Goldman Sachs: Expects global stock markets to continue rising next year, but returns will not be as high as this year.

Goldman Sachs said that due to the increase in corporate profits and the loose monetary policy of the Federal Reserve, global stock markets are still expected to continue to rise next year, but the return rate compared to 2025 will be more moderate. Goldman Sachs strategists, including Peter Oppenheimer, stated in a report on December 18th, "We still hold a constructive view on the stock market in 2026, as profits are expected to continue to grow, but we anticipate that in the context of an expanding bull market, index-level returns will be lower than in 2025." Goldman Sachs economists expect continued economic expansion in various regions, while the Federal Reserve will further ease monetary policy. The report stated that 12-month stock forecasts calculated by regional market capitalization show that in 2026, stock price returns in US dollars will reach 13%, and will reach 15% when dividends are included.