It’s been a long time coming but mining and commodities producers are having their moment in the sun. The implications of the higher prices that come with it for global industry are profound, as this month’s Fidelity Answers podcast makes clear.

With over 20 years of experience investing in Asia, I have invested through both the Asian Financial Crisis in 1997-98 and the global financial crisis (GFC) in 2008. When it comes to periods of market downturn, and financial crises, each one is different and nuanced with differing causal effects. This time is different again. It is not about over-leveraging, but it is a global pandemic that we are facing. What began as an outbreak in China has now assumed a global scale. It is not financial distress, rather it is uncertainty about individual health and fear about personal wellbeing everywhere.

The shift towards digital labour represents one of the biggest business model pivots of all time, with huge ramifications for virtually every industry. It is already propelling US growth through unprecedented corporate capital spending, which shows no sign of abating even if financing is increasingly debt-fuelled and circular in places. The hugely cash-generative hyperscalers continue to commit to massive investments, underpinning impressive earnings from AI infrastructure supply chain businesses such as semiconductor manufacturers, energy providers and certain commodity suppliers, especially where inventories are scarce.

Fidelity’s Kaleidoscope series

Looking to the year ahead, Fidelity Asia Fund portfolio manager, Teera Chanpongsang believes investors face a new set of norms given a meaningful shift in the Sino-US dynamics and its impact on global growth. Encouragingly, however, Teera explains that Asian economic activity continues to outpace the West as long duration structural changes look to unfold in the year ahead.

AI driven volatility is reshaping markets and creating one of the most compelling investment backdrops in recent years, reminiscent of the Covid 19 period. Alex Wright, portfolio manager of Fidelity Special Situations and Special Values PLC, outlines how AI led disruption is driving widespread dislocation across sectors, creating selective opportunities that increasingly favour value investors.

The technology sector has had a volatile start to 2026, but Fidelity Global Technology portfolio manager, Hyun Ho Sohn, remains positive. He discusses why the risks to software companies from AI may be overdone, the diverse opportunities to be found across the global technology sector, and key trends emerging from the recent earnings season.

The Supreme Court struck down President Trump’s 2025 sweeping global tariffs in a 6-3 ruling on Friday. The decision covers all of the country-wide reciprocal tariffs in the International Emergency Economics Power Act (IEEPA), including the fentanyl tariffs on China, and the border emergency tariffs on Canada and Mexico. Other measures, including pre-existing tariffs on China and sectoral tariffs on the likes of steel, aluminium, and autos, remain in place.

Our Multi Asset team's views on which asset classes and markets are presenting the greatest opportunities and risks.

European equities are trading at a historically wide discount to US equities across almost all valuation metrics and sectors. While part of this gap reflects weaker growth, lower returns on equity, and Europe’s sector mix, the scale of the discount is increasingly difficult to justify on fundamentals alone. With pessimism deeply embedded in prices and expectations low, our investment team highlight why the selective upside is now increasingly compelling.

Japanese Government Bond yields sharply sold off at the long end following Sanae Takaichi’s landslide victory in the recent Japanese snap election, strengthening her mandate to pursue fiscal expansion. Mike Riddell, Portfolio Manager of the Fidelity Strategic Bond Fund, discusses the potential implications for global fixed income markets - should policy shift further. He also sets out his assessment of the broader macroeconomic backdrop and where he currently sees the main drivers of alpha within the strategy.

Christine Baalham and Tom Record, portfolio managers of Fidelity World and Global Special Situations, explore the use of AI in banking – using Belgium's KBC Groupe to illustrate what happens when digital capability is treated as core infrastructure rather than an incremental enhancement.

In this paper on equity diversification in an era of geoeconomic fragmentation, we consider how shifts in the macro regime are reshaping the equity allocation debate, creating fresh challenges and opportunities.

Position defensively as macro risks diverge

Emerging Market equities moved back into focus in 2025, marking their first year of outperformance versus developed markets and the US since 2017, fuelled by factors including rising caution around the idea of US exceptionalism, interest-rate cuts from the Fed and the tailwind from AI-related demand. Here, we explore some of the reasons we think emerging markets (EMs) can continue to outperform, and why the backdrop for the asset class remains compelling in 2026.

The latest conflict in Iran has injected fresh volatility into global markets. Here are potential scenarios and implications for portfolios across asset classes.

In this monthly video series, our Multi Asset team break down what’s changed in markets, what’s new, and what they’re watching next. This month, portfolio manager Chris Forgan highlights how recent geopolitical tensions underscore the importance of diversification, with gold and broad commodity exposure helping steady portfolios. He also explores why a supportive global backdrop keeps us pro‑risk, with emerging markets remaining a standout opportunity and selectivity key as the AI theme becomes more disruptive.