By all accounts, 2025 has been a volatile year, not only on the geopolitical front but also for business and financial markets. As Europe and the Middle East grapple with the ongoing effects of conflicts and supply chain disruptions, investors have also had to calculate the implications of rhetoric and wide-ranging policy updates from the likes of the US and China, as well as assessing the possibility of an AI bubble and the disruption this might bring.

Towards the end of the year, we have also seen global financial centres turn their attention to the perceived worsening of credit conditions, the collapse of First Brands [1] and Tricolor and the impact on lenders including global banks and private credit funds. However, looking at the performance of the public markets, recovery from Liberation Day and other market shocks is already well underway. According to JP Morgan, “recession fears multiplied in the wake of tariffs, but businesses and markets adapted” [2].

In this piece we look at some of the key issues that have shaped the markets in 2025 and how the media narrative has evolved throughout this tumultuous year.

Artificial intelligence remains the single most dominant narrative in the world of business and finance – investors want to assess its impact, and businesses want to use it to streamline operations wherever possible. Media coverage has moved beyond speculation about AI’s potential to focus on tangible impacts on productivity, margins, and competitive advantage. Financial reporting increasingly links AI adoption to earnings growth and cost reduction, particularly in technology, banking, and professional services. At the same time, opinion columns and market commentary frequently raise concerns about overstretched valuations and the risk of an AI bubble, creating a conflicting narrative of transformative opportunity and systemic risk, even from those deeply embedded in the industry [3].

Simultaneously, monetary policy and macroeconomic uncertainty continue to drive headlines. Central banks have remained at the centre of market coverage, with investors analysing signals from the Federal Reserve, the European Central Bank, and other policymakers in relation to their rates policies. Media reporting has frequently emphasised the tension between easing inflation pressures and persistent concerns about economic growth, especially in Europe. Although, the latest news on this front seems to be good, with the Fed’s John Williams suggesting monetary policy is “well positioned” for 2026 [4].

As markets remain volatile, financial institutions have re-emerged as a key barometer of market health. Banks, insurers, and asset managers have featured prominently in international media coverage, often framed as beneficiaries of higher interest rates and operational efficiencies driven by technology. Media narratives have increasingly focused on how banks are adapting their business models through digitisation, AI deployment, and tighter risk management. Credit conditions, however, remain a point of caution, with journalists and analysts watching closely for signs of stress as refinancing cycles approach. This has played out most glaringly in the recent First Brands fraud issue and the perceived risk in private credit markets, which has led to the Bank of England launching a stress test of the market [5] which could well be followed by a similar exercise in the US.

The media’s coverage of business and finance in 2025 reflects a market environment defined by both confidence and caution. Optimism around technological innovation and strategic investment is tempered by lingering macroeconomic risks and policy uncertainty. As a result, financial journalism increasingly emphasises balance, highlighting significant growth opportunities but also demanding caution when assessing valuations, risk and resilience in some corners of the market. In this landscape, narratives shaping the markets are as much about credibility and adaptability as they are about short-term performance.

1. $12bn of debt: How First Brands Group collapsed (Financial Times)
2. ‘Liberation Day’ in retrospect: 6 things that surprised investors (J.P. Morgan)
3. Google boss says trillion-dollar AI investment boom has ‘elements of irrationality’ (BBC)
4. Fed’s Williams Says Monetary Policy Set for 2026 After Rate Cut (Bloomberg)
5. Bank of England to consult major private credit groups on stress test (Financial Times)

Contact

Finlay Donaldson, Associate Partner

London

[email protected]