16 Jul 2026 - Market commentary
Asset Allocation Overview Q2 2026
Q2 2026: Staying humbly optimistic amid market resilience
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Outlook summary
- Markets proved more resilient than the headlines suggested. Despite heightened uncertainty and sharp periods of volatility, stronger-than-expected economic data and resilient corporate earnings helped support risk assets.
- Central banks remained cautious as inflation concerns persisted. The ECB raised interest rates in June as inflation proved more persistent than anticipated, while policymakers on both sides of the Atlantic adopted a more hawkish tone, highlighting the uncertain path for monetary policy.
- The geopolitical risk premium faded, and oil prices returned to pre-conflict levels by the end of June. Nevertheless, the situation remains fluid and geopolitical risks continue to warrant close attention.
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