04.11.2025

Increasing Recession Risk Warrants A Defensive Bias

Market Commentary

By Massimo Santicchia

INCREASING RECESSION RISK WARRANTS A DEFENSIVE BIAS

We’re pleased to introduce Equity Insight, a new monthly commentary from our Head of U.S. Equities. Each edition will offer timely perspectives on market trends and economic developments.

In this inaugural issue, we explore the growing risks to the U.S. equity outlook amid rising policy uncertainty and shifting investor sentiment. As the economic landscape becomes more fragile, understanding where the vulnerabilities lie and how markets are responding is imperative.

We hope you find this update useful and look forward to discussing it with you. Should you have any questions or wish to explore these topics further, please don’t hesitate to reach out.