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Insights | CIO Update

Adding weight

A closer look at what’s driving equities and gold.

Published on 01.09.2026 CEST

Macroeconomic update for September 2026

Corporate earnings continue to grow, with expectations trending higher across regions and emerging markets leading the way. We remain positive on equities, with a preference for emerging-market stocks, especially in Asia, where exposure to AI investment is a positive, in our view. We also see support for gold amid potential US dollar weakness, continued central bank demand, and rising fiscal risks. In the latest CIO Monthly video, Vontobel’s Multi Asset Boutique’s Dan Scott explains what these developments mean for our outlook and asset allocation.

  Key Takeaways  

  1. Emerging markets steaming ahead  
    We believe that within equities, emerging markets are undervalued relative to the rest of the world, while exposure to AI investment, especially in Asia, is a positive.   

  2. Yes, but…
    While we remain positive, we also recognize risks in the market, such as government indebtedness and geopolitical risks. This is one of the reasons why we’ve upgraded gold to overweight.

  3. Gold in the details
    There are several reasons why gold prices could be supported, including potential US dollar weakness, central bank demand, and fiscal risks. 

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Published on 01.09.2026 CEST

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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