Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
2026 Global healthcare equities outlook: Innovation supports healthcare’s long term case
Global healthcare equities showed resilience amid 2025 volatility. The defensive characteristics, coupled with remarkable therapeutic innovations in the biopharmaceutical, MedTech, and tools sub-segments of this sector, will continue to be rewarded with capital appreciation over a full market cycle. Current valuations relative to the broader market make for an attractive entry point today, and periods like this tend to lead to outperformance for healthcare stocks over the long term.
Semiconductors poised for long-term growth amid AI boom
The global semiconductor industry remains strong – arguably the most robust we have seen in over three decades. This strength is supported by cutting-edge innovation, rising revenues and robust capital spending. While risks remain, the outlook for 2026 appears constructive, with demand for artificial intelligence (AI) applications showing few signs of slowing. Beyond AI, the non-AI markets could be poised for positive revisions as cyclical recovery gains traction after several years of consolidation.
2026 Outlook Series: Global Equity Diversified Income
Equity market leadership could broaden in 2026 beyond mega-cap technology, creating opportunities across sectors and regions. Global economic growth is expected to stabilize, supported by fiscal spending and easing monetary policy in key markets. Europe and select Asian economies offer attractive valuations and improving fundamentals, complementing US resilience. Value and income-focused strategies may regain prominence alongside growth, supported by quality fundamentals. The Global Equity Diversified Income strategy is positioned for diversification across geographies, sectors, and styles, aiming for income and capital appreciation.
5 ways a budget plan can help you manage your finances
We all know approximately how much money we need each month. However, without a clear spending strategy, you could see a shortfall in savings, face a lack of day-to-day cash, or be caught off guard by unexpected costs. That’s why it’s important to have an effective budget plan that will give you control over your finances.
2026 Global healthcare equities outlook: Innovation supports healthcare’s long term case
Global healthcare equities showed resilience amid 2025 volatility. The defensive characteristics, coupled with remarkable therapeutic innovations in the biopharmaceutical, MedTech, and tools sub-segments of this sector, will continue to be rewarded with capital appreciation over a full market cycle. Current valuations relative to the broader market make for an attractive entry point today, and periods like this tend to lead to outperformance for healthcare stocks over the long term.
Risk Diversification
There is no free lunch. But Risk Diversification comes close in investing. A diversified portfolio was shown to optimize returns with lower volatility in the long run.
©1999 - 2026 Manulife Investment Management (Hong Kong) Limited
