Axiome Quarterly Q3 2025

Markets enjoyed strong returns over the September quarter.  On the macroeconomic front this was driven by interest rate cuts and economic data exceeding expectations for the US, Europe, and most of the Asia-Pacific Region – with the notable exception of New Zealand.  The AI boom continued to drive up share prices of very large tech companies like Alphabet (Google) and Nvidia, but it is important to stress that gains were broad-based across countries and different market sectors.