Insights and Market Commentary

On a day-to-day basis markets have continued to be dominated by policy announcements and geo-political noise. Over the quarter, currency markets were less impactful on returns, with the US currency relatively steady, with the exception being some weakness in Sterling on political uncertainty. Rather than trying to second-guess policy announcements, investors have been wel served by concentrating on the facts as they affect economic fundamentals, market valuations, and sentime

The year ahead matters. Economic and market conditions are being shaped simultaneously by political change, shifting trade relationships, evolving monetary policy and rapid technological development. These influences create uncertainty, but they also reflect an environment in which economies and markets have shown a notable capacity to adapt. As we enter 2026, the balance of evidence points not to fragility, but to resilience. This World Economic & Market Outlook is therefore

The global economic backdrop has shifted meaningfully since the start of the year. What began as a broadly supportive environment for growth and markets has been disrupted by a sharp geopolitical shock centred on the Middle East and the closure of key energy and commodity supply routes. This development has introduced a different type of risk. Unlike demand driven slowdowns, which policymakers can address through interest rate adjustments, supply shocks present a more complex