Market Insights

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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Americas Market Insights

Powell’s Final Act: Hold everything – rates, bias and Governor seat

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Are stocks repeating last year’s rally?

Discover how the 2026 stock market rally mirrors previous market trends. Explore sector performance, AI impact, political events and S&P 500 earnings growth in this in-depth analysis.

What are semi-liquid funds?

Semi-liquid funds expand access to private markets but can restrict withdrawals during stress. Explore how the liquidity trade-offs and fund structures can impact you.

Asian central banks: Diverging on the balancing paths

Asian central banks may diverge as energy shocks and currency weakness shift inflation and growth tradeoffs, reshaping rate expectations and market pricing across the region—read the key takeaways.

What is a semi-liquid fund?

Curious about investing in private markets? Discover how semi-liquid funds like interval funds, tender offer funds, non-traded BDCs and REITs are making private investments more accessible.

Between Resilience and Rebalancing: What China's 1Q 2026 GDP Data Really Tells Us

China’s latest GDP growth signals resilience amid rebalancing, with exports strong and domestic demand softer, shaping the global outlook for markets and policy—read the key takeaways.

What’s the earnings outlook for the first quarter of 2026?

Stay ahead with the latest S&P 500 earnings outlook for the first quarter of 2026. Explore sector growth trends, profit forecasts and key market insights to guide your investment decisions.

What is the latest trend in private credit?

Private credit faces scrutiny on defaults, liquidity, and software exposure, but recent fund reports show steady credit quality and returns versus public high yield—read the latest trend.

What is happening in private credit?

Private credit is under scrutiny—find out what’s driving investor concerns, how software industry changes can impact portfolios and why private credit remains attractive for long-term investors.

Which bonds should investors buy after the rise in Treasury yields?

Navigate the risks and opportunities in bond investing after Treasury yields surge. See why short- and intermediate-term bonds may offer the best value in today’s market.

Are Value stocks staging a comeback in 2026?

Market volatility, supportive policies and sector rotation are driving Value stocks’ comeback—explore the latest insights now.

What’s happening to stocks beneath the index?

Uncover the hidden volatility and sector dispersion beneath the S&P 500’s surface. Learn how geopolitical risks and AI anxieties are presenting opportunities in 2026.

How will energy companies react to higher oil prices?

Explore how energy sector profits and oil price swings shape the US economic outlook and investment opportunities.

Addressing market concerns over an extended energy disruption

Strait of Hormuz and Middle East routes bottlenecks elevate energy costs and stagflation risks in Asia, as central banks likely hold rates and volatility persists—Dive in and see the implications for investors.

Has conflict in the Middle East changed the Fed’s policy outlook?

Middle East risks keep the Fed hawkish as the March FOMC holds rates, with markets repricing rate cuts. Explore implications for the US economy and fixed income.

When nobody knows, do nothing

Fed holds as March FOMC meeting highlights inflation trends and uncertainties. Read on for the latest policy pulse and what to watch next.

What does an oil shock mean for the dollar, gold and Bitcoin?

Energy disruption adds volatility to assets, yet the case for disciplined diversification strengthens as yields rise and growth remains uncertain.

Will AI disruption alter the outlook for private equity?

AI adds volatility to public markets, but private equity's long‑term case strengthens amid lower funding costs and a pick-up in deal activity.

What is the outlook for energy stocks?

Discover how geopolitical conflicts impact the energy sector, the S&P 500 and oil prices—and what investors should watch going forward.

FAQs on U.S.-Iran conflict

Explore what the U.S.-Iran conflict means for oil prices, Asia's growth and inflation outlook, and the opportunities in Asian equities and real assets.

A pragmatic shift toward high-quality growth: Key takeaways from the Chinese NPC annual session

Explore the shift in China NPC's 2026 priorities to high quality growth, with focus on demand and tech, while property stimulus remains muted.

Understanding the shifting risks of passive investing

Discover the risks of passive investing in today’s shifting economic and political tides, and how they influence portfolio returns.

What is quantum computing?

Discover how quantum’s long timelines and reliability gaps can fuel volatility—and how selective, diversified exposure helps investors limit drawdowns.

Does war in Iran change the 2026 outlook?

Discover how Iran’s conflict can drive inflation and volatility through energy shocks—and how diversification helps investors limit drawdowns.

U.S. and Israel strike Iran: Where do we go from here?

Explore the potential scenarios and near-term market risks that could arise from the U.S. and Israel's strike on Iran.

U.S. airstrikes on Iran: Immediate reaction on oil, economy and markets

Explore the key takeaways for oil and global markets amid the ongoing U.S.-Iran tensions, and the investment implications.

Trade Turbulence (Part 10): How does the U.S. tariff reset shape winners and losers in the APAC region?

