October 2026 Market Outlook

n this month's Market Outlook, Martin Wildy and Andrew Catalan of the investment team review markets and the economy through the end of September. They cover broad strength in equities and technology's renewed leadership, healthy current and forward-looking growth indicators, the scale of AI-related infrastructure spending, and why valuations look more reasonable as earnings have kept pace. Andrew discusses the global rise in interest rates, what's driving it, and why higher yields are restoring bonds' role as both an income source and a portfolio ballast. The team also looks at how markets have historically fared under divided government ahead of the midterms, and closes with this month's dashboard updates, including upgrades to growth and households.