Our quarterly review of the main themes shaping global investment markets, and what they could mean for your portfolio. This issue covers the second quarter of 2026.
What’s inside this issue
Global shares rose strongly despite the conflict involving Iran and a sharp swing in oil prices. We look at another standout quarter for AI and technology, why gold had its weakest quarter in years, how central banks are positioned now, and the change of leadership at the US Federal Reserve. There is also a read on Asia, where Taiwan and Japan drove some of the strongest returns.
The quarter in numbers
It was the best quarter for US shares since 2020, with the S&P 500 up around 14 per cent and the Nasdaq 21.6 per cent. Taiwan did even better, rising more than 40 per cent on the back of demand for advanced semiconductors. Not everything went up though: gold fell around 14 per cent, its worst quarter since 2013, and the Japanese yen slid to a forty year low. Central banks stayed cautious, with the Bank of England holding at 3.75 per cent as oil eased back towards its pre conflict level.
