Royal London Asset Management: Outlook 2026

The end of 2025 does not feel as different from the end of 2024 as we might have expected or hoped. Trade policies – and many other policies – from the US administration continue to appear with little warning, making it difficult to judge the state of global trade and of geopolitics. The war in Ukraine is still going on and despite lots of hope it is still not obvious how it will stop or be stopped. Governments, particularly in the West, continue to rack up large deficits and are stuck in a vicious cycle with their electorates. So, what has changed? Everything has gone up. Equities are...