This report, produced by Capital Group’s investment and economics teams, outlines a long-term outlook for global markets heading into 2026, balancing opportunity against elevated risk.
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Global growth shows resilience as easing monetary policy, lower-than-feared tariffs, and fiscal stimulus support earnings across regions, with non-U.S. equities and emerging markets gaining momentum.
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Equity leadership is broadening beyond mega-cap U.S. tech, while AI investment remains a powerful but valuation-sensitive driver.
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Higher yields restore bonds’ role as income and portfolio ballast, though tight credit spreads demand selectivity.
What does a more balanced market regime mean for portfolio construction in the years ahead?
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