1、OUTLOOK 2026THE INTERPRETATION GAMEContents3457911131822253036404547Contributors:Julien Lafargue,CFA,Chief Market Strategist,London UKJudiyah Amirthanathar,Market Strategist,London UKPatrick Bielstein,Ph.D,CFA,Senior Quantitative Analyst,London UKLiam Crawford,CFA,Investment Strategist,London UKDoro

2、the Deck,Head of Cross Asset Strategy,London UKAlexander Joshi,Head of Behavioural Finance,London UKIain Martin,Investment Writer,London UK Luke Mayberry,Investment Strategist,London UKDamian Payiatakis,Head of Sustainable&Impact Investing,London UKHussain Selani,Head of Investments India and Global

3、 IndiansIvelin Stankov,Investment Strategist,London UKNikola Vasiljevic,Ph.D.,Head of Global Asset Allocation,Zurich Switzerland Michel Vernier,CFA,Head of Fixed Income Strategy,London UKForewordThe interpretation gameUS:Much room for interpretationChina:Chinas balancing actEurozone:Every journey st

4、arts with a first stepUK:Sailing into choppy watersBeyond the AI boom:Rebalancing portfolios for a more sustainable cycleDecoding the bond marketThe US government-industrial complexPrivate markets in a fragmentation eraAre cryptocurrencies coming of age?Investing in the Electrotech economyThe psycho

5、logy behind the AI bubbleMulti-asset portfolio allocationKey dates2Investing sustainablyBehavioural financeMulti-asset portfolio allocationKey datesCryptocurrenciesExecutive summaryEquitiesBondsUS industrial complexPrivate marketsUS macro China macroEurozone macroUK macroForewordWelcome to our“Outlo

6、ok 2026”,the investment strategy update from Barclays Private Bank.In the following chapters we look at the result of revamped trading relationships and volatile geopolitics on the biggest economies,and what anticipated US rate cuts imply for bonds and equities in 2026.However you put it,artificial