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Seeing through the fog

Opportunities and risks in uncertain times

Despite geopolitical unrest, the outlook for economic growth and corporate earnings remains positive. Investors would do well to see through the current ‘fog’. There is ample reason to enter the second half of this investment year with cautious optimism.

The Compass Q3 2026, with Erik Joly and Rudy Vermeersch

Despite turbulent geopolitical conditions and rising bond yields, stock markets remain resilient. Our experts look back at the macroeconomic situation over the Q3 2026 quarter and explain how this will influence our strategy going forward.

“The world economy is growing and expectations for earnings growth are strong. But the situation in the Middle East remains hard to assess. This calls for a balanced positioning in equities.”

Erik Joly – Chief Investment Officer ABN AMRO MeesPierson Belgium

Mid-Year Investment Outlook

The Big Picture: Seeing through the fog

Investment Strategy

04/06/2026

Geopolitical tensions have left their mark on financial markets in recent months. But the economic and corporate outlook is not unfavourable. Investors would do well to look beyond the current ‘fog.’ There is ample reason to look ahead to the second half of this year with cautious optimism.

Opportunities: About investments, AI, and gold

Investment Strategy

04/06/2026

Investing means seeing through the ‘fog’ of the moment – without being blind to the risks. That is why we opt for a balanced portfolio positioning. Within equities, we mainly see opportunities in sectors where vast investments are being made. We also see opportunities in gold, especially in a time when diversification has become more difficult.

Challenges: What if the fog gets thicker?

Investment Strategy

04/06/2026

Investing means seeing beyond the ‘fog’ of the moment. But we are living in uncertain times. When uncertainty increases, the fog effectively becomes thicker, and the economic weather outlook may become less favourable.

Disruptors: Europe on its own feet

Investment Strategy

04/06/2026

As globalisation retreats and geopolitical tensions reshape the global order, Europe is being forced to rethink its reliance on others for defence, energy and digital infrastructure. The push to reduce dependencies in these areas is now shaping policy priorities and probably long term investment trends.

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