The global macroeconomic environment will remain favourable, with the US Federal Reserve expected to continue its cycle of interest rate cuts while global growth remains resilient supported by consumption and investment.

Within his equity allocations, US companies are still the cornerstone. “Although their valuations remain high by historical standards, they are supported by the resilience of the economy and their ability to maintain margins, thanks, in particular, to productivity gains generated by the adoption of artificial intelligence,” Steiner said. The continuation of dynamic share buyback programmes and the unwavering support of US retail investors are further arguments in favour of this region. His approach is based on a balanced positioning between two segments: technology stocks, which continue to show strong earnings growth, and small- and mid-cap enterprises. “After several years of underperformance, the latter could benefit from the current momentum in deregulation while taking advantage of the interest rate cuts expected in 2026,” he said in a note.

Paris-headquartered ABN AMRO Investment Solutions, the asset management arm of ABN AMRO, is also overweight in US and emerging market equities, notably tech. See here. A raft of wealth management firms are seeking to explain their asset allocation and investment positioning for the coming year. One prominent concern is whether high valuations of US big technology firms, especially those involved in AI, are sustainable.

Banks
In Europe, Steiner believes that the banking sector remains attractive. “European banks, having strengthened their balance sheets in recent years, now have significant room for manoeuvre in terms of financing. The gradual consolidation of the sector, combined with improved profitability in a context where credit losses are expected to remain limited, is an additional catalyst for this segment,” he continued.

“At the same time, European small- and mid-caps stand to benefit from the various stimulus plans targeting the defence and infrastructure sectors,” he added. “The easing of financial conditions also enhances their appeal, particularly as potential targets amid the revival of the mergers and acquisitions (M&A) cycle.”

Emerging markets
Steiner also maintains a positive view on emerging market equities, which remain underrepresented in the major global indices. “Several factors support this asset class: a weakening dollar, a still-high growth differential compared to developed countries, increased demand for diversification outside US assets, and subdued inflation, which gives central banks room to stimulate growth,” he said.

“In addition, emerging markets should benefit from stronger trade links in the face of protectionist tendencies in the United States,” he continued. Although the second half of 2025 rebound is partly supported by a revaluation of multiples, the recovery in corporate earnings growth is a more stable and promising driver for supporting these markets in the long term.

In China, although the property sector remains fragile, Steiner believes that there are encouraging signs of economic recovery, supported by a commitment from local authorities to stimulate domestic consumption. Furthermore, the Chinese government’s recent commitment to supporting its stock market is boosting the attractiveness of domestic equities.

He also sees value in emerging market debt denominated in local currencies. This segment benefits from several supportive factors: a weaker US dollar, declining inflation in many emerging regions – particularly in Latin America – and significantly higher real yields compared with developed countries. These factors make this asset class a component for diversifying and boosting bond exposure.

A number of wealth managers have recently come out in favour of emerging markets this year, for instance Pictet Asset Management, Ninety One, Aberdeen Investments, Paris-based Amundi, Carmignac and Indosuez, as well as GIB Asset Management and Franklin Templeton. See more here.

In addition, Steiner is maintaining moderate exposure to sovereign debt, favouring the short end of the yield curve, which is less vulnerable to fiscal trajectories in developed markets. In the current complex pricing environment and given the threats to the independence of the US Federal Reserve (Fed), he believes that flexibility in positioning will be essential in order to take advantage of periods of volatility that are likely to emerge in government bond markets.

“Conversely, European corporate bonds, whether in the investment grade or high yield segments, are benefitting from a constructive financial environment. Ambitious spending plans within the eurozone and the search for more attractive yields compared to European monetary assets are boosting their appeal,” he said.

Gold
In the currency market, he anticipates a continuation of the downward trend of the US dollar against major international currencies, particularly the euro. Beyond its role as a safe haven against the risk of currency depreciation and political and geopolitical uncertainty, gold is emerging as the main beneficiary of the diversification of central banks’ foreign exchange reserves. “Furthermore, the recent interest in gold among both private individuals and institutional investors, as evidenced by ETF purchase flows, is reinforcing the appeal of this asset class. In parallel, the Swiss franc and Japanese yen could also offer attractive opportunities for decorrelation during periods of renewed market volatility,” he said.

The acceleration of AI, particularly in its agentic or autonomous form, as well as the growing need to modernise infrastructure (especially in energy, transportation, and defence), highlight the importance of electrification, which will also be a central pillar for 2026 and beyond.

“Finally, careful portfolio management will remain essential in a complex geopolitical environment – smart diversification, favouring high-quality corporate debt, gold as a safe haven, and reduced exposure to the dollar, is not a luxury but a necessity for turning uncertainties into opportunities,” he concluded.