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Monthly Market Update January 2026

23 January 2026
    Economy and Markets
    Download the full reportPDF, 6.5MB

    After the 2025 rally, what next?

    • In 2026, we expect a “role reversal” in areas of the macro, policy, and market environment, with US leadership fading, and growth converging in the west. Global market performance will be dependent on profits growth
    • Market leadership and corporate profits will keep “broadening out”, especially in Asia and other emerging markets. Economic derisking and improved policy have made those regions structurally safer and less volatile
    • With government bonds potentially less reliable as a portfolio hedge, multi-asset investors should manage the challenge of volatility by seeking to “diversify the diversifiers” with bond substitutes like hedge funds and private markets

    This commentary provides a high-level overview of the recent economic environment and is for information purposes only. It is a marketing communication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments; nor should it be regarded as investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

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