US equities ended a choppy week mixed, as investors moved out of technology and communication services and into energy, healthcare and smaller companies.

Geopolitical developments were the dominant driver of market sentiment this week, pushing Brent crude above $100 per barrel for the first time in almost four months.

Global markets ended the week with a mixed tone as investors weighed renewed enthusiasm around artificial intelligence and uncertainty over the future path of US interest rates.

September was a mixed bag for investors.  Rising bond yields, stubborn inflation, and pricey energy made things tough for the markets. But on the flip side, excitement around artificial intelligence helped keep tech stocks strong.

July markets saw plenty of twists and turns, shaped by world events, strong economic numbers, and changing views on interest rates. 

The resilience of global equity markets has been a defining feature so far this year. Over the past six months, geopolitical tensions, ensuing energy price shocks, shifting monetary policy and changes in companies’ earnings forecasts have contributed to prolonged periods of uncertainty and heightened volatility.

In our annual Investment Outlook, we review 2025, and as we enter 2026, look at opportunities across the global markets for investors. 

The Zurich Investment Outlook is produced twice yearly by the team at Zurich Investments, based in Dublin, Ireland. This publication provides an in-depth insight into our current thinking and positioning, and expands on the reasons behind our economic views to our clients and customers.