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Global X
2026 Midyear Outlook

Market Updates For the Second Half

Macroeconomic

An Object in Motion Stays in Motion

Scott Helfstein

Scott Helfstein

HEAD OF INVESTMENT STRATEGY

Newton’s three laws of motion frame our thinking around Federal Reserve policy, corporate fundamentals, and geopolitics, as well as the potential opportunities we see for the back half of 2026, from materials and energy to data centers and defense tech.
Emerging Markets

10 in EM: Your Second Half Scouting Report

Malcolm Dorson

Malcolm Dorson

HEAD OF Active investment team
& EM senior portfolio manager

We’re broadly bullish on Emerging Markets, but the asset class is not one size fits all. Inspired by the World Cup, we explore different markets and how they could fit in portfolios, from captivating strikers like Argentina to more defensive plays like EM consumption, dividends, and bonds.

Key Takeaways

The Biggest Questions
For the Second Half of 2026

We cut through the noise and economic contradictions to provide actionable insights on our highest-conviction investment themes.

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Macroeconomic

Corporate earnings growth and expanding margins helped support stocks in the first half of 2026, but what does that mean for the second half?

We believe companies and themes that can consistently deliver on fundamentals could continue to outperform and drive the market, even if the macroeconomic backdrop were to become more challenging. Margin expansion is precisely where we expect AI’s benefits to show.
Emerging Markets

Why should investors look for opportunities abroad?

In addition to attractive valuations relative to U.S. equities, international allocations can provide diversification benefits and a hedge against U.S. dollar weakness.
In the first law, Newton states that an object at rest stays at rest unless acted upon by an unbalanced force, and an object in motion stays in motion. And we think the economy and the markets broadly are in motion right now.

Scott Helfstein,HEAD OF INVESTMENT STRATEGY

Exclusive

Macro Outlook for the Second Half: An Interview with Scott Helfstein

Join Seana Smith and Scott Helfstein as they take a macro view of the economy and markets and discuss what's ahead.

For more Macroeconomic perspectives, please read our 2026 Midyear Outlook.

Exclusive

Midyear Emerging Markets Check-In: An Interview with Malcolm Dorson

Join Seana Smith and Malcolm Dorson as they discuss what's driving emerging markets and what comes next.

For more on Emerging Market opportunities, please read our 2026 EM Midyear Outlook.