In 2025, we had the worst trade war since the early 20th century; the first hypersonic missile battle between two nation states; a protracted Russia-Ukraine conflict that continues to pit east again West; another year of double-digit equity market returns juxtaposed against striking increases in long-term interest rates; a resurgence in inflation in Australia; and a once-cartoonish US president reshaping the global economy and geo-polity. What, therefore, lies in wait for 2026?
President Donald Trump has been serially underestimated by his domestic and foreign adversaries, and is proving to be a far more astute strategic decision-maker than most folks supposed.
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