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Insights | CIO Update

Investment Outlook 2026

Published on 10.12.2025 CET

The year 2025 saw solid returns across major asset classes and notable shifts in the geopolitical and economic landscapes. Changes in trade patterns, progress in AI, and evolving central bank strategies are shaping a new environment for investors. Against this backdrop, the question arises:

What will 2026 bring?

Watch the video with Dan Scott, Head Multi Asset and Chief Investment Officer, for insights into the trends likely to shape 2026.

  Key Takeaways  

  • Global trade adapts: With tariffs reshaping trade flows, exporters are adjusting their supply chains and exploring new routes—enabling globalization to progress.
  • Growth supported by AI and policy measures: Corporate earnings remain resilient, driven by AI productivity gains and targeted fiscal support.
  • Shifting economic and geopolitical balance: China's growing economic and technological significance, Europe's renewed dynamism, and the diversification of currency reserves by central banks—including higher gold holdings—are shaping the world order of tomorrow.

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Published on 10.12.2025 CET

ABOUT THE AUTHORS

  • Dan Scott

    Dan Scott

    Head of Multi Asset, CIO

    Dan Scott joined Vontobel in 2017. He is Head of Multi Asset, serving both institutional and private clients. Prior to joining Vontobel, he worked for many years at Credit Suisse as Deputy Head of Equity Research and at Kepler as a Swiss equity specialist. He began his career as a journalist in the late 1990s, first at Dow Jones & Company as a staff reporter for the Wall Street Journal, Barron’s, and DJ Newswires, and later as an on-air correspondent for CNBC.

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