Investment Update February 2026

ZKB's February 2026 update highlights the potential for AI to mitigate structural labor shortages caused by a globally shrinking workforce. Despite geopolitical turbulence and US-led instability, the bank remains optimistic on cyclical equities and gold.

Key Takeaways

• 1.AI is expected to create a net increase in employment and boost productivity, helping to offset the labor shortage caused by shrinking working-age populations in industrial nations.
• 2.The 'rules-based international order' is facing significant strain due to aggressive US foreign policy actions, including threats of tariffs on Europe and annexation of Greenland.
• 3.ZKB favors equities in Emerging Markets, the Eurozone, and Switzerland over bonds, while maintaining an overweight position in Gold as a safe haven.

Table of Contents

• Editorial
• Focus topic
• Economy and financial markets
• Investment policy
• Positioning in asset classes
• Investment topic
• Sustainability and investment
• Switzerland in a global context
• Question of the month
• Legal information

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