23rd July 2026

Quarterly markets review - Q2 2026

A look back at markets in Q2, when AI-related stocks powered ahead and the conflict in the Middle East de-escalated.

The quarter in summary:

Global equities gained in Q2 amid a resurgence in optimism around the AI capital expenditure theme as well as news of a ceasefire in the Middle East. Asia ex-Japan equities experienced particularly strong performance. Global bond markets were largely driven by changing energy price and inflation expectations. Commodities fell.

Please note any past performance mentioned is not a guide to future performance and may not be repeated. The sectors, securities, regions, and countries shown are for illustrative purposes only and are not to be considered a recommendation to buy or sell.

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