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Reading between the lines in 2026

Multi-Asset Portfolio Manager Tihana Ibrahimpasic looks at the year ahead, one in which the outlook for global growth looks constructive but is likely to be beset by regional differences and questions over central bank policy.

23 Dec 2025
1 minute read

Key takeaways:

  • Conflicting US economic data and rich equity valuations create uncertainty, leaving US Federal Reserve interest rate decisions finely balanced.
  • China’s slowing investment and weak consumer confidence contrast with improving momentum in Europe, where fiscal stimulus offers upside potential.
  • Diverging global interest‑rate paths and persistent market sensitivity to AI‑related trends highlight the need for diversified, selective portfolio positioning in 2026.