OUR VIEW: The end of the US-led world order
The geopolitical order is undergoing fundamental change. The US is increasingly relying on tariffs, bilateral power politics and strategic isolationism. International cooperation is losing importance, and new trading blocs are emerging.
In the current issue of OUR VIEW, we also address the question of why the US dollar's importance as the world's reserve currency is increasingly weakening and gold is gaining in significance.
Other topics:
- AI, energy and the new supercycle of sustainable infrastructure: The AI boom is leading to an increase in global electricity demand. Data centres are growing faster than energy infrastructure can be created.
- Bonds caught between inflation and yield expectations: International diversification is becoming more important than ever. Emerging markets in local currency offer opportunities for returns despite global uncertainties.
- Outlook for the global economy and financial markets in 2026: The global economy is showing remarkable resilience – despite geopolitical disruptions and risks. Market overview: equities – bonds – commodities – currencies.
Please note that investing in securities involves risks as well as the opportunities described.
Overview of the articles
Read market commentary
Bonds in a world of inflation risks and yield expectations
AI, energy, and the new supercycle of sustainable infrastructure investments
Outlook for the global economy and financial markets
Authors
Alexander Lechner
Head of Multi Asset Management
Gerhard Beulig
Senior Professional Fund Manager
Philip Schifferegger
Senior Professional Fund Manager
Dieter Kerschbaum
Communications Specialist
Gerhard Winzer
Chief Economist
Christian Süttinger
Senior Fund Manager
Alexander Weiss
Fund Manager
Contact
Erste Asset Management GmbH: Am Belvedere 1, A-1100 Vienna
Website of Erste Asset Management
Investment Blog of Erste Asset Management
Based in political district Vienna, FN 102018b, Vienna Commercial Court, DVR 0468703
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Editorial office: Dieter Kerschbaum
Editorial deadline: 26/01/2026
Source employee pictures: Stephan Huger, all rights Erste AM / picture credit header image: iStock Pla2na
Disclaimer
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