Explore the investment implications and opportunities in Asian equities as the U.S. tariff reset shapes winners and losers in APAC.

Are value stocks staging a comeback?

Explore why value stocks are gaining momentum in 2026. Get insights on how rate cuts, fiscal easing and AI capex lift cyclicals and broaden market leadership.

Understanding gold and its role in portfolios

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.

The U.S. Supreme Court rules against reciprocal tariffs

The U.S. equity market was fairly muted after the SCOTUS ruling that U.S. President Trump exceeded his authority by using the IEEPA to impose "reciprocal" tariffs globally.

What does AI disruption mean for investors?

Explore the drivers behind the abrupt sell-off in software stocks in early 2026. Get insights on how shifting IT budgets toward AI infrastructure are reshaping sector allocation trends and the future outlook for private equity and credit investors.

What does the software sell-off mean for private markets?

Explore the drivers behind the abrupt sell-off in software stocks in early 2026. Get expert insights on AI disruption, sector allocation trends and the future outlook for private equity and credit investors.

Will emerging market equities emerge as another top performer this year?

Uncover the factors behind the impressive performance of emerging market equities in 2026. Get expert insights on earnings growth, macro trends and the future investment outlook.

Evaluating AI

Explore key factors influencing AI investment and its monetization, and the tech stock trends and strategies for navigating the evolving AI market.

Did January labor market data change the outlook for the economy and policy?

Discover how the January jobs report impacts the U.S. economic outlook and Federal Reserve policy. Explore key labor market trends, payroll growth and unemployment rate changes for 2026.

4Q25 U.S. earnings update

Mega-cap tech stocks, S&P 500 growth, and Gen-Z & Millennial spending trends are shaping the market outlook and sector performance.

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.

What is different about this commodity cycle?

Explore the divergence between metals and energy prices in modern markets, what drives commodity volatility, and how investors can hedge risks with smart asset allocation.

The Federal Reserve – New Leadership, Same Landscape

Kevin Warsh’s nomination as Federal Reserve Chair in 2026 signals a potential shift in U.S. monetary policy, with implications for interest rates, inflation, and financial markets.

What is next for the Federal Reserve?

Stay updated on the latest FOMC meeting: The Federal Reserve holds rates steady at 3.50%–3.75%, signaling a hawkish stance amid solid economic growth and stable unemployment. Discover what this means for inflation, fiscal stimulus and future rate cuts.

On pause until further notice

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

What’s different about this commodity cycle?

Explore the divergence between metals and energy prices in modern markets. Find out what drives commodity volatility and how investors can hedge risks with smart asset allocation.

Why carry is king even as spreads tighten

Corporate bond yields remain attractive despite tight spreads and elevated risks, with income driving returns and active selection key amid full valuations and robust fundamentals.

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.

Export resilience despite domestic challenges: Key takeaways from China’s data release

Regulators are fostering a sustainable uptrend in China’s stock market, anchored by rising insurance premiums and reforms, with balanced growth and high-dividend strategies to help manage volatility in 2026.

How are we evaluating the AI boom?

Explore the latest trends in the AI boom for 2026, including tech stock performance, earnings growth, valuations, adoption rates and investment strategies. Discover why AI remains a compelling opportunity despite market volatility.

Did the December CPI report change the outlook for Fed policy?

Stay updated on the latest December CPI report and its impact on Fed policy. Discover how inflation trends may influence interest rates and the Federal Reserve’s next moves.

Looking at opportunities outside U.S. mega-cap tech

This paper discusses how developments within the tech sector could spill over to other sectors as AI adoption broadens over time.

Have recent data strengthened the case for a January rate cut?

Get the latest analysis on the Federal Reserve’s potential January rate cut, with insights from November’s jobs and CPI reports. Explore how government shutdown data issues impact unemployment, inflation and monetary policy expectations.

A new path for the US dollar

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

What’s driving stock market returns?

Discover what’s driving S&P 500 stock market returns in 2025. Explore the shift from multiple expansion to robust earnings growth, the evolving impact of the Magnificent 7, and broadening profit growth across sectors like financials, industrials, utilities and materials. Learn how market volatility and sector selection shape investment strategies for a resilient equity market.

Is the U.S. finished with cutting rates?

This paper discusses the possibility of further Fed rate cuts in 2026, and the investment implications.

Is the Fed finished cutting rates?

The Federal Reserve cut the federal funds rate by 0.25% at its December meeting, signaling a continued easing bias for 2026. Explore the FOMC’s latest Summary of Economic Projections, inflation and GDP growth outlook and insights from Chairman Powell on monetary policy, risk assets and the bond market.

Dovish action with a hawkish outlook

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

What is the outlook for hedge funds in 2026?

Explore the 2026 outlook for hedge funds with insights on active management, alpha generation and diversification. Learn how market trends, rate volatility and global macro strategies are shaping investment opportunities.

