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

Markets are forecasting interest rate cuts across the rich world in the early part of 2026. This offers the potential for improved performance from parts of the global stockmarket that have been less immediately lifted by the growth of artificial intelligence.