Morgan Stanley – The BEAT, Oct 2025

The main theme of the report is the analysis of global markets and asset allocation, including bonds, stocks, alternative investments, and transitional assets.

Key findings include: a reduction in corporate taxes following the enactment of the 'One Big Beautiful Bill Act', which positively impacts earnings; positive policy impulses, including economic support from the Federal Reserve and government stimulus; productivity growth supported by investments in AI and automation, contributing to higher valuations; and profit margin expansion through revenue growth and stable costs, which may justify higher market valuations.