Macro Insights Weekly - Three risks for 2026

The global economy is ending the year with much better outcome than expected. The 2026 outlook is broadly constructive; but we have three risks in mind that could spoil the picture
Inflation and interest rates should be constructive for most economies
Global trade is proving to be resilient
Three risks: First, a major correction in the US stock market, with global reverberations
Second, global bond market selloff
Third, an exacerbation of geoeconomic risks.