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Global Daily: Everything until now has been a warm-up

23 October 2025 6:47 RaboResearch

As we head deeper into Q4 there is a natural tendency to think about the end of an exhausting year. However, there is a very high probability that the whirlwind of crazy headlines so far in 2025 have just been a warm-up for what is yet to come. After all, the Trump admin is still laying the foundations for a new US and global economy; the reactions to it are at the same stage; the nth order effects haven’t even begun to be felt. However, some of the first pillars are going up.

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Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more