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    Multi-asset chart of the week

    Multi Asset chart of the week

    08 October 2025 Multi-asset
    Week to 10 October 2025

    The proportion of Americans owning equities is highest since the GFC

    Stephanie Chan, CFA, Portfolio Manager, said: “The proportion of Americans owning equities is highest since the GFC, at 62%. Equity ownership is greatest amongst higher-income earners: 87% of respondents in the upper income group own equities while only 28% of respondents in the lower income group own equities. As US equities continue to rally, this might help to explain why consumption remains strong amongst the higher income quintiles.”

    Chart of the week 08102025.jpg

    Source: Insight Investment and Gallup Polls as at 07 October 2025

    Week to 03 October 2025

    US Equities tended to shrug off past US federal government shutdowns

    Stephanie Chan, CFA, Portfolio Manager, said: “The US federal government is likely facing a shutdown on 1 October given the lack of agreement within Congress to continue funding the government. Since 1980, there have been 10 periods of government shutdowns. Only 3 of the shutdowns lasted for more than 15 days, in 1995, 2013, and 2018. Equities rose during those 3 periods, while the US dollar and the US 10-year yield had muted reactions. The longest shutdown, lasting 35 days, occurred in December 2018 and equities rallied by 13%. However, the equity reaction is likely unique to this period, as the shutdown happened at the end of a protracted market drawdown during the last quarter of 2018.”

    Chart of the week 02072025.jpg

    Source: Bloomberg and Insight Investment as at 30 September 2025

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