Welcome to the October edition of Market Perspectives, the monthly investment strategy update from Barclays Private Bank.
In our regular chapters below, and ahead of November’s Outlook 2026, we look back at 2025 and forward to how slowing economic growth, the prospects for artificial intelligence and a US rate cut might affect equity and bond markets.
In equities, a small number of mega-cap tech names are driving much of the S&P 500’s performance. We consider when this leadership could broaden. Turning to bonds, as the US Federal Reserve eases policy, we discuss whether the cutting cycle may need to be deeper than many expect.
In addition, we explore the role cryptocurrencies might play in joining gold as portfolio diversifiers, following a surge of interest in crypto and the industry that supports it. Despite the considerable price appreciation seen in both in 2025, persisting geopolitical uncertainties mean that their rallies may have further to run.
As always, we hope you enjoy the articles.
Jean-Damien Marie,
Global Head of Investments,
Private Bank and Wealth Management