Resilience Meets Rising Uncertainty

The global investment outlook remains relatively constructive, but the path ahead depends increasingly on energy markets, inflation and the sustainability of AI investment.

• A prolonged Strait of Hormuz closure could keep inflation elevated, forcing central banks to choose between supporting growth and containing price pressures.
• AI data-centre investment remains a key growth driver, but weaker-than-expected returns or energy constraints could trigger a pullback in spending and pressure large technology stocks.
• If energy disruptions ease and inflation falls, equities and bonds could rise together, with Europe, Japan, emerging markets and cyclical companies potentially benefiting.

Explore the full report for the key scenarios that could reshape the investment landscape.