Standard Chartered
May 25, 2026
Global Market Outlook: A Fragile Equilibrium
Market ReportEquitiesRates CreditRates Govt BondsInformation TechnologyCommunication Services
The report advocates for broadening equity exposure and favoring EM bonds while maintaining an overweight position in gold as a safeguard against inflation and geopolitical risks. It highlights a 'fragile equilibrium' where corporate earnings growth is currently offsetting concerns about oil-driven inflation.
Key Takeaways
- 1.Remain Overweight global equities but shift from narrow AI-led exposure to a broader set of sectors and regions.
- 2.Favour Emerging Market (EM) bonds, particularly in the 5-7 year 'belly' of the curve, while Underweighting G3 government bonds.
- 3.Maintain Overweight stance on Gold as a structural bull market and portfolio hedge against geopolitical friction.
Table of Contents
- Strategy
- Macro overview – at a glance
- Asset classes
- Additional perspectives
- Performance review
- SC Wealth Select
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Authors
Steve BriceManpreet GillRaymond Cheng
Securities
MSCI USMSCI World equal-weightHang Seng Technology IndexUS Treasury Inflation-Protected Securities (TIPS)
Themes
AI-driven capex as a structural growth driverBroadening the equity rally beyond technologyEnergy supply as a macro volatility catalystCentral bank demand as a floor for Gold
Regions
North AmericaEuropeAsia PacificUnited StatesChinaJapan