2026 Global Market Outlook: Minds, machines, and market shifts

T. Rowe Price

Research

21 Pages

T. Rowe Price says 2026 will require investors to balance exposure to enduring AI leaders with emerging opportunities in cyclical and international markets, all while remaining vigilant to persistent macro risks.

Date published: November 2025

Key Takeaways

AI as engine: AI infrastructure spending is presented as a major productivity engine, yet requires discipline around stretched valuations and growing corporate leverage.
Two speed growth: Global growth view describes a two speed world, with United States expansion and mixed prospects in Europe and emerging markets.
Portfolio positioning guide: Multi asset view favors equities over bonds, cash for flexibility, selective credit and inflation linked securities to manage risks.
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