{"id":58700,"date":"2026-08-05T16:13:50","date_gmt":"2026-08-05T16:13:50","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/?p=58700"},"modified":"2026-08-05T18:44:29","modified_gmt":"2026-08-05T18:44:29","slug":"global-equity-push-and-pull","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull","title":{"rendered":"Global equity: Push and pull"},"content":{"rendered":"\n<div class=\"well b-blue-tint-4 mb-3\">\n      <h2 class=\"h5\">Key points<\/h2>\n      <ul class=\"list-spaced\">\n        <li>\n          As things stand, price-to-earnings ratios are not the risky component\n          of the equity market equation \u2013 rather, it\u2019s whether confidence will\n          hold in the upbeat forecasts for earnings growth.\n        <\/li>\n        <li>\n          The continued closure of the Strait of Hormuz leaves on the table the\n          risk of much higher prices and perhaps outright shortages of oil,\n          natural gas and fertiliser, with negative consequences for all\n          economies and corporate earnings generally. For the U.S., in our view,\n          the bigger risk for earnings and the market uptrend lies in\n          perceptions about the future trajectory of the AI complex.\n        <\/li>\n        <li>\n          The biggest policy threat would come from a further broad-based surge\n          in inflation that forces the Fed and others back into another series\n          of rate hikes.\n        <\/li>\n        <li>\n          Worries about all the above could provoke periodic bouts of market\n          volatility; resolution of any could power another leg higher in the\n          bull market uptrend.\n        <\/li>\n      <\/ul>\n    <\/div>\n    <!-- ######## -->\n    <p>\n      All the major global equity indexes have put in new highs since the\n      short-lived plunge triggered by the start of the Iran conflict. The same\n      is true for breadth measures, including the equal-weighted versions of\n      most indexes as well as the advance-decline lines for the S&amp;P 500, the\n      S&amp;P SmallCap 600, the S&amp;P MidCap 400 and the NYSE Composite.\n    <\/p>\n    <p>\n      In our view, the fact that breadth measures have gone to new highs along\n      with the indexes themselves increases the probability that any market\n      pullback which develops over the next several months will prove to be a\n      correction rather than the beginning of a prolonged bear market. In the\n      past, breadth, especially the advance-decline line for the S&amp;P 500,\n      has tended to peak months before the ultimate final high in a bull market.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Earnings are where it\u2019s at<\/h2>\n    <p>\n      When trying to determine whether a stock market uptrend (or downtrend) has\n      further to run or whether it is approaching a significant turning point,\n      looking only at price makes the exercise not much better than a guessing\n      game. But stepping back for a broader view, to bring the historical data\n      into the picture and adding earnings to the mix, immediately removes much\n      of the need for guesswork. That\u2019s because it becomes clear the equity\n      market historically moves pretty much in lockstep with earnings.\n    <\/p>\n    <p>\n      Since the end of World War Two the S&amp;P 500 has appreciated at a rate of\n      7.8 percent per annum. Over the same 80 years, index earnings per share\n      grew at 7.4 percent per annum. Moreover, the zig-zag twists and turns that\n      each experienced along the way were very nearly identical.\n    <\/p>\n    <p>\n      Which brings us to today. The S&amp;P 500 has been performing very much in\n      line with earnings growth. In fact, if anything, the correspondence\n      between the two has been tighter than normal ever since the end of the\n      global financial crisis. The S&amp;P 500 price-to-earnings (P\/E) multiple,\n      based on consensus earnings estimates one year out, sits at 20 times.\n      That\u2019s somewhat elevated on a historical basis (long-term average is 18\n      times) but, in our view, it\u2019s not especially rich for a market where\n      earnings per share rose by 13 percent in 2025, are forecast by the\n      consensus to advance by 26 percent this year, and by 17 percent in 2027.\n    <\/p>\n    <p>\n      It\u2019s not the P\/E multiple that appears \u201crisky.\u201d Rather, what gives us\n      pause is the fact that S&amp;P 500 earnings have grown at their fastest\n      sustained rate ever from the end of the global financial crisis to today,\n      and even faster over the past six years. Over that 17-year stretch, tech\n      has become the dominant growth contributor in the economy as well as to\n      equity market earnings and appreciation. This has accelerated further\n      since the end of the pandemic, with the advent of AI as an emerging\n      technology pushing tech and tech-related valuations up to 30 percent of\n      the S&amp;P 500\u2019s total market cap, whereas the same grouping accounts for\n      just 12 percent of GDP. This feels potentially precarious to us. A lot\n      depends on AI playing out and achieving its advertised potential in a\n      timely fashion.\n    <\/p>\n    <!