Legal & General’s Q2 2026 outlook argues investors should adapt to a world of persistent geopolitical and inflation shocks, favouring equities while becoming more cautious on credit and duration.
- L&G upgraded equities to overweight, viewing the conflict-driven selloff as an entry point supported by resilient earnings and broader AI beneficiaries.
- Duration moved back to neutral, as supply shocks may weaken the traditional negative correlation between stocks and bonds.
- The firm is cautious on credit, citing thin spreads, rising downgrade/default risks, and asymmetric downside.
- It sees selective value in Japan bonds, Brazil/Romania local debt, infrastructure trusts, and the yen as a hedge.
Markets still want certainty. L&G’s message is different: portfolios now need flexibility more than conviction.
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