2026 MARKET OUTLOOK REPORT – MACRO

March 2026

Presented by:

George Hsu, Enoch Wealth Product Manager & Toronto Branch Manager 

Joy Han, Enoch Wealth Investment Analyst

Alex Zhou, Enoch Wealth Investment Analyst

2026 MARKET OUTLOOK REPORT – MACRO 

Looking ahead to 2026, the global economy and financial markets are expected to remain characterized by elevated uncertainty alongside increasing structural divergence. While geopolitical tensions and trade policy factors such as tariffs may continue to disrupt market sentiment and amplify financial market volatility in the short term, the overall macroeconomic fundamentals of the United States and Canada are expected to remain relatively resilient. Economic growth momentum in both economies is likely to stay broadly stable, and overall market sentiment is expected to remain cautiously optimistic. According to forecasts from the IMF and the OECD, the United States and Canada are projected to rank among the top two economies in terms of GDP growth within the G7 in 2026. 

At the same time, multiple market indicators suggest that global capital allocation is becoming increasingly conservative. On one hand, capital is gradually concentrating in asset classes characterized by relatively lower risk and stable cash flows. On the other hand, amid rising geopolitical tensions and greater uncertainty in the global trade environment, international capital is increasingly flowing toward developed economies that offer more stable institutional frameworks and greater policy predictability. This trend highlights how global investors are placing greater emphasis on risk management and long-term stability, even as they continue to pursue investment returns. 

Looking back at 2025, the key drivers of the market can be summarized by three keywords: Donald Trump (Trump), Artificial Intelligence (AI), and Tariffs. Using a similar framework to look ahead to the coming year, we believe the market’s focus will shift toward Kevin Warsh, AI-driven productivity, and employment levels.