The Bid

Global markets are entering 2026 amid heightened geopolitical uncertainty, structural shifts in the global order, and rapid technological change. Recorded live from the World Economic Forum in Davos, this episode of The Bid examines the macroeconomic and geopolitical forces shaping the year ahead.Host Oscar Pulido is joined by Philipp Hildebrand, Vice Chairman of BlackRock, and Tom Donilon, Vice Chairman of BlackRock and Chairman of the BlackRock Investment Institute. Drawing on conversations with political leaders, policymakers, and business executives in Davos, they reflect on an evolving geopolitical landscape and its implications for markets, governments, and global cooperation.The discussion explores how shifts in U.S. policy are reshaping alliances — particularly between the United States and Europe — and why this period may mark a broader transition away from the post–World War II global framework. Philipp outlines the pressures facing Europe, while Tom examines how national security considerations are increasingly shaping economic policy, trade, and global investment flows.Artificial intelligence emerges as a central theme, viewed both as an economic driver and a geopolitical force. The episode considers AI’s role in national security competition, the growing importance of data centers and energy infrastructure, and how concerns around sovereignty, critical minerals, and societal impact are elevating AI from a technological issue to a political one.Key insights·      How current geopolitical developments are reshaping the global outlook entering 2026·      Why Davos remains a key forum for understanding policy and market sentiment·      Where Europe’s macroeconomic challenges and opportunities are most pronounced·      How AI is increasingly intersecting with geopolitics and national security·      What recent U.S.–Europe tensions reveal about future global cooperation·      How investors and policymakers are interpreting uncertainty in today’s environmentGeopolitics, global macro outlook, Europe economy, World Economic Forum Davos, AI and geopolitics, global markets, policy uncertaintyThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Carrie King, Global Chief Investment Officer at BlackRock, shares her insights into the evolving landscape of stock markets as we approach 2026. She discusses the significant impact of AI on various sectors, highlighting its expansion beyond semiconductors. Carrie sheds light on the compression of high-level valuations masking strong corporate quality and analyzes how rate cuts are benefiting emerging markets, alongside Japan's ongoing reforms. She emphasizes the challenges of diversification and advises investors to embrace volatility for long-term gains.

This week, the focus is on diversification—and why it’s getting harder to achieve. Portfolio Strategist Natalie Gill explains how the “diversification mirage,” a key theme in BII’s 2026 outlook, is now showing up in real time. A small set of megaforces is increasingly dictating equity performance, meaning traditional attempts to diversify—whether toward equal-weighted indices or new regions—can amount to larger active positions than many investors realize.Natalie also breaks down how rising developed-market bond yields challenge the long-held assumption that long-term bonds reliably balance portfolios. Fiscal strains, shifting central bank stances, and policy divergence between the U.S. and other economies further complicate the diversification picture. As bond volatility rises and a small number of equity drivers dominate returns, investors may need to reconsider how and where true diversification can be found.The episode also highlights the growing disconnect between the Federal Reserve’s policy posture and the more hawkish tone across Australia, Canada, and Japan—where fiscal dynamics and reopening risks are influencing long-term rates. These divergences, paired with delayed U.S. labor data and inflation considerations, shape the macro backdrop as markets enter the new year.Key Insights·      Diversification is increasingly difficult as a handful of megaforces drive global equity performance.·      Traditional diversifiers—such as long-term government bonds—provide less balance amid rising yields.·      Policy divergence between the U.S. and other major central banks is creating new cross-market risks.·      Fiscal concerns are influencing yield curves, particularly in Japan and the UK.·      Portfolios may require more deliberate, active decisions and alternative sources of return to achieve true diversification. diversification, megaforces, capital markets, macro trends, bond yields, portfolio balance, market outlookThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nicholas Fawcett, a Senior Economist at the BlackRock Investment Institute, dives into the softening U.S. labor market and its implications for the Federal Reserve. He explains the 'no hiring, no firing' trend emerging from cooling labor demand and supply, hinting at a likely rate cut. Delayed payroll data complicates economic visibility, yet markets are pricing in a quarter-point cut. Fawcett also discusses how fiscal tightening in the UK influences bond valuations and the delicate balance between inflation control and economic stability.

