC, ETH steady; ETF flows strong; regulatory focus
Fixed Income: US yields rebound at front end of curve on Powell comments, job openings data
Currencies: USD hit a new cycle low yesterday before rebounding, especially versus a suddenly weak JPY
Commodities: US fiscal debt concerns underpin gold. Crude remains stuck near lows
Macro events: US June ADP Employment









