Markets & sectors
Market & Sectors Outlook
Selected thoughts and viewpoints
Q3 2026: The cost of capital reasserts itself
October 2026 · Global equity strategy
This quarterly review examines how an energy shock, higher interest rates and AI-related bond issuance shaped global equity markets in Q3 2026. It covers regional and style dispersion, the Nordic markets and positioning for Q4 across equities, fixed income and gold.
Read full analysis (PDF)Public Equity Investment Themes for 2026
November 2025 · Global public equities
This outlook explores three forces shaping global equities in 2026: AI moving from infrastructure towards applications, investment in power and electricity grids, and policy-driven spending on defence and industrial capacity. It favours selective exposure to technology, industrials and utilities across regions, while examining the risks from high valuations, slower AI monetisation, inflation, interest rates and geopolitics.
Read full analysis (PDF)IMPORTANT DISCLAIMER
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