渣打银行：2026全球金融市场展望报告：聚焦经济增长与企业盈利的资产配置策略（英文版）（28页）.pdf

1、 WS Global CIO Office13 February 2026 March 2026 Global Market Outlook Refocusing on growth and earnings Improving growth and earnings offer room for optimism in early 2026.Our preference for equities and gold,supported by earnings growth and diversification demand,respectively,has delivered positiv

2、e results thus far.Add to US and Asia ex-Japan equities.Recent corporate earnings provide fundamental support for US markets,notwithstanding the AI bubble debate.Asian equities are supported by robust fundamentals and a weak USD.Stay Overweight gold.Looking through recent volatility paints a picture

3、 of still-strong central bank demand and a sustained price uptrend.The recent pause is an opportunity for under-allocated investors to add exposure.AI still bubbling with opportunities?Is gold still attractive after the recent sell-off?Are your quant models still positive on risk assets?Important di

4、sclosures can be found in the Disclosures Appendix.01 Strategy Investment strategy:Refocusing on growth and earnings 03 Foundation asset allocation models 05 Foundation:Our tactical asset allocation 06 Perspectives on key client questions 07 02 Macro overview at a glance Our macroeconomic outlook an

5、d key questions 09 03 Asset classes Bonds 10 Equity 11 Equity opportunistic views 12 Gold and crude oil 13 FX 14 04 Additional perspectives Quant perspective:Stay bullish equities 15 05 Performance review Foundation:Asset allocation summary 17 Foundation+:Asset allocation summary 18 Market performan

6、ce summary 19 Our key forecasts and calendar events 20 SC Wealth Select 21 Explanatory notes 24 Contents Global Market Outlook 3 12m Foundation Overweights:Global equities,gold US,Asia ex-Japan equities Emerging Market(EM)USD,local currency(LCY)bonds Opportunistic ideas Equities:US technology,pharma