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AZN - Franklin International Growth Fund Q4 2024 Commentary
AstraZeneca PLC
2025-01-29 05:11:00 ET
Summary
International equities continued to struggle in the fourth quarter due to market concerns about tariff wars and potentially other punitive measures that could be levied by the second Trump administration.
Unlike in the U.S., where moderating inflation has been accompanied by resilient GDP growth, Europe and the U.K. continue to face recession risks.
We believe the second Trump administration introduces a wild card into recent U.S. economic and equity momentum and, with valuations well above average, leaves little room for error.