Blackmont Capital's House View is a monthly report providing an in-depth analysis of global economic conditions and financial markets. In this publication, Blackmont Capital's experts share their insights on current trends, the driving forces behind market movements, and forecasts for key assets. With a strategic and data-driven approach, this analysis serves as a comprehensive guide for investors looking to make informed decisions in an ever-evolving financial landscape.
| Asset | Price | Q4_24 | Q1_25 | Q2_25 | Q3_25 |
|---|---|---|---|---|---|
| S&P 500 Index | 5735.96 | -1.79% | -3.88% | -5.91% | -7.90% |
| S&P/TSX Composite Index | 24167.00 | -2.53% | -4.33% | -6.10% | -7.84% |
| Euro Stoxx 50 Index | 4972.00 | -1.47% | -3.60% | -5.69% | -7.74% |
| FTSE 100 Index | 8306.00 | -2.08% | -3.66% | -5.23% | -6.75% |
| Swiss Market Index (SMI) | 11999.00 | -0.25% | -2.13% | -3.98% | -5.80% |
| S&P/ASX 200 Index | 8208.00 | -2.01% | -3.91% | -5.77% | -7.60% |
| S&P/NZX 50 Index | 12597.00 | -2.75% | -4.45% | -6.11% | -7.75% |
| KOSPI Index | 2610.00 | -4.02% | -7.28% | -10.42% | -13.45% |
| Nikkei 225 Index | 38991.00 | -5.62% | -9.78% | -13.76% | -17.57% |
| Shanghai Composite Index | 3336.00 | -2.43% | -4.80% | -7.10% | -9.35% |
| MOEX Russia Index | 2793.00 | -1.83% | -4.48% | -7.09% | -9.60% |
| Nifty 50 Index | 81050.00 | 1.62% | -0.66% | -2.88% | -5.05% |
| Bovespa Index | 132148.00 | -2.38% | -4.45% | -6.49% | -8.48% |
| IPC Mexico | 52750.00 | -3.25% | -5.91% | -8.51% | -11.01% |
| FTSE/JSE Top 40 Index | 86309.00 | -1.60% | -4.02% | -6.38% | -8.68% |
| Asset | Yield | Q4_24 | Q1_25 | Q2_25 | Q3_25 |
|---|---|---|---|---|---|
| 10-Year Treasury Note | 4.02 | -8.53% | -10.27% | -11.97% | -13.65% |
| Canadian 10-Year Bond Yield | 3.28 | -12.61% | -14.63% | -16.60% | -18.52% |
| German 10-Year Bond Yield | 2.25 | -10.88% | -13.31% | -15.66% | -17.95% |
| UK 10-Year Gilt | 4.20 | -7.79% | -9.60% | -11.38% | -13.11% |
| Swiss 10-Year Bond Yield | 0.43 | -22.87% | -27.90% | -32.61% | -37.02% |
| Australian 10-Year Bond Yield | 4.27 | -8.60% | -10.33% | -12.02% | -13.69% |
| New Zealand 10-Year Bond Yield | 4.33 | -3.33% | -4.81% | -6.26% | -7.70% |
| South Korea 10-Year Bond Yield | 3.10 | -5.10% | -6.72% | -8.31% | -9.89% |
| Japan 10-Year Bond Yield | 0.93 | -12.60% | -17.07% | -21.33% | -25.35% |
| China 10-Year Bond Yield | 2.16 | -0.58% | -1.84% | -3.09% | -4.32% |
| Russia 10-Year Bond Yield | 16.13 | -3.03% | -4.31% | -5.58% | -6.83% |
| India 10-Year Bond Yield | 6.85 | -1.85% | -2.28% | -2.69% | -3.12% |
| Brazil 10-Year Bond Yield | 12.33 | -0.49% | -1.62% | -2.72% | -3.82% |
| Mexico 10-Year Bond Yield | 9.47 | 0.30% | -1.52% | -3.31% | -5.07% |
| South Africa 10-Year Bond Yield | 9.41 | -4.32% | -5.49% | -6.64% | -7.78% |
| Asset | Price | Q4_24 | Q1_25 | Q2_25 | Q3_25 |
|---|---|---|---|---|---|
| U.S. Dollar Index (DXY) | 102.48 | -0.49% | 0.44% | 1.38% | 2.31% |
| CAD/USD | 1.36 | 0.26% | 1.06% | 1.87% | 2.68% |
| EUR/USD | 1.10 | 0.07% | -0.92% | -1.90% | -2.87% |
| GBP/USD | 1.31 | 0.74% | -0.37% | -1.46% | -2.55% |
| CHF/USD | 0.85 | 0.21% | 1.40% | 2.60% | 3.83% |
| AUD/USD | 0.68 | 0.68% | -0.79% | -2.24% | -3.66% |
| NZD/USD | 0.61 | 1.65% | 0.10% | -1.42% | -2.91% |
| KRW/USD | 1343.71 | -0.58% | 0.74% | 2.06% | 3.42% |
| JPY/USD | 148.07 | -1.33% | 0.30% | 1.95% | 3.64% |
| CNY/USD | 7.06 | 0.06% | 0.68% | 1.32% | 1.96% |
| RUB/USD | 96.20 | -0.03% | 2.83% | 5.78% | 8.80% |
| INR/USD | 84.00 | 0.09% | 0.40% | 0.71% | 1.03% |
| BRL/USD | 5.49 | 1.20% | 3.12% | 5.08% | 7.08% |
| MXN/USD | 19.36 | 3.88% | 6.16% | 8.48% | 10.86% |
| ZAR/USD | 17.41 | 1.35% | 3.36% | 5.40% | 7.49% |
| Asset | Price | Q4_24 | Q1_25 | Q2_25 | Q3_25 |
|---|---|---|---|---|---|
| Gold Futures | 2648.31 | 1.19% | 2.38% | 3.59% | 4.81% |
| Brent Crude Oil Futures | 80.36 | -10.17% | -8.17% | -6.12% | -4.03% |
| Natural Gas Futures | 2.74 | 10.96% | 16.72% | 22.78% | 29.15% |
| Coffee Futures | 244.06 | 12.30% | 15.55% | 18.91% | 22.35% |
| Cocoa Futures | 6988.01 | 17.11% | 23.67% | 30.61% | 37.94% |
| LME Index | 4331.50 | 0.08% | 1.47% | 2.88% | 4.32% |
| Goldman Sachs Commodity Index | 564.45 | -7.87% | -9.13% | -10.37% | -11.60% |
| S&P GSCI Agriculture Index | 8659.62 | -1.90% | -3.76% | -5.59% | -7.39% |
| Containerized Freight Index | 2135.08 | 4.54% | 9.29% | 14.25% | 19.43% |