Your market update from Raymond James (formerly Charles Stanley)
The following market update relates to September 2026. All information was correct at the time of writing, with commentary provided by Fiducia’s investment partner, Raymond James.
Global markets have continued to navigate a mixed backdrop of moderating growth, ongoing geopolitical tensions and evolving monetary policy expectations. While volatility has periodically increased, corporate earnings have broadly remained resilient, inflation continues to ease across most developed markets and investors remain focused on long-term opportunities including AI adoption, infrastructure investment and selective regional growth opportunities.
Key messages this month
- Economic Growth Is Slowing, Not Stalling: Economic activity across major economies is moderating but remains positive. Labour markets remain relatively healthy, consumer spending has held up and recession fears have eased, supporting a constructive outlook for risk assets.
- Inflation Progress Continues: Inflation has continued to move closer towards central bank targets, although services inflation and wage pressures remain areas of focus. This supports the case for gradual policy easing rather than an aggressive rate-cutting cycle.
- The AI Investment Cycle Is Broadening: The market focus is increasingly shifting from semiconductor beneficiaries towards companies and sectors able to deploy AI to improve productivity, revenues and profitability. We continue to view AI as a multi-year investment theme rather than a short-term trend.
- Diversification Matters In A More Uncertain World: Geopolitical developments, fiscal concerns and trade policy uncertainty continue to create market volatility. Maintaining diversification across asset classes, regions and investment styles remains important.
- Quality Income Opportunities Remain Attractive: Higher starting yields across fixed income and infrastructure continue to provide attractive income opportunities while also supporting portfolio resilience should growth slow further.
Portfolio Positioning – Asset Class Snapshot vs. Strategic Asset Allocation
Asset Allocation scenarios
Key areas of opportunity
We continue to favour Emerging Markets, where attractive valuations, structural growth opportunities and ongoing technology investment remain supportive. We also maintain constructive views on Japan and selected European markets. While the US remains home to many high-quality businesses, elevated valuations warrant a more selective approach. Beyond equities, we continue to see value in commodities, high-quality government bonds, infrastructure and diversified income-generating assets.
Risks we are monitoring
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Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.