2026-01-20
25 分钟I'm Allison Nathan, and this is Goldman Sachs exchanges.
This is part three of Outlook 2026,
our special three-part series examining the trends that will define the global economy in the coming year.
In part one, we got an overview of the global growth picture.
And in part two, we took a closer look at the economic outlook for the US, Asia, and Europe.
Today, we have a tour around the capital markets as we look at global equities,
currencies, interest rates, commodities, and the implications for portfolio strategy.
Let's start with Peter Oppenheimer, Goldman's chief global equity strategist.
Peter, welcome back to Exchanges.
Thank you so much.
So Peter, in this series,
we have heard from our economists about a pretty positive outlook for the global economy again in 2026.
What could that mean for the global equity markets?
Well,
I think Alison The first thing to say is that in an environment where you're getting an extended economic growth cycle,
as we're expecting, and alongside that inflation is moderating,
allowing interest rates to come down, at least in the US,
with some dollar weakness, that setup would generally be pretty good for risk assets like equities.
Now, obviously, other things come into play.
Valuations are quite high, given that equities have performed well in recent years.