Invesco景顺投资：2025年第三季度全球资产配置全景展望报告（英文版）

We think the global economy will accelerate over the next 12 months as central banks ease and real wages grow. However, we think some market valuations understate the risks to the US economy. We continue to embrace risk with caution and emphasise nonUS assets within our Model Asset Allocation. Figure 1 shows that we expect to be rewarded (a bit) for taking risk over the next 12 months and Figure 2 shows that we favour REITS, commodities and non-US equities within our Model Asset Allocation. A