InPrivate

Welcome to the first issue of InPrivate for 2025. I hope your summer has been enjoyable – despite the La Niña wind and wet – and that you’ve had time to rest and recharge. 

It’s a tale of two halves as we head into the year. Significant revisions to previous figures show that New Zealand was in a deeper than expected recession in the September quarter; on the other hand, US equities enjoyed a strong finish to 2024, with several markets reaching record highs. Global bond markets were mostly lower, held back by the idea that interest rates would not fall by as much, or as quickly as previously expected. We explore that in more depth in this edition. 

What lies ahead for markets in 2025? Coming off another strong year for global equity markets, things appear more balanced as the year begins to unfold. On one hand, equities look expensive on a valuation basis; however, President Donald Trump’s business-friendly policies should be positive for companies. You can read our market outlook for 2025, including how we expect things to play out in the coming months. 

Finally: a new year brings new reflections–and new plans. Before the year kicks into high gear, it’s a goodtime to think about your estate and what sort of legacy you’d like to leave behind. We offer some tips forestate planning that can help ensure your wishes are carried out the way you intend. 

Wishing you a safe season, and all the best for 2025.

Glenn Stevenson
General Manager, ANZ Private