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Letter from the CIO Edmond de Rothschild AM

Behind the apparent resilience, weak points are forming

MARKET ANALYSIS AND PRINCIPAL INVESTMENT THEMES

OCTOBER 2025

The global economy has entered the final quarter of 2025 in a state of serenity that few observers would have predicted last Spring, in the thick of the trade conflict.

Read the full analysis in the attached document.

Letter from the CIO AM - October 2025