January 2026 Global Market Recap

A Constructive Start, With Differentiation Taking Hold

January opened 2026 with a constructive tone for global markets, though the message beneath the surface was more nuanced than headline returns alone might suggest. After a year defined by disinflation, policy inflection points, and episodic uncertainty, investors entered the new year focused less on whether conditions were improving and more on where growth, earnings, and policy ultimately settle.