HONG KONG, April 28, 2026 – The start of 2026 has seen significant turbulence across financial markets as the conflict in Iran triggered a sharp reversal in global equity and credit markets. This pullback is a reminder that periods of volatility can arrive without warning. Despite these challenges, Chubb Wealth remains confident in the resilience of global growth, and recession risk remains relatively low.
In the investment outlook for Q2 2026, Uncertainty Rules, Chubb Wealth examines the key trends shaping equities, fixed income, and alternative assets, offering investors a clear perspective on navigating today’s unpredictable landscape.
Ben Rudd, General Manager of Chubb Wealth, commented: “We expect global growth will slow down but remain positive, and the inflationary impact of high oil prices is expected to be temporary, meaning rate cuts are still possible in 2026. While recent events have tested market confidence, the underlying economic and corporate fundamentals are still robust. We see opportunities emerging from this volatility, particularly in resilient markets and sectors positioned for long-term growth. Periods of volatility, while uncomfortable, often create opportunities for disciplined investors. Our focus remains on helping clients navigate uncertainty with well-structured portfolios, diversified across resilient markets and asset classes.”
Repricing resilience and upgrading China equities
Chubb Wealth maintains an overweight position in equities. Despite the sharp sell-off in emerging market equities and bonds, it maintains an overweight position, as the structural outlook has not changed, and heavyweight markets such as China, Brazil, and Mexico are relatively well-positioned to weather the spike in energy prices.
China equities are upgraded to maximum overweight from mild overweight, reflecting its preparedness for the energy crisis versus peers. Japanese equities are also upgraded to a small overweight, while exposure to Asian markets more vulnerable to energy supply disruptions is reduced in favor of energy producers.
Chubb Wealth continues to believe that AI-related demand will drive medium-term growth across a range of sectors. The disruption to energy markets will also act as a catalyst for an acceleration in investment to build local energy security, including nuclear power, renewable energy and electrification. This is likely to benefit China given its technology advantage and dominant manufacturing position in many of these areas.
Opportunities for fixed income in a shifting landscape
Chubb Wealth maintains overweight in high-yield bonds, which offer absolute yields above 7.6%, providing a buffer against continued volatility. Government bonds have been upgraded from underweight to neutral, serving as a tactical hedge should growth disappoint. The firm remains underweight in USD investment-grade bonds, as the spread over Treasurys is well below the long-term average. Chubb Wealth emphasizes selectivity and diversification across credit quality and regions as market conditions evolve.
Inflation risk favors real assets
Chubb Wealth upgrades real estate to overweight and maintains its positive view on infrastructure equity, both offering protection for investors concerned about a more bearish stagflationary outlook. Global real estate prices have corrected significantly from their peak in 2023, are now stabilizing, and are starting to turn positive as the demand-supply balance has shifted in favor of higher prices.
Chubb Wealth moves private credit to a modest underweight due to ongoing liquidation pressures, but expects more attractive entry points in late 2026 or 2027. Investors looking to deploy into private credit should focus on managers with a strong track record of managing defaults and those who have launched funds within the last six months.
For the full report, please visit https://www.chubbwealth.com/hk-en/wealth-insight/q2-2026-outlook.html.
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Natalie Chan (852) 6110 5962 natalie.chan@chubb.com
Lisa Voyles (852) 9313 4412 lisa.voyles@chubb.com
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About Chubb Wealth
Chubb Wealth is a wealth management platform with a mission to empower high-net-worth investors to achieve their long-term wealth goals and aspirations with ease. As a global insurer-backed wealth management platform, Chubb Wealth offers clients seamless digital investing and wealth management capabilities, access to a carefully curated range of funds, and bespoke advisory services. Chubb Wealth is operated by Chubb Investment Management (HK) Limited, an indirect wholly owned subsidiary of Chubb Limited. Additional information can be found at www.chubbwealth.com.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.
Disclaimer
The views and opinions are current as of the date of this news release and are solely for informational purposes and should not be regarded in any way as specific investment objective, financial situation and/or particular needs of any specific persons who may receive this document. Reliance upon information in this news release is at the sole discretion of the reader, and Chubb Wealth shall not be liable for any damages arising out of any person’s reliance upon this information. Please be cautioned that investment involves risks, and you may not get all your money back. Please consult your own professional adviser before making any investment decisions. This news release discusses general market activity, industry or sector trends, or other broad-based economic, market, or political conditions and should not be construed as research or investment advice. This news release is not intended as an offer, a solicitation of an offer, or a recommendation, to deal in any securities or any financial instruments.
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