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Felix Zulauf: Where to Invest in 2025

Global Macro Update

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Shifting Geopolitical Landscape and Economic Implications

This chapter explores the transition from a U.S.-dominated unipolar world to a multipolar future, examining the rise of nationalism and state capitalism. It discusses the potential ramifications for global investing, currency markets, and geopolitical tensions, particularly between the U.S. and China. Additionally, it highlights the economic challenges faced by central banks and the impact of tariffs, providing insights into the evolving automotive market and the contrasting economic conditions in the U.S. and China.

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