As we enter the second half of 2026, investors face a market environment shaped by the Iran conflict and disruptions to energy trade. So far, the economic damage has been limited, with investment in defence, supply chains, and artificial intelligence infrastructure investment supporting growth and keeping demand for capital high. 

In our Mid-year 2026 Market Outlook, we share our assessment of how these and other trends are influencing the global economy and financial markets – and outline the investment strategies and opportunities we consider most relevant in this environment.