Previous SEB’s House View reports
SEB’s House View reports are now called Investment Outlook. Here you can find all previous reports published under the name House View.
Investment Outlook
In this report, you will find SEB’s current market outlook – from the overarching macroeconomic factors to our assessment of the equity and fixed income markets.
12 May 2026
Investment markets shaped by AI momentum and heightened global risk
AI, geopolitics and energy security are the key drivers shaping the investment environment. Following a strong start to 2026, the conflict in the Middle East and disruptions in the Strait of Hormuz have pushed oil prices higher, increased uncertainty and weighed on growth prospects. At the same time, corporate earnings continue to be supported by AI, defence, infrastructure and electrification. The US is expected to be more resilient than Europe, while Sweden and parts of the emerging markets remain attractive. Central banks are likely to take a more cautious approach to interest rate cuts. We maintain a cautiously positive view on equities, prefer investment grade over high yield, and emphasise selectivity.
- expected earnings growth in the US
- +20%
- expected growth in emerging markets
- +45%
Earlier reports
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2026
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10 February 2026
Growth drives earnings, which drive markets
In this edition of Investment Outlook, we have increased our risk allocation. Rising global growth, contained inflation, and a broader cyclical upswing continue to provide strong support for equities, while increased investments in defense and infrastructure add further momentum to the economy.
- Expected earnings growth across most regions
- 10%
- Expected earnings growth in cyclical sectors
- 17-45%
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Investment Outlook Highlights
In this report, you will find SEB’s current market outlook – from the overarching macroeconomic factors to our assessment of the equity and fixed income markets.
