2026: THE GREAT RECALIBRATION As 2026 begins, the global financial landscape is entering a major recalibration phase. Central banks are revising monetary policies, governments are reassessing expenditure to fit a changing geopolitical scene, and businesses are renewing investments spurred by advancements in AI and the imperative to modernize infrastructure. Electrification, now recognized as essential for both national security and the energy transition, is emerging as a fundamental strategic priority. Increasing energy demand, driven by AI and data centres, is reshaping industrial agendas. Emerging markets are benefiting from a favourable environment, driven by robust economic growth and enhanced financial conditions due to the relative depreciation of the dollar. In this rapidly changing context, investment strategies for 2026 emphasize flexibility, diversification, and balance between risk-taking and capital preservation. Focus areas include risk assets, high-quality corporate debt, and real assets. Staying agile and anticipating major trends will be key to capturing opportunities and building resilient portfolios. At the beginning of 2026, the global financial landscape entered a major recalibration phase. Annual Report 2025 19
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