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  1. Insights

investment-outlook-2026-macro

 

 

 

Investment Outlook 2026

Fuel in the engine  

With policy and innovation powering the global economy, investors are on a journey full of promise and potential derailments. Read our Investment Outlook 2026 to discover how diversifying across regions and sectors, and preparing for inflation or asset bubbles can help navigate the twists and turns.
 

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  • Guide to the Markets
  • The Weekly Brief

Guide to the Markets

The J.P. Morgan Guide to the Markets illustrates a comprehensive array of market and economic histories, trends and statistics through clear charts and graphs.

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Investment Principles

The key to successful investing isn’t predicting the future, it’s learning from the past and understanding the present. We present seven time-test strategies.

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Webconferences

Listen to recorded updates from our portfolio managers and market strategists and register for future editions. These materials are for financial professionals only.

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On the Minds of Investors

Understanding gold and its role in a portfolio

Explore the drivers behind the recent rise in gold, the outlook for gold prices, and the role that gold can play in a diversified investment portfolio.

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Investors seeking resilience should consider a quality bias

Explore how investing in quality stocks can build resilient portfolios, offering stability and outperformance in uncertain market conditions.

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A new path for the US dollar

Uncover the factors influencing the future path of the US dollar and what they mean for investors.

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Key questions shaping the outlook for AI megacaps

Uncover how AI megacaps are tackling innovation, business shifts, and future chip demand in a changing landscape.

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The cost of holding cash in a volatile market

Is cash really king in today's volatile market? Discover why a diversified portfolio might be a smarter investment choice.

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Understanding small cap valuations

Understand the drivers of small cap stock valuations and find out why small cap investing could offer attractive opportunities for long-term investors.

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A new supercycle – the clean tech transition and implications for global commodities

A forced and rapid energy transition is under way. Discover what impact this will have on commodity markets and clean energy investment opportunities.

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Sustainability and portfolio returns

Read about the complex issues at the heart of measuring the financial impact of ESG investing.

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Portfolio Insights

Global Asset Allocation Views 1Q 2026

We anticipate modestly above-trend growth in 2026 and take a pro-risk tilt in portfolios. We remain overweight equity in the U.S., Japan, and parts of the emerging markets. On duration our stance is neutral, but with a steepening bias. We underweight USD.

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Global Fixed Income Views 1Q 2026

As the global economy ends the year stronger than expected, we anticipate stable growth and moderating inflation will support bond markets. Amid some labor market concerns, the consumer overall remains stable and fiscal stimulus is expected. We have increased the probability of Above Trend Growth to 40%, reflecting numerous signs of strength. Our preferences include carry-oriented investment grade, leveraged and convertible credit; emerging market bonds and securitized debt.

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Global Equity Views 1Q 2026

The outlook for corporate profits is healthy. After a strong year of returns, we don’t see much room for valuations to rise further. Many of our investors are now a little more cautious on technology but still see big opportunities for stock selection within the sector.

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Factor Views 1Q 2026

Factors rose on average in 4Q 2025, some to all-time highs, led by international developed market equity factors and the value factor. Macro factors were mixed: While momentum rose, dispersion in commodity markets dragged on the carry factor.

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ETF Perspectives

Explore insights from J.P. Morgan Asset Management’s ETF research. In addition discover data and commentary on current topics related to ETF classes and strategies.

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Insights App

Insights App

Insights App allows you to create custom versions of our industry-leading Guide to the Markets You’ll find audio commentary and talking points for each Guide slide along with videos, podcasts, market bulletins, commentary and portfolio analytics – all of which you can save, organise and share.

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The value of investments may go down as well as up and investors may not get back the full amount invested.