Macroeconomic Strategy Team
6 July 2023
Key takeaways
1. The market is premature in its pricing of dovish pivots from central banks, both in terms of timing and magnitude.
2. There’s a risk that even if the Fed pauses in the coming months, the next move could be more tightening, not easing.
3. Markets need to reassess the central bank put for asset prices.
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: Manulife Global Multi-Asset Diversified Income Fund
In 2026, a clearer macroeconomic outlook is expected as momentum improves following strong 2025 drivers such as AI growth, energy transition, anticipated Fed rate cuts, and wider fiscal support. While the US Federal Reserve is likely to continue easing policy, diverse income opportunities remain across global markets, extending beyond traditional government bonds to high yield assets and option writing. Within this environment, the Manulife Global Fund – Global Multi‑Asset Diversified Income Fund (GMADI) remains with a clear and heightened focus towards income generation. The Fund seeks to deliver a high and consistent distribution income while maintaining exposure to long term capital growth opportunities.
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.
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.
Get started with managing your personal finances
People often view managing their personal finances as a complicated process. In fact, it’s a lot more straightforward – it’s organising your money by establishing a budget that accounts for current expenditure, as well as building a strategy for the years ahead to achieve your financial goals. In this introductory article, we will provide steps for creating a financial plan and underscore the importance of managing your money effectively.
©1999 - 2026 Manulife Investment Management (M) Berhad (Registration No. 200801033087 (834424-U))
