Year-end is approaching, but the final quarter of 2026 still has a lot in store for investors. This is especially true in the US, where politics are likely to remain centre stage as attention turns to the November midterm elections. A new Fed chair and uncertain rate expectations add another layer of complexity, while geopolitical tensions remain a source of potential volatility. 

Looking at the big picture, our year-end view is simple: AI spending still carries the cycle, but growth is broadening – and the better opportunities may increasingly lie beyond the US.