Global bond yields, except in China, are at their highest levels since 2000, up more than 100 bps year to date. France’s 10-year yield has risen more than its peers, widening the France-Germany spread to 150 bps, double its year-to-date level. Investors are demanding a higher risk premium amid political unrest and a deteriorating deficit. De-dollarization has also accelerated the USD yields increase: China’s U.S. Treasury holdings have fallen 50% in 10 years as its gold holdings have grown.
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Global equities extended their gains over the past month, reaching 13% YTD, supported by a robust earnings season, accelerating AI adoption, and reduced concerns about a sustained Fed hiking cycle.
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Global equities are up 15% YTD, supported by broadening corporate earnings growth across regions and sectors. Rising earnings and investment continue to outweigh the headwinds from tighter monetary policy and ongoing energy market disruptions, keeping the outlook constructive for the rest of the year.
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Global equities delivered their strongest first half since 2020, gaining nearly 15% despite the Iran war. Markets enter the second half of 2026 with positive momentum
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Global equity markets ended May close to all-time highs, up 16% year to date, despite higher yields and continued geopolitical uncertainty. A sustainable peace deal would remove a lingering source of investor anxiety and allow markets to focus more fully on strong earnings fundamentals, illustrated in May by Nvidia’s +85% revenue growth.
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After the March sell-off triggered by the initial geopolitical shock, April brought a phase of détente and a strong market rebound. Global equities rose 10% in April, bringing year-to-date performance back to +7%, while U.S. indices reached new all-time highs.
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