Mid-year 2025 global analyst outlook survey
By
Lori Calvasina, RBC Capital Markets
Published June 30, 2025
|
1 min listen
In today’s podcast we discuss how our analysts are constructive on performance over the next 6-12 months.
When we look at the survey responses globally, our analysts are constructive on performance over the next 6-12 months along with current valuations and the state of demand but have a negative view on the US policy backdrop.
- Regionally, performance outlooks tilt constructive across all regions – strongest in Canada and Australia and stronger for the US than Europe.
- On valuations, views tilt constructive across regions and are the most constructive for Canada.
- On the US policy backdrop, across all regions, most sectors had negative tilts, with the most extreme, negative views for Staples and Health Care. Communication Services and Financials had constructive tilts while Energy and Utilities were neutral/mixed.
- Top US policy issues in focus were tariffs and trade, followed by deregulation.
Lori Calvasina
Head of U.S. Equity Strategy
RBC Capital Markets, LLC
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
US policycommunications servicesconsumer staplesfinancials industryhealthcarelori calvasinarbc capital markets podcastrbc insightrbc markets in motion podcastus equity market
