Berenberg
June 26, 2026
Berenberg Capital Market Outlook
Market ReportEquitiesRates CreditRates Govt BondsEnergyFinancials
Berenberg expects volatile but constructive markets in H2 2026, driven by AI secular growth and expansionary fiscal policies despite geopolitical energy shocks.
Key Takeaways
- 1.Equities are maintained at a moderate overweight position despite expected market volatility driven by geopolitical risks and the US midterm elections.
- 2.Government bonds remain unattractive due to rising government debt and fiscal dominance; preference is given to real assets like gold.
- 3.Emerging markets and AI-related sectors (semiconductors) are identified as key drivers for long-term growth.
Table of Contents
- Multi-asset strategy
- Economics
- Equities
- Bonds
- Commodities
- Currencies
- Berenberg Insights
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Authors
Ulrich UrbahnFabian BirliMartin MayerMirko SchmidtDr. Holger SchmiedingFelix Stern
Securities
Brent CrudeMSCI US
Themes
AI Secular GrowthFiscal Dominance and InflationIran-Conflict Geopolitics
Regions
EuropeAsia PacificUnited StatesGermanyChina