PMS Monthly Communication - October 2025

September saw solid returns across most major asset classes, with the MSCI All-Country World Index up 3.5% over the month, In US equity markets S&P 500 rose by 3.5%. In the U.S., the Federal Reserve reduced the federal funds rate by 25 basis points to a range of 4.00%-4.25% in its September meeting, aimed at supporting economic growth amid moderating inflation and a cooling labor market. Meanwhile, Japan's GDP grew 2.2% annualized (0.5% quarter-on-quarter) in Q2 2025, revised up from earlier estimates.