Global equities recovered in 3Q 2025 after April’s tariff-triggered sell-off, with Asia leading the charge while Europe slipped behind. But as we head into the final quarter of the year, investors face fresh uncertainties, from a dovish Fed and stretched valuations to Trump-era policy risks and a U.S. government shutdown.

In this episode of The Bigger Picture, Dan Koh speaks with Sean Quek, Managing Director & Senior Portfolio Manager at Paragon Capital Management Singapore, to unpack the quarter’s key market drivers, assess the outlook for 4Q, and explore where opportunities and risks lie for investors.