ICM Monthly Outlook - December 2025

As we reach the close of 2025, this edition of the ICM Monthly Outlook reflects on a year defined by strong equity market returns, accelerating AI adoption and periodic bouts of volatility that tested investor conviction. From record highs in U.S. equities and a powerful AI-driven rally, to currency shifts, softer oil prices and changing central bank priorities, the past twelve months have reinforced familiar investment lessons while introducing new dynamics that will shape the outlook for 2026. Against this backdrop, ICM reviews the key themes, market developments and policy shifts that influenced performance over the year and outlines the factors underpinning its forward view.

For a comprehensive analysis of the current market dynamics and future outlook, read the full market review here.