Wealth presents possibilities. Dedication discerns opportunities.

In this PERSPECTIVES Special, we explore how the Hormuz-specific conflict with Iran has become a defining macro shock, disrupting global energy flows, lifting inflation risks, and reshaping cross asset and regional market dynamics, with the US relatively insulated but still exposed to higher prices and tighter financial conditions.

Energy prices have continued to jump, but that might not be a lasting effect of the Middle East conflict – if the fighting doesn’t spread, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability.

As the opening quarter of 2026 draws to a close, currency markets have gone through a clear regime shift. In this FX Viewpoint, we assess how these shifting macro and geopolitical forces may shape currency markets over the next twelve months. Learn more.

China’s 2026 National People’s Congress and the launch of the 15th Five Year Plan mark a clear shift toward stability led, supply side policy management rather than broad cyclical stimulus. PERSPECTIVES Special examines how Beijing is prioritising risk control, technological upgrading and productivity gains, while keeping demand support targeted and measured. We assess the implications for growth, inflation and policy transmission, and outline where investors should expect greater dispersion across asset classes and sectors – highlighting the opportunities most closely aligned with China’s evolving strategic priorities.

We assess how a Hormuz-related energy shock transmits through APAC macro fundamentals, sector earnings and equity market positioning, and why it may act as a structural catalyst for Asia’s long term energy security transition rather than just a short-term market event.