In this engaging discussion, Jean Boivin, Head of the BlackRock Investment Institute, shares insights into the forces shaping market dynamics through 2026. He highlights the significant impact of AI-driven capital expenditure, predicting a staggering $5-8 trillion investment by 2030. Jean warns about the 'diversification mirage,' where seemingly diverse strategies may be overly concentrated. He delves into how companies are leveraging debt to finance ambitious AI projects and discusses emerging opportunities in global markets, including Japan and emerging economies.

Helen Jewell, EMEA Chief Investment Officer at BlackRock, and Roelof Salomons, Chief Investment Strategist for Northern Europe, delve into Europe’s evolving economic landscape. They discuss the shift towards pro-growth fiscal policies and the emerging opportunities in sectors like defense, banks, and energy efficiency. The impact of AI on energy demand and infrastructure investment takes center stage, along with Europe's favorable valuations compared to the U.S. The discussion emphasizes the importance of capital-market reform for a robust European recovery.

Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist at BlackRock, shares her insights on shifting market dynamics. She discusses the Federal Reserve's potential rate cuts and what that means for investors. Gargi also highlights how the earnings landscape is diversifying beyond tech giants and touches on the rising AI spending boom. The conversation delves into investor sentiment, with rising ETF inflows and a focus on portfolio positioning as economic conditions evolve. Plus, she compares the discipline needed in both investing and marathon running.

Cameron Joyce, Head of Research Insights at Preqin, dives into the seismic changes in private markets that have surged from $11 trillion pre-pandemic to a projected $32 trillion by 2030. He explores why companies are staying private longer and how new fund structures increase accessibility for individual investors. Cameron highlights the three growth engines: private equity, infrastructure, and private credit, while discussing the impact of AI and energy transitions on these sectors, reshaping investment opportunities for all.

In this engaging discussion, Jim Cramer, a seasoned investor and host of Mad Money, shares invaluable insights on modern investing. He emphasizes the importance of saving regularly and understanding compounding. Cramer introduces his pyramid-style investing approach to build wealth gradually and shares personal anecdotes behind significant picks like Nvidia. He discusses how tools like ChatGPT have revolutionized research for everyday investors and underscores the vital role of participation and hope in a successful investing mindset.

Global investors are rethinking diversification as APAC markets investing takes center stage. As monetary policies diverge and growth paths split across regions, Asia Pacific is emerging as a key source of resilience — and opportunity — in global portfolios.In this episode of The Bid, host Oscar Pulido speaks with Alex Brazier, Global Head of Investment & Portfolio Solutions, and Navin Saigal, Head of Global Fixed Income for Asia Pacific. Joining from Singapore, they share on-the-ground insights into how investor sentiment, policy divergence, and portfolio positioning are evolving across the region.Alex explains how investors’ appetite for risk has returned — with the strongest demand for equities and alternatives now coming from APAC. Navin highlights why Asia’s fixed income markets have outperformed this year, as conservative fiscal policy and lower inflation have driven steady yields and strong demand. Together, they unpack what these shifts mean for APAC markets investing and global diversification.Sources: BlackRock Investor Survey, September 2025Insights include:·      How global investors are reallocating toward Asia Pacific assets·      Why policy divergence between the U.S. and Asia is creating opportunities in fixed income·      The growing appeal of short-duration bonds and local-currency exposure·      How correlations between the U.S. dollar, equities, and bonds are shifting·      The renewed focus on gold and liquid alternatives as portfolio diversifiersKey moments in this episode:00:00 Introduction to Global Market Trends00:32 Focus on Asia's Market Dynamics00:51 Insights from Investment Experts01:53 Investor Sentiments and Diversification05:01 Opportunities in Asia's Fixed Income Markets07:25 Equity Market Opportunities11:03 Currency Risk and Hedging Strategies13:55 Challenges in Asia Pacific Investments16:05 Diversification Beyond Traditional Assets19:22 Looking Ahead: Market Predictions for 202521:53 Conclusion and Upcoming Episodes Check out this playlist to learn more about tariff volatility and global markets: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI🔗 Learn More About BlackRock: https://1blk.co/41uwhDS 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW APAC markets investing, Asia Pacific markets, capital markets, fixed income, global diversification, equities, investor sentiment, monetary policy divergence, liquid alternatives, goldThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.