Insights

Despite rising geopolitical tensions, the underlying macroeconomic backdrop remains supportive of risky assets, with US technology, high-yield bonds, and gold continuing to anchor our allocations.

Global equities navigated a volatile week with limited damage. Although investors appear to be recalibrating risk exposures, the earnings season continues to underscore that EPS growth remains firmly driven by the technology sector.

As we head into 2026, emerging market (EM) bonds offer a solid opportunity, backed by improved fundamentals, positive technicals, and attractive all-in yields thanks to high baseline Treasury levels.

The nomination of Kevin Warsh to serve as the next Chair of the Federal Reserve from May pushed the US dollar slightly higher, while gold and silver fell sharply in a deleveraging move that began in Asia.

The mining rally in 2025 was led by precious and base metals, with gold miners up roughly 150% year-to-date, and prices for gold, silver, and copper all at record highs.

Global power demand is entering a new and sustained growth phase, marking a clear shift from the flat or declining trends seen in developed markets over much of the past two decades. This change is being driven by the need to upgrade infrastructure and by rising power demand not seen for years in developed economies.

Despite rising geopolitical tensions, the underlying macroeconomic backdrop remains supportive of risky assets, with US technology, high-yield bonds, and gold continuing to anchor our allocations.

Global equities navigated a volatile week with limited damage. Although investors appear to be recalibrating risk exposures, the earnings season continues to underscore that EPS growth remains firmly driven by the technology sector.

As we head into 2026, emerging market (EM) bonds offer a solid opportunity, backed by improved fundamentals, positive technicals, and attractive all-in yields thanks to high baseline Treasury levels.

The capture of Nicolás Maduro in a US-led operation has seized global attention. Washington has signalled its intention to oversee a transitional phase towards a new governing framework, while hinting at potential involvement by US energy companies in rebuilding Venezuela’s oil infrastructure. Beyond the headlines, what could this mean for the energy, oil and other resources markets, Venezuela’s sovereign debt, and geopolitics more broadly? Our experts delve into the implications.

Markets have steadied after the appointment of the Lecornu II administration, yet lingering political and fiscal vulnerabilities persist.

Trade tensions with the United States, marked by 50% tariffs on Indian exports, have dampened sentiment. However, despite trade-related uncertainties, the growth outlook has been revised upwards, reflecting India’s strong long-term potential.

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

Banks are stepping back from risks, leaving private credit at the forefront

Der Währungsexperte der Schweizer Privatbank Union Bancaire Privée erwartet einen noch schwächeren Dollar, hält wenig von negativen Zinsen und nutzt die niedrige Volatilität am Markt.