Global Markets Conference 2025

On 30 September 2025 in London, Societe Generale brought together investors, asset managers, economists, and financial market experts for its 11th Global Markets Conference.
Under the theme “Systemic Shifts: Opportunity at the Edge of Uncertainty”, discussions focused on the major transformations reshaping the investment landscape, from artificial intelligence to macroeconomic and geopolitical developments.

Discussions highlighted four key themes:

1. Artificial intelligence as a driver of economic and financial transformation
2. Investor resilience in an uncertain macroeconomic environment
3. Europe’s challenges and opportunities amid structural change
4. The evolution of inflation, interest rates and portfolio construction

Key Takeaways

Held under the theme“Systemic Shifts: Opportunity at the Edge of Uncertainty”, the conference explored how investors are navigating a rapidly changing environment shaped by macroeconomic realignment, technological disruption, geopolitical uncertainty and the transition to more sustainable economic models.

Technology and AI: Opportunity and Transformation

Artificial intelligence emerged as one of the dominant themes throughout the conference. Discussions focused on AI's potential to drive significant productivity gains across industries while also raising important questions around market concentration, regulation and employment. Participants highlighted the need to balance innovation with appropriate governance frameworks as AI becomes increasingly embedded in economic activity.

Asset managers also noted that AI is already being deployed extensively to enhance research capabilities, data analysis, training and operational efficiency. However, there was broad agreement that adoption alone does not guarantee superior investment performance.

A More Complex Investment Environment

A recurring theme was the importance of resilience and agility in portfolio construction. The economic and market backdrop remains highly uncertain, requiring investors to adapt quickly to changing conditions and challenge established assumptions.

While concerns remain around global growth, inflation and geopolitical developments, the overall assessment of the US economy was relatively constructive, with expectations of continued resilience despite ongoing trade and policy uncertainty.

Europe: Challenges and Opportunities

Discussions on Europe highlighted a combination of structural challenges and long-term opportunities. Key issues identified included sluggish growth, demographic pressures, competitiveness, digital transformation and decarbonisation. At the same time, greater investment in technology, innovation, security and capital markets integration was viewed as essential to strengthening Europe's long-term economic position.

Several sessions highlighted the importance of completing and deepening the European Single Market to improve investment flows, competitiveness and economic scale.

Inflation, Rates and Portfolio Construction

Participants generally suggested that inflation may remain structurally higher than levels experienced during previous decades, requiring investors to reassess traditional assumptions.

From an asset allocation perspective, areas attracting interest included:

• European equities, particularly small and mid-cap companies.
• Private credit as a source of diversified credit exposure.
• Select opportunities across global fixed income markets.
• Gold and certain emerging markets as diversification tools in a world seeking alternatives to US dollar concentration.

Global Macro and Fixed Income Themes

In foreign exchange and macro discussions, investors explored opportunities beyond the US dollar while acknowledging the continued absence of a clear alternative global reserve currency. Gold and selected emerging markets were identified as potential beneficiaries of diversification trends.

Fixed income discussions focused on the outlook for European government bonds, structural pressures facing major European economies, and evolving demand dynamics for long-dated sovereign debt. The impact of pension reform and changes in institutional asset allocation were identified as important drivers of fixed income markets over the coming years.

Conclusion

The conference underscored a central message: uncertainty is no longer simply a risk to manage but can also be a source of opportunity. Investors are operating in an environment shaped by technological transformation, evolving monetary conditions, structural economic change and shifting geopolitical dynamics. In this context, adaptability, diversification and a long-term perspective remain critical to navigating markets successfully.