2025 was a year where “abnormal” became the new normal. From fiscal dominance and stubborn inflation risks to renewed credit stress and a shifting global leadership map, our favorite charts from the past year reveal the forces likely to shape markets in 2026—and where the next opportunities and risks may lie.

• Read more

Despite volatile headlines, the German DAX index has staged a stellar double-digit rally since the start of the year—outpacing even the most “exceptional” S&P 500. In fact, over the last year or so, the DAX has now pulled ahead of the S&P 500.

• Read more

The current EM weakness is not yet a full-blown crisis but, if it does become one, it will drag down developed economies too.

• Read more

After the initial burst of enthusiasm, the turmoil and troubles of the past two years have brought expectations back down to reality or below. We view this as a second and better opportunity to initiate a “Developing Europe” investment theme.

• Read more

This month, the Conventional Asset Allocation Model has added to its holdings of German government bunds, taking them up to 18% of the model’s assets. Normally this would be a subject for this publication’s “Foreign Investments” section. However, the considerations involved in making this investment decision should be of broader client interest.

• Read more