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January 2025 - A volatile start to the year
January began on a promising note in the wake of the stock market rally at the end of 2024. But the optimism of the first few days was soon put to the test. With the storm caused by DeepSeek, the Chinese artificial intelligence startup, and the resumption of trade tensions under the Trump administration, investors had to cope with a series of shock waves. Despite the turbulence, most equity indexes finished the month in positive territory, buoyed by accommodative central banks.

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