Publications

OUTLOOK 2026 H2

For more than a decade, investors operated in a world shaped by central banks: low inflation, abundant liquidity and ever-lower interest rates.

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For more than a decade, investors operated in a world shaped by central banks: low inflation, abundant liquidity and ever-lower interest rates.

That era is ending.

The key challenge for the second half of 2026 is no longer predicting the next rate cut. It is understanding how energy security, geopolitical fragmentation, supply-chain disruptions and record fiscal deficits are reshaping the global economy.

The United States remains the world’s leading growth engine, powered by AI investment, productivity gains and resilient domestic demand. Emerging markets are increasingly benefiting from stronger fundamentals, lower inflation and more advanced monetary cycles.

Meanwhile, Europe faces a more difficult combination of weak growth and renewed inflationary pressures.

In this environment, the old playbook no longer applies. Government bonds are more volatile, equity market leadership is increasingly concentrated, and diversification must rely on multiple, independent sources of return.

After fifteen years dominated by monetary policy, investors must relearn how to navigate economic reality.

June 23, 2026

Publications

Digital sovereignty is a fundamental trend

In Swissquote Magazine’s feature on European digital sovereignty, Eunice Harbeke, Investment Advisor at Banque Heritage, shares her view on this investment theme.

November 03, 2026

Publications

CIO Letter - October 2026

Rate noise, solid fundamentals

October 13, 2026

Publications

CIO Letter - September 2026

When Higher Rates Become a Policy Risk

September 16, 2026