Mid-Year Equities Outlook 2026

Two powerful forces have reshaped global markets in the first half of 2026. Firstly, the rapid adoption of AI is driving capital investment in data centres and supporting technology. Secondly, outlooks for global economic growth and interest rates have been derailed by conflict in the Middle East. Combined, these forces have reinforced the structural case for investment in energy security, energy and resource efficiency, electrification, and the more efficient digitalisation of economies. The AI boom brings increasing power demands, whilst energy security has been put at risk by global supply...