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

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