Emerging markets can no longer be viewed as simply fast-growing developing countries with younger populations and many common characteristics, as was the case in previous decades. Structural changes have now made them far more heterogeneous.

The Swiss economy is expected to deliver a respectable performance in 2026, although not all factors are pointing in the same direction. On the positive side, Switzerland is likely to benefit from economic stimulus measures in neighbouring European countries, and in Germany in particular, reflecting close economic ties.

The long-term consequences of the Iran war, rising US tariffs and the generally escalating conflict between China and the US are difficult to predict. Looking back at history, combined with extensive experience, can help us to better understand this “new investment era”.

The collapse of negotiations between the US and Iran has led to a military conflict centred on the latter. The economic risks are primarily driven by rising oil prices, which could push inflation higher if elevated levels persist over an extended period.

The past year was marked not only by the very strong rally in US technology stocks, but also by the generally unexpected strength of Eurozone equities, particularly in Germany.

In the third quarter, the US Congress passed a new fiscal law known as the One Big Beautiful Bill Act (OBBBA). This legislation encompasses a range of fiscal decisions that are not only significant for the United States, but also at a global level.

The good performance posted by Chinese equities in 2025 has come as a surprise to many. On the one hand, it represents a rebound from less favourable previous years; on the other, it also reflects a fundamental improvement – for which there are several reasons.

Since the beginning of the year, Eurozone equities have enjoyed an upturn that has exceeded the expectations of the market consensus.

In recent months, US equities, parts of the bond market and the US dollar, in particular, have been marked by high volatility and significant valuation corrections.

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