Insights   |   February 6, 2026

Global Asset Allocation Team Market Update – February 2026

Financial markets got off to a solid start to 2026, despite an array of developments on the geopolitical and policy fronts. The year kicked-off with a flood of headlines around Venezuela, Iran, Greenland, and Federal Reserve independence that took a toll on sentiment. However, positive data surprises underscored that the economy has managed well through the noise – and most major asset classes we track ended January in positive terrain.

Jean-Guy Desjardins
Jean-Guy Desjardins
Founder of Fiera Capital and Executive Chair of the Board
Candice Bangsund
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions

Global equity markets advanced in January. The S&P 500 briefly breached the 7000-mark before edging lower towards month-end. Earnings season kicked off with the biggest banks disclosing results that failed to impress – while results were mixed across a number of the big tech names. The S&P/TSX underperformed by a wide margin as a late-month selloff in gold stocks weighed on relative performance. Still, the parabolic rally in the precious metal left gold stocks nearly 10% higher last month. The MSCI EAFE extended its winning streak to seven months (the longest since 2021). The MSCI Emerging Markets Index led the global charge – powered higher by a rally in Asian chipmaker stocks.

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