Market volatility punctuated the start of 2026 and is continuing into February across all equity markets, with even the star of 2025, precious metals, not shielded from the storm.

The start of 2026 has seen a continued bout of volatility despite a largely positive backdrop for risky assets like shares.

Charlie Parker and Fahad Hassan examine how massive AI-driven investment has shaped 2025’s markets, concentrating gains in a handful of tech leaders and raising valuation and concentration questions.

It may be the start of the year, but investors could already be forgiven for feeling they have endured false dawns. Geopolitical anxieties have flared, markets have wobbled and steadied, and New Year optimism has met the stubborn realities of macroeconomics

Global markets were unsettled after reports that US prosecutors had opened a criminal investigation into Federal Reserve Chair Jerome Powell, an unprecedented development that has intensified concerns over the independence of US monetary policy.

Global equities ended 2025 near all-time highs, driven by earnings strength despite persistent political and macro uncertainty.

After three consecutive interest rate cuts, investors now face an increasingly uncertain US monetary policy outlook for the year ahead.

Global political and economic events have been dramatic in recent years, yet stockmarkets have still made progress.