Bii global outlook in charts

CAPITAL AT RISK. INVESTMENTS CAN RISE OR FALL IN VALUE.

2026 Global Outlook Q4 update Scarcity vs. abundance

BlackRock Investment Institute FOR PUBLIC DISTRIBUTION IN THE U.S., CANADA, LATIN AMERICA, SELECT COUNTRIES IN EUROPE (SEE THE FULL DISCLOSURE), ISRAEL, SOUTH AFRICA, HONG KONG, SINGAPORE AND AUSTRALIA. FOR INSTITUTIONAL, PROFESSIONAL, AND QUALIFIED INVESTORS AND CLIENTS IN OTHER PERMITTED COUNTRIES.

1. 2. 3. AI scarcity Durable income Beyond labels The AI buildout is accelerating, Global government bond yields Asset-class buckets are a less useful bringing binding constraints forward. have surged through the summer. starting point in a world shaped by We stay overweight U.S. equities and Higher yields have restored mega forces. Infrastructure shows upgrade emerging market stocks to income opportunities, but only via why: Its exposure to AI demand, overweight but stay focused on a flexible approach. We prefer energy security and fragmentation opportunities driven by bottlenecks. short-term bonds over long-term runs across markets and asset bonds with high sensitivity to classes. interest rates.

The opinions expressed are as of September 2026 and are subject to change at any time due to changes in market or economic conditions. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any particular funds, strategy or security.

CAPITAL AT RISK. INVESTMENTS CAN RISE OR FALL IN VALUE. FOR PUBLIC DISTRIBUTION IN THE U.S., CANADA, LATIN AMERICA, SELECT COUNTRIES IN EUROPE (SEE THE FULL DISCLOSURE), ISRAEL, SOUTH AFRICA, HONG KONG, SINGAPORE AND AUSTRALIA. 2 FOR INSTITUTIONAL, PROFESSIONAL, AND QUALIFIED INVESTORS AND CLIENTS IN OTHER PERMITTED COUNTRIES.