23 June 2025 Mid-year outlook – the pushbacks Multi-Asset Multi-Asset Bulletin Geopolitical concerns This week's agenda has of course been dominated by the newsflow on the Conflict in the Middle East (23 Jun). Despite this, the fallout in financial markets has been fairly contained so far. Whether it's risk assets or typical safe havens, the w/w performance has been relatively flat with the exception of oil prices. 'Complacency' is what we've been hearing the most last week – more on this later, though. Sen ...