2026 Market View: Global Equities

Dec 04, 2025

Jeremy Richardson, Senior Portfolio Manager, summarises the market in 2025 for the asset class, and gives his thoughts for 2026.

  • Exchange rate fluctuations dramatically shaped 2025 returns, with USD investors gaining far more returns than other currencies due to US dollar weakness.
  • Policies drove much of market dynamics in 2025, including US tariffs disrupting global trade and inflation, shifting spending priorities in Europe.
  • The AI trade dominated equities, though the mix of winners/losers, and shifting from 2024’s "Magnificent Seven" concentration.
  • For 2026, double-digit EPS growth is forecasted, potentially delivering strong equity returns if valuations hold, while redirected U.S. tariff revenues could boost the struggling consumer via tax cuts or stimulus.


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