Allspring：2026年全球投资展望报告：把握市场节奏（英文版）（16页）.pdf

1、We Got the Beat Taking the pulse on global markets 2026 INVESTMENT OUTLOOK 2026 MACROECONOMIC PULSE Challenges to Handle,Opportunities to Pursue MATTHIAS SCHEIBER,PH.D.,CFA+Senior Portfolio Manager,Head of Multi-Asset The year ahead will have its challengesbut we also expect to see opportunities ari

2、se.In our economic outlook,we share our expectations for both the U.S.and international markets,recognizing the distinct paths each region may take.Yet,amid the differences,one powerful theme stands out:our expectation for continued global growth.5 key drivers as we look ahead 01 LOOK FOR GRADUAL GR

3、OWTH GLOBALLY As the effects of lower interest rates make their way through the U.S.economy in 2026,growth should gradually recover.With lower mortgage rates and robust real earnings,a growth rate of 23%should be achievable.However,given uncertainty around the impacts of U.S.fiscal,tariff,and immigr

4、ation policies on profit margins,its probable that companies will save and hire carefully and consumers will remain cautious amid a slowing job market.Data dependency will very likely remain the Feds key focus in making rate decisions.Outside the U.S.,we expect growth to trend slightly higher given

5、a robust labor market,better tariff deals negotiated,and more fiscal spending for defense and infrastructure.Germany in particular has set ambitious plans.China should provide more fiscal and monetary stimulus to support cautious consumers and cushion the negative impact of slowing exports to the U.

6、S.02 EXPECT INFLATION TO BE“STICKY”IN THE U.S.BUT LOW ELSEWHERE While U.S.inflation should stabilize in 2026,the path to the Federal Reserves(Feds)2%target will be longer than expected.Loose fiscal policy will likely be partly offset by government job cuts and the Feds step-by-step approach for movi