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As we enter 2026, we maintain a constructive stance on gold, reflecting a widening investor base and its continued role in portfolio diversification.

The technology sector continues to be at the forefront of innovation, driven by the rapid adoption of artificial intelligence (AI).

Equity markets have seesawed in response to renewed geopolitical threats of a transatlantic trade war. A Greenland-related U-turn at the World Economic Forum (WEF) meeting in Davos offered momentary relief.

The reframing of the global geopolitical order, coupled with the race for supremacy in AI, forms the cornerstone of UBP’s portfolio construction approach.

2026 will not reward broad exposure to private markets, rather the deliberate exposure to the right strategies, structures and managers.

Geopolitical tensions have intensified since the start of the year, spanning Venezuela, Greenland and Iran. At the same time, resource nationalism is on the rise, with major powers increasingly competing for control of strategically critical commodities. While this backdrop underpins gold, equity markets remained largely unscathed last week: small caps outperformed as earnings momentum broadens beyond the technology sector. This week, the Davos summit will shine more light on geopolitics, as concerns about Greenland are rising.

China’s fifteenth five-year plan (2026–2030), to be unveiled by the National People’s Congress in March, is expected to reshape how the People’s Bank of China manages the renminbi (RMB) exchange rate.

Despite geopolitical tensions, investors embraced equities, with broader sector participation signalling hopes that corporate earnings growth will stretch beyond technology this year. The US dollar continued to soften, though this week’s inflation data is unlikely to spark any sharp drops.