Unlocking value in Singapore’s evolving equity market

This paper discusses the factors that could drive Singapore equities as a compelling investment opportunity within Asian equity allocations.

Is AI really driving an increase in layoffs?

Discover the real impact of AI on layoffs in 2025. This expert analysis explores whether artificial intelligence is truly driving job losses or simply reshaping the workforce, with data-backed insights on industry trends, affected roles and the future of employment.

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.

Is the low-quality rally sputtering out?

Explore the recent reversal in the low-quality stock rally and discover why fundamentals matter in today’s market. Learn how speculative sectors like AI, crypto and biotech have performed versus quality stocks and get insights on where investors should focus for sustainable returns.

Asian earnings update: Third quarter’s the charm?

This paper discusses the factors surrounding Asian equities' robust 3Q25 earnings results, and the investment strategy ahead.

Are rate cuts helping consumers?

Discover why recent Federal Reserve rate cuts aren’t boosting consumer spending as expected. Explore the impact on holiday shopping, household debt and interest income in our latest market analysis.

What are stablecoins?

This paper discusses the use cases for stablecoins, the key risks surrounding stablecoin transactions, and the investment implications.

Will nuclear power AI data centers?

Can nuclear power solve the energy crisis for AI data centers? Uncover the challenges, investment opportunities and market impact of uranium and small modular reactors in the U.S.

Market Outlook 2026

As we look ahead to 2026, discipline could be the defining principle for investors navigating an increasingly complex and volatile market landscape.

Why Asian bonds now: Capturing value in USD-denominated EM credit

This paper discusses the case for Asian credit on the back of investment-grade corporates showing strong fundamentals and high-yield credit with lower default risk.

3Q25 U.S. earnings update

This paper discusses the impact of the tech sector and AI in driving the 3Q 2025 earnings season in the U.S., and the investment implications.

Energy Infrastructure: AI’s power play

This paper discusses the interplay between energy demand and AI data centers, energy supply and current constraints, and the investment implications.

Will the Fed cut rates again at its December meeting?

Discover the latest insights on the Federal Reserve’s October interest rate cut and what to expect at the December meeting. Learn how the government shutdown, inflation trends and funding market stress could impact future rate decisions.

Dancing in the dark

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Could recent defaults signal potential trouble in private credit?

This paper discusses the recent defaults in the auto sector, and the potential implications for private credit.

Path to a high-quality and more balanced growth: What to expect from China’s 15th Five-Year Plan

This paper discusses the key takeaways from the 4th Plenum of the 20th Communist Party of China Central Committee, and the investment implications.

Do recent defaults signal trouble in private credit?

Discover how recent defaults in the auto sector and leveraged loans are impacting private credit markets. Learn what investors should watch for and how to manage credit risk in today’s evolving landscape.

If policies change, do portfolios need to change too?

Discover how evolving U.S. economic policies, global trends like economic nationalism, fiscal activism and AI adoption are reshaping investment strategies. J.P. Morgan’s latest insights reveal why traditional 60/40 portfolios may fall short and how diversified alternatives can enhance resilience and returns. Learn how to future-proof your portfolio for the next decade with thought leadership from J.P. Morgan.

Do circular AI deals warn of a bubble?

This paper explores how overlapping partnerships among hyperscalers, chipmakers and model developers are reshaping AI markets with robust fundamentals.

What is behind the growth of private equity in sports?

Private equity firms are changing the game in sports. Learn about the rise in minority stakes, booming team valuations and the financial appeal of investing in professional leagues.

Which interest rates will fall as the Fed cuts?

This paper discusses why the yield curve could steepen further with the Federal Reserve cutting rates, and the investment implications.

Takaichi’s LDP election win and the policy implications

This paper discusses the potential policy implications of Sanae Takaichi’s election win amid concerns over fiscal deterioration and rising inflation in Japan.

Which rates will fall as the Fed cuts?

Wondering which rates will drop as the Fed cuts? Explore expert insights on the yield curve, Treasury yields and smart investment strategies for a changing bond market.

Trade turbulence (Part 9): Finding silver linings for ASEAN economies

This paper discusses why ASEAN equities can act as effective diversifiers in investors’ Asian equity portfolios in light of uncertain U.S. trade policies.

What do interest rate cuts mean for alternatives?

Discover how Federal Reserve interest rate cuts impact alternative investments like private equity, venture capital, private credit, real assets and hedge funds. Learn what investors should consider in today’s changing market.

How does a potential U.S. government shutdown impact markets?

This paper discusses the potential impact of a U.S. government shutdown on global markets, and the need for investors to diversify across asset classes.

What could a government shutdown mean for markets?

