Schroders' global investment report states that looking back on 2024, global stock markets continued to deliver steady returns, with the MSCI World Index rising by 19.1% in US dollar terms. Market expectations of Trump's policies promoting economic growth, along with his victory in the presidential election, supported the performance of the US stock market in the second half of the year. In Asia, the MSCI Asia Pacific (excluding Japan) Index recorded a 10.6% increase, driven mainly by strong performances in the markets of China, Taiwan, and India. In September, the Chinese government also announced a stimulus plan aimed at addressing issues in the real estate market and stabilizing the financial markets, which helped boost the stock market. On the fixed income side, despite the Federal Reserve starting to cut interest rates, the US 10-year Treasury yield rose over the year due to expectations of steady economic growth and inflation. On the other hand, high-yield bonds continued to lead as a result of narrowing spreads and favorable investor sentiment. Supported by monetary and fiscal policies, stable economic activity, and rising market confidence, the US stock market showed optimistic prospects. Although US stock market valuations appear high, the favorable environment and positive earnings expectations will continue to provide support for the market. Additionally, while US inflation is expected to remain moderate in the coming months, tighter immigration controls could lead to a labor market tightening, potentially accelerating inflation later in the year. Risks related to the sustainability of fiscal spending are expected to persist, and caution towards US rates is maintained due to expectations of fewer rate cuts by the Federal Reserve. Outside of the US, uncertainties in trade and weakening Chinese demand may dampen growth prospects. It is expected that Chinese authorities will introduce stimulus policies to offset concerns about US protectionism. This has led to a neutral stance on Chinese stocks. In Europe, although valuations are more attractive, the investment sentiment in the region remains negative. With expectations of increased fiscal spending and interest rate cuts by the European Central Bank, the market is expected to perform better in 2025. Overall, the investment markets have favorable conditions for achieving good returns in 2025, but they will still face challenges. Carefully choosing investment markets and asset classes will be key.