Mr. Adrian Mazenauer, Chief Executive Officer of SCB-Julius Baer Securities, stated that overall investment in the past year remained positive despite uncertainties caused by U.S. trade policies. Moreover, interest rate cuts by several countries worldwide, along with the expansion of AI investments, supported continued economic growth and a rise in stock markets.
In 2026, it is expected that the global economy and major countries will continue to expand. At the same time, the market must monitor the new Federal Reserve Chair to see which monetary policy direction will be taken. Interest rates are likely to decrease further, which will support investments in the bond market and lead to a continued weakening trend in the U.S. dollar.
Investment is recommended in Australian bonds, which remain attractive due to yields higher than those of the U.S. and potential gains from the Australian currency. Additionally, the Swiss Franc continues to serve effectively as a safe-haven asset during periods of market volatility.
Investors are advised to diversify more broadly than just the technology sector, which has been the market leader recently. It is suggested to increase weight in defensive stocks such as the healthcare sector, as well as European cyclical stocks to enhance portfolio stability amid ongoing uncertainties.
Emerging markets remain supported by the prospect of a potential Fed rate cut, the weakening trend of the U.S. dollar, and the recovery in listed company profit growth. A positive outlook also remains for Asian markets, with China considered a strategically attractive market in 2026.
Additionally, investing in alternative assets, such as private equity and off-market infrastructure and utilities businesses, will help diversify and reduce portfolio volatility. For gold, it has started 2026 strongly due to safe-haven demand, global central bank purchases, and the U.S. interest rate downtrend. However, short-term volatility may increase, so investors should consider risk-hedging strategies as well.
In the current environment of rising risks in monetary policy and investment, the strategy for 2026 will no longer be “Buy and Hold” only.
