MS Pro Briefing | 28th August 2025
Beyond U.S. Stocks, Refund wave, Global real estate, and more..
MS Pro has a simple aim: to make your job easier. Our team combs through hundreds of academic and institutional reports every week. With MS Pro, we seek to simplify this into clear, concise, and actionable insights.
Actionable Insights
The Morningstar Global Markets ex-U.S. Index has delivered more than double the return of the U.S. market in dollar terms. Europe, South Africa, and Asia have all posted strong gains, showing that diversification beyond the U.S. is paying off.
The IRS’s decision to delay form changes until 2026 will lead to larger refunds early that year, likely giving spending a short-term boost. Since the benefits are skewed toward upper-middle-income households, much of the money will flow into discretionary items. GDP may get a lift in early 2026, but the effect will fade quickly, so investors should not view it as a lasting driver of growth.
Global real estate stayed resilient in Q2 2025, with strong deals and fundraising. Residential led with steady demand and rents, offices benefited from selective large deals, industrial slowed under trade pressures, and retail recovered on healthy spending. Overall, the sector continues to provide stability and reliable returns.
In Q2 2025, jewellery demand fell 14% year-on-year, while ETF inflows surged 170 tonnes and bar and coin investment rose 11%, underscoring that gold’s momentum is being driven by investment flows.