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    Multi-asset chart of the week

    Multi Asset chart of the week

    09 September 2025 Multi-asset
    Week to 12 September 2025

    Jobs data shows labour market softening, but increasing CapEx, particularly for AI, could provide a meaningful tailwind for growth

    Steve Waddington, Co-Deputy Head of Multi-Asset Strategy, said: “Friday’s jobs report underscored growing concerns around tepid labour market momentum. But beneath the surface, the macro picture remains more resilient. Last week we highlighted that August PMIs pointed to a modest improvement in business sentiment. This week’s chart highlights a powerful capex cycle — driven by IT and AI adoption — is emerging as a key growth engine. AI-related investment alone is estimated to have added 0.5% to US GDP in H1 2025, offering a potential secular tailwind for global growth.”

    Chart of the week 02072025.jpg

    Source: Bloomberg and Insight Investment as at 08 September 2025

    Week to 05 September 2025

    86% of global GDP reflects accelerating or stabilising growth environments

    Chris Broadley, CFA, Portfolio Manager, said: “Within August’s PMI dataset the incremental move was to a more positive backdrop. The global manufacturing PMI jumped back above 50 (expansionary territory) with a month-on-month improvement from both developed and emerging economies. Our chart of the week highlight’s this shift, with 86% of the world’s GDP in either a state of accelerating growth (expansionary and getting better) or stabilising growth (contractionary but getting better).”

    Chart of the week 02072025.jpg

    Source: Bloomberg and Insight Investment as at 03 September 2025

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