“Keep Calm and Carry On”: Our Bullish Outlook under the 4Rs

• The Middle East war is a major geopolitical shock that may trigger bouts of volatility but our 4Rs investment thematic remains intact
• Earnings growth remains resilient, with rising expectations ahead. Improved valuations from peak levels amid sustained “global exceptionalism” are supportive equity market drivers.
• Forward markets expect oil prices to ease over time, helping economies avoid demand destruction and stagflation.
• Strong household balance sheets, supportive policy stimulus, and steady investor risk appetite are other supportive factors underpinning favourable returns ahead.
• Over the 12-months we are bullish on global risk assets (driven by Asia and Developed Markets), with a positive view on fixed income.

Our Q2 2026 investment views in a nutshell: hear from our Head of Investment Strategy