June 2026

Rear View Mirror Q2 2026

As geopolitical tensions eased, attention turned to the continued growth of AI investment, the recovery in UK gilts and the impact of inflation and interest rate decisions on global markets

The second quarter of 2026 marked a change in market sentiment as geopolitical tensions eased and concerns over global oil supplies began to recede. Investor attention returned to artificial intelligence, inflation and interest rate expectations, while UK government bonds recovered from a difficult start to the year. This commentary examines the key developments of the quarter and their influence on global markets, portfolio performance and longer-term investment expectations.

The rear-view mirror

Looking back at recent market developments and portfolio behaviour, assessing what occurred, why it happened, and how outcomes compared with prior expectations.

As geopolitical tensions escalated and oil prices surged, this quarter examines the impact on global markets, why Emerging Markets outperformed, the challenges facing US equities, and the risks of persistent inflation.Read moreRead moreMarch 2026

Regional market performance diverged as UK equities outperformed, AI investment gathered pace and bond markets strengthened. This commentary examines the key developments that shaped investor confidence heading into 2026.Read moreRead moreDecember 2025

Global equity markets continued to benefit from AI-driven investment during the quarter, alongside changing interest rate expectations, emerging market growth and ongoing geopolitical tensions that shaped investor sentimentRead moreRead moreSeptember 2025