KPMG Quarterly Brief – International Valuation Newsletter 2025-Q2

The second quarter of 2025 has been marked by geopolitical escalation, bold policy moves, and milestones in both technology and sport. 
 

In June, Israel launched Operation Rising Lion, a military operation targeting Iranian nuclear infrastructure and senior officials, significantly intensifying tensions in the region. The conflict escalated further, as the United States joined the offensive under Operation Midnight Hammer. 

In East Asia, a major political shake-up unfolded as South Korean President Yoon Suk Yeol was officially removed from office after the constitutional court upheld his impeachment, initially passed in December 2024. On the diplomatic front, Rwanda and the Democratic Republic of Congo reached a preliminary peace agreement during U.S.-hosted talks in Washington.

Meanwhile, in the United States, President Trump issued an executive order in May lifting most sanctions on Syria. In the tech world, Meta CEO Mark Zuckerberg announced the launch of a new division focused on superintelligence, appointing AI wunderkind Alexandr Wang whose startup just received a $14 billion investment from Meta as its head. In sports, Armand Duplantis once again made history, breaking his own world record in pole vaulting by clearing 6.28 meters at the Diamond League meeting in Stockholm.

Following the dynamic events of Q2 2025, we are pleased to present another edition of our Quarterly Brief. Driven by the aforementioned dynamics, this edition features an article which highlights the primary impacts of tariff risk on valuation and how to deal with them. As usual, this publication also contains objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.