Strategist
• 年度展望
2026 Investment Outlook: The synchronized shift
After years of discord, 2026 is shaping up for a short-lived but synchronized upswing. Easing trade tensions, a recovering manufacturing cycle, and lagged effects of monetary stimulus are set to bring a rare harmony to global markets.
This year we present two perspectives: one on macro trends and another on sustainable investing. Our base case sees Europe’s growth engine accelerating, China approaching a turning point, and US consumption moderating amid fiscal shifts.
Equities may extend gains as a weaker dollar channels flows into emerging markets, while US Treasuries face downside risk. Meanwhile, AI-driven productivity improvements should begin translating into tangible economic growth.
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