A potential U.S. government shutdown could shake markets and investor confidence. Read our analysis of potential impacts on stocks, bonds, and economic indicators.

Will low rates lift the private equity market?

This paper discusses how private equity presents a viable investment opportunity on the back of high valuations and concentration in public markets, and lower rates around the corner.

What are the investment implications of the Fed rate cutting cycle?

Fed rate cuts are here—find out which rates are falling, which stocks to watch, and which regions may outperform. Get actionable investment insights for today’s market.

Cue the cuts

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Are rate cuts justified or a sign of weakening Federal Reserve independence?

Explore the latest Federal Reserve rate cut, its impact on economic growth, inflation and Fed independence. Learn what this means for investors and market trends in 2025.

Chinese equities: AI, anti-involution and globalization at crossroads

This paper discusses the support to Chinese equities from AI developments, anti-involution and globalization.

Is AI already driving U.S. growth?

Discover how artificial intelligence (AI) is driving U.S. economic growth in 2025, with record investments in data centers, tech hardware, and infrastructure. Explore the impact of AI on GDP, business investment, and the future of the American economy.

Where are markets headed from here?

Explore four potential market scenarios—accelerating growth, slow stability, recession, and stagflation—and see how each could influence your portfolio. Find actionable advice for navigating economic uncertainty.

Bringing back the rate cut investment game plan

This paper discusses the potential impact of policy rate cuts on risk assets, like equities and corporate credits.

Is the U.S. equity market in a bubble?

Is the U.S. stock market overheated? Uncover insights on market cap-to-GDP ratios, tech sector influence, and smart investment moves for 2025. Learn how shifting market dynamics and sector concentration could impact your portfolio and discover strategies to manage risk and seize new opportunities.

India: Macro strong but equity market struggles

This paper discusses the downward revision of India's 2025 earnings despite a robust macro environment, and the investment implications.

Who wins big from a weaker U.S. dollar?

Understand the benefits of a declining USD for emerging markets. Explore how EM equities are thriving with improved capital flows and enhanced returns. Get insights into the structural and cyclical factors driving EM growth.

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.

Trade Turbulence (Part 8): China trade – resilience amidst adversity

This paper discusses the resilience of China's trade amidst complicated trade dynamics, and the long-term outlook.

Could private equity be the new small cap for growth investors?

This paper discusses the growing importance of the private equity space, and how it can represent superior investment opportunity over small cap stocks.

Is private equity the new small cap for growth investors?

Private equity vs. small cap stocks: Which offers better growth potential? Delve into the evolving investment landscape and discover where growth investors should focus their attention.

How is the Asian market performing in 2Q25 earnings season?

This paper explores the resilience of Asia's earnings growth for 2Q25 on the back of ongoing U.S. trade policy uncertainty and developments in AI, and the possible investment implications.

Where is the U.S. dollar headed in 2025?

Stay informed on the U.S. dollar's trajectory in 2025 with our comprehensive updated analysis. Discover how policy uncertainty, fluctuating growth rates and shifting global capital flows are shaping currency value and influencing investor strategies.

What does July inflation mean for Fed policy?

July CPI inflation report reveals headline and core inflation surprises, impacting Federal Reserve policy. Key factors include tariff-related price pressures, energy prices and core services dynamics. Explore the influence of seasonal components, equity prices and fiscal stimulus on potential interest rate cuts and economic indicators.

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.

U.S. 2Q25 earnings update: Batten down the hatches

This paper discusses the investment implications from the latest 2Q25 U.S. earnings update, and the strategies by companies to mitigate risks from tariff uncertainties and the inflation spike.

Trade Turbulence (Part 7): August 1 came and went—what’s next?

This paper addresses the impact of ongoing uncertainties around tariffs on trade, and the investment implications.

The investment implications of weaker labor supply

This paper discusses the Federal Reserve's dilemma on the back of a slowdown in labor demand and supply, and the investment implications.

What’s going on with 2Q25 earnings?

Amid the uncertainty of tariffs, S&P 500 profits for 2Q25 are projected to grow by 5%, driven by tech and financial sectors. AI investments and consumer resilience offer stability, while discretionary spending on simple luxuries remains strong. Market volatility and competing sentiments, from tariff concerns to AI enthusiasm, have led to a rapid recovery. Investors find opportunities in tech and financials, with a focus on value and growth.

Should the Fed cut interest rates in September?

Explore the July FOMC meeting insights where the Federal funds rate remains steady. Discover the reasons behind the dissenting votes, Chair Powell's stance on Fed independence, and the economic outlook amid tariff impacts. Stay informed on potential September rate cuts and market expectations.

Tempering expectations for a September rate cut

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Are securitized assets at risk?

This paper discusses the positioning of securitized assets in portfolios on the back of pick-up in yields above U.S. Treasuries and low correlation to equities.

