The second-half 2026 outlook frames an investment environment that remains supportive of risk assets, but is increasingly shaped by persistent inflation, geopolitical tail risks, and shifting cross-asset dynamics. 

The key implication for investment strategy is not a weakening growth backdrop, but a transition to a regime where inflation remains structurally elevated.

Our report also examines:

• The current global macro environment, including growth trends, inflation dynamics, and evolving monetary policy expectations.
• Key cross-asset implications for portfolio positioning across equities, fixed income, commodities, and emerging markets.
• The increasing importance of tactical asset allocation in response to shifting market drivers, valuations, and policy uncertainty.
• Changes in market relationships and correlations, and the resulting impact on diversification, risk management, and hedging approaches.