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Investment Event

Trade uncertainty returns
26 February 2026
    Download the full reportPDF, 1.8MB

    Key takeaways:

    • Tariff uncertainty has returned to investment markets
    • We retain our baseline scenario for trend-like growth, sticky inflation and modest Fed easing
    • At this stage, the only certainty is uncertainty, and it is important to consider multiple scenarios
    • Our house view remains for a broadening out and rotation in stock markets in 2026
    • Emerging markets are the global leaders year-to-date. We expect this outperformance to continue