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The third quarter saw strong gains for global stock markets, boosted by a resurgence in US equities. The MSCI All Country World Index returned 9.8% (all returns total, for Q3 and in sterling, unless otherwise stated), after ending the first half of 2025 up less than 1%. The main catalyst behind the advance was a growing belief that the Federal Reserve (Fed) will aggressively cut interest rates to support the economy, while risks from trade tariffs and international conflicts appear to have receded, albeit not disappeared.
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