Key points:

• Global growth is set to moderate in 2026, but trade shifts and inflation pressures keep challenges on the horizon.
• Stock markets remain highly concentrated, with US dominance heightening correlation and downside risk.
• Selective exposure to emerging markets, especially India and China, could add growth and diversification to portfolios.
• AI spending is expected to surge, with agentic AI and biotech breakthroughs boosting productivity, drug discovery, and new business models.
• Diversification and discipline are important to manage volatility amid geopolitical risks, policy shifts and stretched tech valuations.