ClearBridge Global Infrastructure Income Strategy Q2 2025 Commentary

2025-07-10 13:50:00 ET

By Daniel Chu, CFA, Charles Hamieh, Shane Hurst & Nick Langley

Resilience with Upside in a Volatile Quarter

Market Overview

Markets bounced back from a first-quarter correction and survived tariff, growth and geopolitical scares to deliver solid gains in the second quarter of 2025. Stocks fell to begin the quarter after U.S. President Trump unveiled wide-ranging reciprocal tariffs on April 2 but recovered as a delay in their implementation, a handful of bilateral trade deals and a softened tone from Trump on both China and Federal Reserve policy improved the outlook. The U.S.-China trade picture continued to brighten in May and June, ending in an agreement involving lower tariffs and increased exports of rare earth metals from China to the U.S. In June, an apparent end to the 12-day conflict between Israel and Iran, which threatened to raise oil prices and disrupt global shipping, added further support for risk sentiment....

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