Where are we going with tariffs?

Discover how August's pivotal tariff deadlines could impact global trade and investment strategies. Explore key dates, including new reciprocal tariffs on major trade partners, U.S.-China negotiations and potential court rulings. Learn how these developments affect market trends, corporate earnings and the importance of diversification and active management. Stay informed on economic resilience and inflation hedging opportunities.

European equities: Is it too late to catch the rally?

This paper discusses the outperformance of European equities compared to the S&P 500 in 2025, and the factors that could further drive portfolio rebalancing away from the U.S.

What’s in the One Big Beautiful Bill Act (OBBBA)?

Explore the One Big Beautiful Bill Act (OBBBA) and its impact on the economy, tax policy, government spending, and deficits. Discover how the OBBBA's tax cuts, spending changes, and debt ceiling adjustments could influence growth, inflation, and the labor market. Understand the potential effects on corporate profits, social programs, and investment strategies. Stay informed on the latest fiscal policy shifts and market reactions.

Rethinking offshore and onshore equities in today’s China market

This paper discusses the potential for diversification of growth and income opportunities for investors within Chinese equities.

What is a stablecoin?

Uncover the significance of stablecoins in today's financial landscape, offering stability and efficiency in decentralized transactions. Explore the GENIUS Act's role in shaping regulatory frameworks, stablecoins' applications in cross-border payments and blockchain marketplaces, and their impact on U.S. government debt and global finance.

Unpacking the OBBBA’s impact on the U.S. economy, fiscal health and more

This paper discusses the potential impact of the OBBBA on the U.S. economy, its fiscal position and debt levels, and the investment implications.

How can investors capitalize on shifting consumer spending patterns?

Discover how shifting consumer spending patterns are shaping investment opportunities in 2025, with insights into resilient retail sectors and emerging trends like simple luxuries. Learn how high-income consumer behavior and economic factors like inflation are influencing the U.S. economic outlook and stock selection strategies.

What could a higher-for-longer interest rate policy mean for real estate?

This paper discusses the opportunity in real estate on the back of higher-for-longer interest rates creating dislocation and supply constraints.

Should portfolios hedge the U.S. dollar weakness?

This paper discusses the need for currency hedging on the back of U.S. economic slowdown and policy directions pressuring the USD downwards.

Wait and see

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Why is the Federal Reserve confident it can keep rates on hold?

Explore the Federal Reserve's decision to maintain the Federal Funds Rate at 4.25%-4.50% during the June FOMC meeting. Understand the economic outlook, inflation, unemployment projections and the implications for investors amidst trade negotiations and fiscal stimulus uncertainties.

What are the economic and market implications of the Israel-Iran conflict?

This paper discusses the ongoing tensions between Israel and Iran, and the implications on oil prices and the global economy.

How is AI being adopted by businesses?

This paper discusses the impact of artificial intelligence advancement on businesses, and the investment implications.

Who is buying U.S. equities?

Explore the driving forces behind the U.S. equities rally, including retail investors and corporate buybacks, as the S&P 500 overcomes volatility. Understand market valuation, earnings growth and economic uncertainty in the context of tariffs and Federal Reserve policies.

Time to go for gold?

This paper discusses how commodities, especially gold, can be a valuable investment tool for diversification and hedging against global growth risks.

Can emerging markets equities outshine developed markets in 2025?

Explore the potential of emerging market equities in 2025 as they outperform developed markets, driven by solid fundamentals, easing trade tensions and technological innovation. Discover insights on portfolio diversification, currency valuation and the impact of AI adoption on investment strategies.

Trade Turbulence (Part 6): Are we out of the woods yet?

This paper discusses the possibility of the U.S. economy continuing to slow given materially higher tariff levels and lagged effects from earlier escalations, and the investment implications.

How can value stocks help “policy-proof” portfolios?

Discover how value stocks can "policy-proof" portfolios amidst market volatility and policy changes. Explore insights on tariffs, reindustrialization and deregulation, and learn how diversified equity exposure strengthens portfolios in dynamic market conditions. Ideal for investors seeking strategies to navigate economic uncertainties and capitalize on market opportunities.

What are the implications of Moody’s downgrade of the United States?

Explore the implications of Moody's recent downgrade of the United States credit rating from Aaa to Aa1. Understand how this shift impacts market volatility, fiscal policy and investor strategies. Discover key takeaways for global diversification and insights into the U.S.'s fiscal challenges. Stay informed with expert analysis on the evolving financial landscape and its effects on investment opportunities.

What are the implications of Moody’s downgrade of the U.S.?

This paper discusses the reasons for Moody's downgrade of the U.S., and the implications for markets and investors.

Navigating shifts: Asian sentiment in the face of uncertainties

This paper discusses the impact of a weaker U.S. economy and supportive monetary policies across Asia on Asian growth, and the investment implications.

