Asset Manager

Last week, China’s trade surplus crossed the threshold of one thousand billion dollar for the first time. In the first eleven months of 2025 alone, China exported one trillion dollar more than it imported. It is a milestone that both illustrates the export strength of Chinese industry and exposes the deep problems in China’s growth model, while further fueling calls for protectionism in the rest of the world.

Amid rising volatility, questions surrounding US interest rates, and uncertainty about the technology sector, Natixis Wealth Management is focusing on diversification in 2026, both geographically and across sectors.

Stay away next year from “long” government bonds and from corporate bonds, both high yield and investment grade. Profligate governments and poor risk-return profiles will spoil the mood in those markets.

As the world of private banking expands to the next generation of clients, non-traditional sectors are rising while the need for a personal touch remains the same, says 27-year-old Charles Desnos at Quintet Private Bank.

Market sentiment in fixed income is turning quickly. Within just a few weeks, investors and even central bankers have rotated one hundred eighty degrees. Rising inflation risk and an even greater lack of fiscal discipline are pushing yields higher. It is a nightmare scenario for politicians and the run-up to a major confrontation.

Prudent risk management is vital in high-yield-bond investing. As this week’s Morningstar fund comparison shows, even strategies operating in the same corner of the market can diverge sharply when stress hits.

India is drawing fresh interest from global investors as domestic demand, rapid digitalization and a deepening capital market give it resilience few major economies can match. Emerging market specialists say these qualities are becoming increasingly relevant for diversified portfolios.

European regulator Esma is advocating a revision of research rules, expected to take effect next year. Allowing research and trade execution to be paid for jointly again could create new opportunities for smallcap coverage.

This week’s roundup of people transfers and appointments.

A majority of large asset managers are most optimistic about equities for 2026, particularly those from emerging markets. US equities remain a strategic cornerstone, while Europe and Japan play a smaller but growing role in geographic diversification.