道富环球：2026年全球市场展望报告：前瞻布局 聚焦核心（英文版）（21页）.pdf

1、GLOBAL MARKET OUTLOOK 2026:Forward with focus Global Market Outlook 2026:Forward with focus 2Contents3Forward with focus A letter from Lori Heinel,CFA,Global Chief Investment Officer,State Street Investment Management.4Macroeconomic outlook Growth amid uncertaintyGlobal economic growth continues,sup

2、ported by policy shifts,AI investment,and fiscal stimulus.But uncertainty remains amid lingering trade and geopolitical risks.8Equity outlookAI optimism trumps policy concernsAI optimism underpins global equities in 2026,but policy risks,volatility,and rich valuations call for a selective investment

3、 approach.12Fixed Income outlook The search for income and opportunityOur fixed income outlook reflects a preference for sovereigns over credit,while potential opportunities lie in EM debt and other segments.17Alternatives outlookIncome,diversification,andgrowthThe attraction of alternative exposure

4、s has grown as traditional portfolios face rich equity valuations,shifting correlations,and policy uncertainty in 2026.Global Market Outlook 2026:Forward with focus 3As we move into 2026 after another year of significant developments and surprises,we do so with a sense of cautious optimism.The resil

5、ience of markets has been tested,but the strength of the global economy has shone through.Although the narrative around tariffs continues to unfold and the shock of“Liberation Day”is behind us,the direction of travel on negotiations is clear and should contain more upside than downside surprises.Wit

6、h an inflation trajectory trending lower,US policy rates likely to fall as the Fed takes stock of a softening labor market,and policy levers turning stimulative,we have a supportive environment for riskassets.Forward with focusAlthough equity markets have enjoyed a healthy uplift in 2025,strong earn