Wealth Managers Positive On Emerging Markets, AI, Gold, Defence

Amanda Cheesley

7 January 2026

In his latest global outlook 2026, Ronald Temple, chief market strategist at , continued. “US defence outlays are set to surpass $1 trillion in 2026, while Europe is leading the response with new NATO guidelines pushing core defence spending to 3.5 per cent of GDP plus an additional 1.5 per cent for infrastructure. These moves reflect a global shift toward prioritising security, supply chain integrity, and energy independence, with governments and investors alike recognising defence as a strategic imperative.” Chen thinks that defence presents a compelling long-term investment theme, offering resilience, diversification, and upside amid rising geopolitical risk and global fragmentation.