July 2026 Global Markets Commentary Brent Joyce, CFA, Chief Investment Strategist 2026 at the Half: Resilience Under Pressure "But how do we know when irrational exuberance has unduly escalated asset values...” – Alan Greenspan, Federal Reserve Board Chair, 1987 to 2006
The first half of 2026 was a tug of war between disruptive shocks and durable underlying trends. Markets were repeatedly tested by geopolitical tensions, policy uncertainty and an inflation scare. Throughout and despite this period of upheaval, the global economy remains resilient and adaptable – demonstrating yet again its capacity to deal with the blows. Faith in this resiliency under pressure allowed global stock markets to power ahead.
Growth has prevailed based on global fiscal largesse, durable consumer spending, and very strong corporate capital spending that is anchored in the artificial intelligence race but also supported by broader capex strength.
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