Markets Close 2025 Amid Tariffs AI Gold
Mawer published a year-end poem on Dec. 22, 2025, recapping market themes including tariffs, trade tensions, AI-driven tech gains, a gold rally, and rising debt. The piece highlights concentrated returns in technology, heavy investment in data centres, compressed credit spreads, and calls for defensive positioning. It suggests practitioners favour shorter-duration assets and disciplined allocations amid continued macro uncertainty.
Key Points
- 1Highlights tariffs and trade tensions affecting Canadian steel, lumber and broader trade flows this year
- 2Explains AI-driven concentration of returns, billion-dollar data-centre builds, and proliferation of workplace AI agents
- 3Advises defensive positioning: shorter durations, disciplined allocation amid rising debt and compressed credit spreads
Scoring Rationale
Provides credible, actionable market insight but limited novelty and scope, focusing on broad themes rather than breakthrough developments.
Sources
Public references used for this report.
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