Global Markets in 2026: Navigating a Shifting Landscape
Global markets entered 2026 with a complex backdrop: resilient but slowing economic growth, elevated policy uncertainty, and a meaningful shift in the relative performance of U.S. versus international equities. For Canadian investors, this environment presents both challenges and opportunities.
War broke out in the Middle East, bringing an increase in market volatility, and Oil prices climbed sharply toward $75/barrel by early March, reversing late-2024 weakness and adding a new variable to the inflation outlook. Historically, moderate energy prices have supported equity markets, but a sustained move higher could weigh on consumer spending and corporate margins. Precious metals continued their strong run but remained volatile.
Leadership with equity markets appears to have shifted. The so-called Magnificent 7 stocks have faltered, posting mostly negative returns year-to-date. For the first time in several years, international equities are outpacing their U.S. peers in 2026, underscoring the benefit of maintaining globally diversified portfolios.
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