Asset Spotlight - Special: A look ahead to 2026: “Keep your eyes open and your ears closed!”

“Hold on to your hats!” was the title of our outlook for 2025. Looking back, it was indeed an exceptionally turbulent year characterised by falling interest rates, tariff shocks, growing doubts about the stability of US government finances and the dollar, plus increased decoupling of AI technology and the real economy. Once again, staying calm was the right approach. The situation as we head into 2026 is constructive. We expect further growth across all key economic regions, although momentum will vary significantly from region to region. Additional rate cuts are conceivable in the US, Europe, and potentially Switzerland too. The geopolitical situation is likely to be calmer, although the US will remain a wildcard in what is a midterm election year. The AI investment boom is continuing. At the same time, we expect greater volatility and sector rotation. A broad-based portfolio is therefore a must. Above all: “Keep your eyes open!” – 2026 will offer further attractive opportunities; and “Keep your ears closed!” – political noise and crash predictions should not deflect us from our course.

What does the current situation mean for investors? Read the views of our experts in the latest edition of “Asset spotlight”.