Anika Sidhika: What macroeconomic or market scenarios are likely in 2026? Toni Meadows: "Equity markets have been dominated by an AI gold rush in 2025 and this leaves valuations looking expensive by historical comparison. After years of US dominance, the equity market leadership in global indices is highly concentrated both in terms of regional split and the top 10 stocks within the US market. In historical terms, this usually leads to a major rotation or reversal at some point, but the question remains ‘is ...