• The closure of the Strait of Hormuz is the largest oil supply shock since World War II but it is not an isolated event; it is the latest chapter in a structural reorientation of the global economy toward the security and resilience
• Compelling opportunities in emerging markets, security-driven investment, and national champions
• Rolling shocks are structural, not cyclical, and stocks and bonds alone are no longer enough
• The narrative on artificial intelligence has become too pessimistic, the evidence points to a continuing super-cycle

Dubai, UAE., – May 12, 2026 – J.P. Morgan Private Bank today released its 2026 Mid-Year Global Investment Outlook, Promise and Pressure, an examination of the forces reshaping global markets at the midpoint of a pivotal year.