Global Market Outlook for 2026

This document is a Global Market Outlook report for early 2026, focusing on investment strategies and market conditions. It outlines a positive outlook for growth and earnings, emphasizing a preference for equities and gold due to their supportive fundamentals. The report suggests increasing allocations to US and Asia ex-Japan equities, citing robust corporate earnings as a foundation for US market strength despite ongoing debates about the AI sector. Additionally, it recommends maintaining an overweight position in gold, highlighting central bank demand and a sustained price uptrend as key factors. The document also discusses macroeconomic indicators, including a rebound in economic activity and the implications of US monetary policy on corporate earnings and risk assets. It notes that while bond yields have remained stable, emerging market bonds are seen as attractive due to favorable conditions. The report concludes with a detailed analysis of various asset classes and their performance expectations for the year ahead.