What's driving global currency movements?

Against a backdrop of shifting tariffs and the rewriting of trade relationships, global currencies have been in flux. Entering 2024 at a two-year high, the U.S. dollar index has since surrendered over 7% of its value against a basket of major currencies.

Will private credit’s resilience be tested soon?

This paper discusses the resiliency and flexibility of private credit structures, and the possible risks associated during a challenging economic environment.

Asia earnings update: How are companies reacting to tariff uncertainty?

This paper, written by Adrian Wong, highlights Asian equities' resilience amid tariff uncertainties, offering diversification with undemanding valuations.

Is private credit’s resilience about to be tested?

Explore the resilience of private credit as it faces potential economic challenges. Discover how this $1.6 trillion asset class has grown, the risks it faces today and the strategies investors can use to navigate higher interest rates, tariffs and economic uncertainty.

If the U.S. sneezes this time, will Asia catch a cold?

This paper discusses the reasons why APAC could be more cushioned to withstand an economic downturn in the U.S. this time around, and the investment implications.

Why didn’t the Federal Reserve cut interest rates at its May meeting?

Explore the Federal Reserve's decision to maintain interest rates at its May meeting, despite economic uncertainties and tariff impacts. Understand the implications for future policy adjustments and how investors can navigate the current financial landscape.

Not in a hurry

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

U.S. 1Q25 earnings update: Batten down the hatches

This paper discusses the strong first quarter U.S. earnings data points on the back of tariff uncertainty and a lower U.S. dollar, and the investment implications.

1Q25: Batten down the hatches

Investors are grasping at straws as the outlook for tariffs – and therefore the economy and markets – remains decidedly unclear. Economic data is inherently backward-looking, providing little indication of how the economy is absorbing tariff increases on imported goods, which vaulted from an average of 2.3% in 2024, to 12% at the end of March, to approximately 19% today.

The outlook for US equities after a difficult first quarter

Read our latest equity market outlook to learn why the US stock market has had a volatile start to 2025, and to find out what the rest of the year may have in store for equity investors.

Inflation: A Somewhat Sticky Situation

As we emerge from this pandemic with inflation now rising at its fastest pace since the 1980s, the biggest question for investors is whether some of this inflation will prove “sticky”.

APAC

APAC Market Insights

Powell’s Final Act: Hold everything – rates, bias and Governor seat

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

What are semi-liquid funds?

Semi-liquid funds expand access to private markets but can restrict withdrawals during stress. Explore how the liquidity trade-offs and fund structures can impact you.

Asian central banks: Diverging on the balancing paths

Asian central banks may diverge as energy shocks and currency weakness shift inflation and growth tradeoffs, reshaping rate expectations and market pricing across the region—read the key takeaways.

Between Resilience and Rebalancing: What China's 1Q 2026 GDP Data Really Tells Us

China’s latest GDP growth signals resilience amid rebalancing, with exports strong and domestic demand softer, shaping the global outlook for markets and policy—read the key takeaways.

What is the latest trend in private credit?

Private credit faces scrutiny on defaults, liquidity, and software exposure, but recent fund reports show steady credit quality and returns versus public high yield—read the latest trend.

Are Value stocks staging a comeback in 2026?

Market volatility, supportive policies and sector rotation are driving Value stocks’ comeback—explore the latest insights now.

Addressing market concerns over an extended energy disruption

When nobody knows, do nothing

Fed holds as March FOMC meeting highlights inflation trends and uncertainties. Read on for the latest policy pulse and what to watch next.

Will AI disruption alter the outlook for private equity?

AI adds volatility to public markets, but private equity's long‑term case strengthens amid lower funding costs and a pick-up in deal activity.

FAQs on U.S.-Iran conflict

Explore what the U.S.-Iran conflict means for oil prices, Asia's growth and inflation outlook, and the opportunities in Asian equities and real assets.

A pragmatic shift toward high-quality growth: Key takeaways from the Chinese NPC annual session

Explore the shift in China NPC's 2026 priorities to high quality growth, with focus on demand and tech, while property stimulus remains muted.

U.S. and Israel strike Iran: Where do we go from here?

Explore the potential scenarios and near-term market risks that could arise from the U.S. and Israel's strike on Iran.

U.S. airstrikes on Iran: Immediate reaction on oil, economy and markets

Explore the key takeaways for oil and global markets amid the ongoing U.S.-Iran tensions, and the investment implications.

Trade Turbulence (Part 10): How does the U.S. tariff reset shape winners and losers in the APAC region?

Explore the investment implications and opportunities in Asian equities as the U.S. tariff reset shapes winners and losers in APAC.

