Outlook 2026 (II): Bonds remain attractive

Bond markets in 2025 were primarily influenced by US tariff policy. Central bank monetary policy and the strength of corporate fundamentals also played a significant role. For 2026, we anticipate that, in contrast to 2025, "external" factors such as real and monetary policy will become less important, and the fixed-income segment, particularly corporate bonds, will continue to offer an attractive risk-return profile.

Our outlook for 2026 focuses particularly on the euro's performance against the US dollar, given that the dollar's weakness in 2025 caught many investors off guard. You can read more about these topics in the second part of our annual outlook.