With the global economy expected to remain resilient, the macro environment will likely continue to support risk assets. Nevertheless, the increasingly rich market valuations suggest the need to be more disciplined and discerning. Notably, we would focus on the shifts in the “T&Cs” — including trade, central banks, currencies, technology, and climate change — that will continue to shape markets in 2026.

For a more detailed discussion of our investment views, click here to read our latest digital Yearbook 2026. 

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