The U.S. Supreme Court rules against reciprocal tariffs

The U.S. equity market was fairly muted after the SCOTUS ruling that U.S. President Trump exceeded his authority by using the IEEPA to impose "reciprocal" tariffs globally.

Evaluating AI

Explore key factors influencing AI investment and its monetization, and the tech stock trends and strategies for navigating the evolving AI market.

4Q25 U.S. earnings update

Mega-cap tech stocks, S&P 500 growth, and Gen-Z & Millennial spending trends are shaping the market outlook and sector performance.

What is different about this commodity cycle?

Explore the divergence between metals and energy prices in modern markets, what drives commodity volatility, and how investors can hedge risks with smart asset allocation.

The Federal Reserve – New Leadership, Same Landscape

Kevin Warsh’s nomination as Federal Reserve Chair in 2026 signals a potential shift in U.S. monetary policy, with implications for interest rates, inflation, and financial markets.

On pause until further notice

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Why carry is king even as spreads tighten

Corporate bond yields remain attractive despite tight spreads and elevated risks, with income driving returns and active selection key amid full valuations and robust fundamentals.

Is robotics the next frontier for AI?

Explore how robotics is emerging as the next frontier for AI in 2026, shifting market focus from model creators to infrastructure and real-world applications. Discover the technological breakthroughs, economic trends, commercialization challenges and investment opportunities shaping the future of AI-powered robots.

Export resilience despite domestic challenges: Key takeaways from China’s data release

Looking at opportunities outside U.S. mega-cap tech

This paper discusses how developments within the tech sector could spill over to other sectors as AI adoption broadens over time.

Is the U.S. finished with cutting rates?

This paper discusses the possibility of further Fed rate cuts in 2026, and the investment implications.

Dovish action with a hawkish outlook

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Unlocking value in Singapore’s evolving equity market

This paper discusses the factors that could drive Singapore equities as a compelling investment opportunity within Asian equity allocations.

Asian earnings update: Third quarter’s the charm?

This paper discusses the factors surrounding Asian equities' robust 3Q25 earnings results, and the investment strategy ahead.

What are stablecoins?

This paper discusses the use cases for stablecoins, the key risks surrounding stablecoin transactions, and the investment implications.

Market Outlook 2026

As we look ahead to 2026, discipline could be the defining principle for investors navigating an increasingly complex and volatile market landscape.

Why Asian bonds now: Capturing value in USD-denominated EM credit

This paper discusses the case for Asian credit on the back of investment-grade corporates showing strong fundamentals and high-yield credit with lower default risk.

3Q25 U.S. earnings update

This paper discusses the impact of the tech sector and AI in driving the 3Q 2025 earnings season in the U.S., and the investment implications.

Energy Infrastructure: AI’s power play

This paper discusses the interplay between energy demand and AI data centers, energy supply and current constraints, and the investment implications.

Dancing in the dark

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Could recent defaults signal potential trouble in private credit?

This paper discusses the recent defaults in the auto sector, and the potential implications for private credit.

Path to a high-quality and more balanced growth: What to expect from China’s 15th Five-Year Plan

This paper discusses the key takeaways from the 4th Plenum of the 20th Communist Party of China Central Committee, and the investment implications.

Do circular AI deals warn of a bubble?

This paper explores how overlapping partnerships among hyperscalers, chipmakers and model developers are reshaping AI markets with robust fundamentals.

Which interest rates will fall as the Fed cuts?

This paper discusses why the yield curve could steepen further with the Federal Reserve cutting rates, and the investment implications.

Takaichi’s LDP election win and the policy implications

This paper discusses the potential policy implications of Sanae Takaichi’s election win amid concerns over fiscal deterioration and rising inflation in Japan.

Trade turbulence (Part 9): Finding silver linings for ASEAN economies

This paper discusses why ASEAN equities can act as effective diversifiers in investors’ Asian equity portfolios in light of uncertain U.S. trade policies.

How does a potential U.S. government shutdown impact markets?

This paper discusses the potential impact of a U.S. government shutdown on global markets, and the need for investors to diversify across asset classes.

Will low rates lift the private equity market?

This paper discusses how private equity presents a viable investment opportunity on the back of high valuations and concentration in public markets, and lower rates around the corner.

Cue the cuts

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Chinese equities: AI, anti-involution and globalization at crossroads

This paper discusses the support to Chinese equities from AI developments, anti-involution and globalization.

Bringing back the rate cut investment game plan

This paper discusses the potential impact of policy rate cuts on risk assets, like equities and corporate credits.

India: Macro strong but equity market struggles

This paper discusses the downward revision of India's 2025 earnings despite a robust macro environment, and the investment implications.

Trade Turbulence (Part 8): China trade – resilience amidst adversity

This paper discusses the resilience of China's trade amidst complicated trade dynamics, and the long-term outlook.

