Artificial Intelligence (AI) and structural reforms, especially in Europe, present investors with the opportunity to seek out the companies that we believe stand to benefit most from what are likely to be substantial productivity gains. Head of EMEA and Asia Pacific Equities Lucas Klein and Head of Americas Equities Marc Pinto discuss the implications in their 2026 outlook.

​Equity analysts returned from holiday and slashed earnings estimates.

With macro drivers continuing to reshape markets, Ali Dibadj explores key investment themes for 2026 to help actively position portfolios for resilience and growth. He also explains how asset managers need to evolve to best work together with clients.

August PMI results are consistent with the long-standing expectation here that global industrial momentum would bottom around Q3 2019 but narrow money trends have yet to signal an economic recovery. Turning points in industrial momentum are usually associated with a rotation in financial markets but the still-weak economic outlook suggests that any such change will be muted or delayed.

Nick Watson, a Fund Manager on the UK-based Multi-Asset Team, observes the hidden risks and relationships lurking in quality investment styles and the potential benefits of adding some complementary (but unloved) value styles to a UK portfolio.

European equities Portfolio Manager Robert Schramm-Fuchs delves into the intricate landscape of Germany's ambitious reform agenda, exploring its implications for domestic growth and the broader European Union's economic and geopolitical dynamics.

Narrow money trends have been signalling US economic weakness but a stabilisation of momentum in Euroland, with no recession – see, for example, here. August flash PMI results are consistent with this scenario.

NVIDIA is reaffirming its dominant position in the AI infrastructure space, with continued strong demand for its products despite geopolitical headwinds, says Portfolio Manager Richard Clode.

The preferred narrative of central bankers and mainstream economists is that current global economic weakness primarily reflects US-driven trade policy conflict, which has depressed business confidence and derailed expansion plans. This narrative is false.

With recent talks in Alaska renewing discussion about a future path to peace for Ukraine, Portfolio Manager Robert Schramm-Fuchs considers how large-scale post-war reconstruction and defence investment could reshape the prospects for European equities.

Euroland money measures grew strongly in July, more than compensating for softer June data and suggesting improving economic prospects.

Jenna Barnard, Head of Global Bonds, explores why longer-dated government bonds have struggled during 2025 despite central bank rate cuts.

Oliver Blackbourn, a portfolio manager on the UK-based Multi-Asset team, discusses the abrupt escalation in hostilities between the UK Parliament and a bellicose Prime Minister.

Paul O’Connor, Head of the UK-based Multi-Asset Team, discusses the continuing trade war between China and the US, possible trade conflicts among other countries and how this has shaped his global outlook.

Given the nature of the underlying collateral, the European ABS sector offers access to different consumer-driven and ‘real economy’ risks, diversifying from corporate credit.

Junichi Inoue, Head of Japanese Equities shares his views on the tariff cuts agreed by the US and Japan, and its implications for Japanese stocks.

Paul O'Connor, Head of the UK based Multi-Asset Team, examines the market's response to the Fed's first rate cut in over 10 years.