2026 Market Commentary

Equity markets delivered strong returns during the first nine months of the year. The S&P 500 gained 12.7% year-to-date, while Emerging Markets led major equity

Financial markets navigated a sharp shift in macro conditions during the second quarter, moving from an environment dominated by geopolitical disruption to one increasingly driven

Financial markets ended the first quarter against a backdrop of persistent macro uncertainty, elevated geopolitical risks, and continued debate around inflation, energy prices, private credit,