桑坦德资产管理：2026年全球市场展望报告：迈向新高度（英文版）（52页）.pdf

1、Climbing towards new highsMarket outlook 2026 All data and figures in texts and graphs are as of November 14th,2025.Santander Asset ManagementDear investor,We are delighted to present our 2026 Market Report,jointly compiled by our global team and local experts.The product of this work is a comprehen

2、sive strategic vision,balancing global trends with in-depth knowledge of domestic assets,to help you build a diversified,consistent portfolio that is tailored to an increasingly interconnected and dynamic environment.The global economys resilience confirms that the cycle is not merely standing its g

3、round,but evolving.Looking ahead to 2026,we anticipate an environment of sustained growth,contained inflation and economic policies that support activity,setting up a favourable framework for investment and diversification.Against this backdrop,we highlight three major investment ideas for the year:

4、Global equity:climbing towards new highs beyond the U.S.technology sector,more countries and more sectors are joining in the rally.Fixed income:opportunities for policy normalisation in Brazil and the UK,without losing sight of carry in the Eurozone.Gold:a natural portfolio diversifier and long-term

5、 structural trend.The path ahead is not without uncertainty.Our team continuously monitors and assesses the economic and financial risks that could alter the core scenario,as well as weighing up geopolitical factors and their potential impact on economic policy design.Last year,we underscored the im

6、portance of including investment in private markets as a key structural trend.This year we go one step further:we present our Capital Market Assumptions(CMAs),which are allowing us to incorporate alternative assets in multi-asset portfolios and more efficiently harness the sources of structural retu