Townsquare Media has completed a successful transformation but remains undervalued

November was a volatile month for financial markets, as they dealt with the longest U.S. government shutdown in history, concerns about the valuations reached in companies linked to Artificial Intelligence, and sudden changes in the expectation of a further interest rate cut by the Fed. Returns were flat or slightly positive in equity markets.

No investor would deny that 2025 has been a “lively” year. Tariffs, interest-rate cuts, and questions about a potential artificial-intelligence “bubble” have dominated headlines in recent months. Even so, 2025 will also be remembered as a year of transition and adjustment.

High stock market valuations and the concentration of gains, especially in the technology sector, dominate much of the analysis, although MAPFRE's experts point to another crucial factor: central bank policy. With the Fed facing another rate cut and a likely change in its chairmanship, and a European Central Bank that could take the opposite path if economic growth exceeds expectations, monetary policy could be decisive in the currency, bond, and equity markets.