(Updates with BofA forecasts; UBS Global Research FX forecast; Deutsche Bank forecasts for FX, U.S. CPI; Goldman Sachs U.S. PCE and UK GDP forecasts; Nomura GDP and U.S. CPI forecasts; Citigroup India GDP forecast; Canaccord Genuity S&P 500 target)

Dec 4 (Reuters) - Uncertainties around U.S. policies may slow global economic growth modestly in 2025, according to major brokerages. They expect U.S. President-elect Donald Trump's proposed tariffs to fuel volatility across global markets, spurring inflationary pressures and, in turn, limiting the scope for major central banks to ease monetary policy.

World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.

Following are forecasts from some top banks on economic growth, inflation and the performance of major asset classes in 2025:

Forecasts for stocks, currencies and bonds:

Brokerage S&P 500 U.S. 10-year EUR/USD USD/JPY USD/CNY

target yield target

UBS Global 6400 3.80% 1.04 7.60

Research 145

Goldman Sachs 6500 4.25% 1.03(next 159(next 7.50(next

12-months) 12-months 12-months)

)

UBS Global 6600 4.00% 1.12 145 7.50

Wealth

Management

Wells Fargo 6500-6700 4.50%-5.00% 0.98-1.02 158-162

Investment

Institute

Societe 4.50% (Q4'25) 1.09 146.3 7.28

Generale

Deutsche Bank 7000 4.7% (Q4'25) 1.03 (Q4'25)

7.50

Nomura 135 6.93

Morgan Stanley 6500 3.55% (Q4'25) 1.10 (Q4'25) 138 7.60

(Q4'25) (Q4'25)

J.P.Morgan 6500 4.10% (Q3'25) 1.08 148 7.50

BofA Global 6666 4.25% 1.10 160 7.40

Research

Wells Fargo 4.00%

BMO Capital 6700

Markets

Jefferies 6000

Barclays 6600

Piper Sandler 6600

Berenberg 4.90% 1.08 140 7.20

BNP Paribas 3.65% (Q4'25) 1.15 (Q4'25) 131

(Q4'25)

Canaccord 6325

Genuity

U.S. Inflation:

U.S. inflation (annual Y/Y for 2025)

Brokerage Headline CPI Core PCE

Goldman Sachs 2.5% 2.1%

J.P.Morgan 2.4% 2.3%

Morgan Stanley 2.3% 2.5% (Q4/Q4)

Barclays 2.3% 2.5%

Wells Fargo 2.6% 2.5%

Societe Generale 2.3% 2.5%

Deutsche Bank 2.6% (Q4/Q4)

2.8% (Q4/Q4)

Wells Fargo 3.3%

Investment

Institute

UBS Global 2.6%

Wealth

Management

Citigroup 2.1 (Q4'25) 2.3 (Q4'25)

BofA Global 2.4%

Research

Berenberg 2.7% 2.6%

BNP Paribas 2.3%

Nomura 2.8%

Real GDP Growth:

Real GDP growth forecasts for 2025

Brokerage GLOBAL U.S. CHINA EURO AREA UK INDIA

UBS Global 2.9% 1.9% 4.0% 0.9% 1.5% 6.3% (for

Research FY 26)

Goldman Sachs 2.7% 2.5% 4.5% 0.8% 6.3%

1.2%

Barclays 3.0% 2.1% 4% 0.7% 1.2% 7.2%

Morgan Stanley 3.0% 2.1% 4.0% 1.0% 1.4% 6.5%

(FY25/FY2

6)

J.P.Morgan 2.4% 2.2% 3.9% 0.8% 1.0% 6.0%

UBS Global Wealth 2.9% 1.9% 4.0% 0.9% 1.5% 6.3%

Management

Wells Fargo 2.5% 2.0% 4.0% 1.0% 1.6% 5.9%

Societe Generale 3.3% 2.2% 4.7% 1.0% 1.6%

Citigroup 1.1% 1.0%

6.4%

Nomura 4.0%

2.2 0.8 1.0 5.8%

BofA Global 2.4% 4.5%

Research 3.2% 0.9%

Deutsche Bank 3.1% 2.5% 4.8% 0.8% 1.3% 6.5%

Wells Fargo 2.5%

Investment

Institute

Berenberg 2.7% 2.4% 4.5% 1.0% 1.6% 6.5%

BNP Paribas 2.1% 4.5% 1.5% 1.5% 6.7%

(March

2026)

* UBS Global Research and UBS Global Wealth Management are distinct, independent divisions in UBS Group * Wells Fargo Investment Institute is a wholly owned subsidiary of Wells Fargo Bank

(Compiled by the Broker Research team in Bengaluru; Editing by Anil D'Silva)

((Kanchana.Chakravarty@thomsonreuters.com;))