Could private equity be the new small cap for growth investors?

This paper discusses the growing importance of the private equity space, and how it can represent superior investment opportunity over small cap stocks.

How is the Asian market performing in 2Q25 earnings season?

This paper explores the resilience of Asia's earnings growth for 2Q25 on the back of ongoing U.S. trade policy uncertainty and developments in AI, and the possible investment implications.

U.S. 2Q25 earnings update: Batten down the hatches

This paper discusses the investment implications from the latest 2Q25 U.S. earnings update, and the strategies by companies to mitigate risks from tariff uncertainties and the inflation spike.

Trade Turbulence (Part 7): August 1 came and went—what’s next?

This paper addresses the impact of ongoing uncertainties around tariffs on trade, and the investment implications.

The investment implications of weaker labor supply

This paper discusses the Federal Reserve's dilemma on the back of a slowdown in labor demand and supply, and the investment implications.

Tempering expectations for a September rate cut

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Are securitized assets at risk?

This paper discusses the positioning of securitized assets in portfolios on the back of pick-up in yields above U.S. Treasuries and low correlation to equities.

European equities: Is it too late to catch the rally?

This paper discusses the outperformance of European equities compared to the S&P 500 in 2025, and the factors that could further drive portfolio rebalancing away from the U.S.

Rethinking offshore and onshore equities in today’s China market

This paper discusses the potential for diversification of growth and income opportunities for investors within Chinese equities.

Unpacking the OBBBA’s impact on the U.S. economy, fiscal health and more

This paper discusses the potential impact of the OBBBA on the U.S. economy, its fiscal position and debt levels, and the investment implications.

What could a higher-for-longer interest rate policy mean for real estate?

This paper discusses the opportunity in real estate on the back of higher-for-longer interest rates creating dislocation and supply constraints.

Should portfolios hedge the U.S. dollar weakness?

This paper discusses the need for currency hedging on the back of U.S. economic slowdown and policy directions pressuring the USD downwards.

Wait and see

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

What are the economic and market implications of the Israel-Iran conflict?

This paper discusses the ongoing tensions between Israel and Iran, and the implications on oil prices and the global economy.

How is AI being adopted by businesses?

This paper discusses the impact of artificial intelligence advancement on businesses, and the investment implications.

Time to go for gold?

This paper discusses how commodities, especially gold, can be a valuable investment tool for diversification and hedging against global growth risks.

Trade Turbulence (Part 6): Are we out of the woods yet?

This paper discusses the possibility of the U.S. economy continuing to slow given materially higher tariff levels and lagged effects from earlier escalations, and the investment implications.

What are the implications of Moody’s downgrade of the U.S.?

This paper discusses the reasons for Moody's downgrade of the U.S., and the implications for markets and investors.

Navigating shifts: Asian sentiment in the face of uncertainties

This paper discusses the impact of a weaker U.S. economy and supportive monetary policies across Asia on Asian growth, and the investment implications.

Will private credit’s resilience be tested soon?

This paper discusses the resiliency and flexibility of private credit structures, and the possible risks associated during a challenging economic environment.

Asia earnings update: How are companies reacting to tariff uncertainty?

This paper, written by Adrian Wong, highlights Asian equities' resilience amid tariff uncertainties, offering diversification with undemanding valuations.

If the U.S. sneezes this time, will Asia catch a cold?

This paper discusses the reasons why APAC could be more cushioned to withstand an economic downturn in the U.S. this time around, and the investment implications.

Not in a hurry

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

U.S. 1Q25 earnings update: Batten down the hatches

This paper discusses the strong first quarter U.S. earnings data points on the back of tariff uncertainty and a lower U.S. dollar, and the investment implications.

Solving for Income

The Solving for Income presentation uses selective slides from the Guide to the Markets – Asia to examine the role of income and how it will benefit investors by keeping it as a key investment objective.

The Essentials of Sustainable Investing

This paper discusses the importance of sustainable investing for investors, and the latest areas of focus that clients have been asking about, such as AI, help in scouting future growth opportunities, and food security.

Central bankers are not rushing into things

This paper, written by Tai Hui, addresses why policy easing amid a soft landing backdrop should be positive for both equities and fixed income.

Principles for Successful Long-term Investing

Our principle six time-tested strategies for guiding investors and their portfolios through today's challenging markets to reach tomorrow's goals.

EMEA

EMEA Market Insights

Understanding the shifting risks of passive investing

Discover the risks of passive investing in today’s shifting economic and political tides, and how they influence portfolio returns.

Understanding gold and its role in portfolios

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.

A new path for the US dollar

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

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.

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.

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.

The outlook for US equities after a difficult first quarter

Read our latest equity market outlook to learn why the US stock market has had a volatile start to 2025, and to find out what the rest of the year may have in store for equity investors.