Economic Commentary
The second quarter of 2026 delivered exceptional returns across most major equity markets, with both developed and emerging markets posting some of their strongest quarterly gains in recent years.
The first quarter of 2026 proved broadly challenging for investors, as a convergence of geopolitical, inflationary, and policy risks generated significant…
While the last several years have seen many international share markets deliver strong double-digit investment returns, the first three months of 2026…
In this quarterly review, Scott Rainey reflects on the quarter ending 31 March 2026 and the impact of war and conflict on market behaviour.
Global share markets continued to march higher during the third quarter of the year, contributing to strong returns for most diversified investors.
The third quarter of 2025 delivered exceptional returns across the board, with progress on US trade deals, ongoing strength in the technology sector and accommodative monetary policy being the key factors driving risk-on sentiment around the world.
The second quarter of 2025 started with elevated volatility due to the Trump administration’s ‘Liberation Day’ tariff announcements. However, global shares ultimately delivered significant gains as the markets perceived that the strong rhetoric on Liberation Day might not be matched by the eventual (delayed) tariff implementation.
Several global share markets reached new all-time highs in the recent quarter.
That may seem surprising, given the tenor of the daily headlines, which often focus on the most uncertain or worrying events. The recent quarter was again dominated by headlines featuring conflict in Ukraine and the Middle East, mass deportations in the US, tariff-driven trade upheaval, and ongoing cost of living issues.
In the latest episode of The Rainey Review, Scott Rainey provides an update for the second quarter of 2025.
Economic Commentary: Winter 2026