ICM Monthly Outlook - January 2026

January 2026 opens against a backdrop of resilient markets, persistent geopolitical noise and powerful structural forces shaping the global economy.

Equity markets have extended last year’s momentum, commodities have rallied sharply, and enthusiasm around AI-driven investment and productivity continues to build. While headlines remain dominated by politics, tariffs and fiscal concerns, market behaviour suggests investors are increasingly focused on fundamentals: earnings growth, capital investment and long-term demand trends.

This letter from ICM Limited reviews the key market developments so far this year and outlines why, despite familiar risks, the outlook for 2026 appears more constructive than at any point in the past three years.

For a comprehensive analysis of the current market dynamics and future outlook, read the full market review here.