-- EXHIBIT 1-->\n    <h3>Almost a dead heat<\/h3>\n    <h4>\n      S&amp;P 500 Index and S&amp;P 500 earnings per share indexed to 100 at\n      1945 (log scale)\n    <\/h4>\n    <div class=\"container\">\n      <div class=\"row mb-4\">\n        <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n          <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/equities-push-and-pull-en-chart-1.png\" alt=\"S&amp;P 500 Index and S&amp;P 500 earnings per share\" class=\"img-fluid mb-1-half\" aria-describedby=\"ex1desc\">\n          <ul class=\"rbc-legend rbc-legend-inline\">\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n              S&amp;P 500 Index\n            <\/li>\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-tundra\"><\/div>\n              S&amp;P 500 EPS\n            <\/li>\n          <\/ul>\n          <p class=\"disclaimer\">\n            Source &#8211; RBC Wealth Management, FactSet, Bloomberg\n          <\/p>\n          <p class=\"sr-only\" id=\"ex1desc\">\n            The chart compares the value of the S&amp;P 500 Index and S&amp;P 500\n            earnings per share (EPS) annually since 1945. The data is normalised\n            to a value of 100 in 1945 and displayed on a logarithmic scale. The\n            value of the index and the EPS have increased in parallel over the\n            period shown, with the index appreciating at approximately 7.8% per\n            annum while earnings have grown at approximately 7.4% per annum\n          <\/p>\n        <\/div>\n      <\/div>\n    <\/div>\n\n    <!-- EXHIBIT 2 -->\n    <h3>A common path<\/h3>\n    <h4>\n      S&amp;P 500 Index, S&amp;P 500 earnings per share, and U.S. nominal GDP\n      indexed to 100 at 1945 (log scale)\n    <\/h4>\n    <div class=\"container\">\n      <div class=\"row mb-4\">\n        <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n          <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/equities-push-and-pull-en-chart-2.png\" alt=\"S&amp;P 500 Index, S&amp;P 500 earnings per share, and U.S. nominal GDP\" class=\"img-fluid mb-1-half\" aria-describedby=\"ex2desc\">\n          <ul class=\"rbc-legend rbc-legend-inline\">\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n              S&amp;P 500 Index\n            <\/li>\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-tundra\"><\/div>\n              S&amp;P 500 EPS\n            <\/li>\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-warm-yellow\"><\/div>\n              U.S. nominal GDP\n            <\/li>\n          <\/ul>\n          <p class=\"disclaimer\">\n            Source &#8211; RBC Wealth Management, FactSet, Bloomberg\n          <\/p>\n          <p class=\"sr-only\" id=\"ex2desc\">\n            The chart adds United States nominal Gross Domestic Product to the\n            comparison of the S&amp;P 500 Index and S&amp;P 500 earnings per share shown\n            in the previous chart. Nominal GDP has grown at roughly 6.3 percent\n            per annum over the period shown, and is thus roughly in line with\n            the index and earnings.\n          <\/p>\n        <\/div>\n      <\/div>\n    <\/div>\n    <!-- SECTION -->\n    <h2>AI still at the wheel<\/h2>\n    <p>\n      So far, the AI story has unfolded in a way that supports its outsized\n      contribution to corporate profits and stock market performance. Things\n      kicked off with the arrival on the scene of OpenAI\u2019s ChatGPT model back in\n      2022. Competing models quickly followed, as did the rapid proliferation of\n      data centres and explosive demand for NVIDIA\u2019s transformer chips.\n    <\/p>\n    <p>\n      The data centre build-out has had a powerful multiplier effect on the U.S.\n      and several Asian economies. Beneficiaries include:\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        Chipmakers of all stripes as well as the manufacturers\/developers of\n        chipmaking equipment\n      <\/li>\n      <li>\n        Electric power producers (renewables, the rebirth of nuclear, natural\n        gas) together with the suppliers of power plant and grid components and\n        operating systems\n      <\/li>\n      <li>Cooling equipment manufacturers<\/li>\n      <li>\n        Software companies acting as consultants to corporations looking to\n        integrate AI into their businesses\n      <\/li>\n      <li>Finance<\/li>\n    <\/ul>\n    <p>\n      The payoff everyone is aiming for is the integration of AI as a powerful\n      corporate and consumer tool capable of delivering outsized, economy-wide\n      productivity gains for a decade or more. Eye-catching progress on this\n      front is a bit thin on the ground as of yet. Most corporate management\n      comments talk about progress already achieved but emphasise \u201cpotential.\u201d\n    <\/p>\n    <p>\n      Engagement rates have been rising rapidly. And it would be very hard to\n      find a reporting company prepared to admit that it was not engaging with\n      AI. But neither is it easy to find any transformative change in\n      profitability convincingly linked to AI. However, it\u2019s early days.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Data centre outlook getting more complicated<\/h2>\n    <p>\n      Meanwhile, the massive data centre build-out has further to run, according\n      to most industry observers, but the picture is getting more crowded,\n      complicated and expensive. Developers are contending for scarce\n      components: for example, water for cooling, as well as the cooling\n      equipment itself. Chips are not always immediately available and neither,\n      decisively, is electric power. The prices for all these, and for most\n      other construction components, are substantially higher than they were\n      last year or the year before that.\n    <\/p>\n    <p>\n      New power plants take longer to build than data centres and can involve\n      complying with layers of regulatory requirements. And their construction\n      often requires an electricity rate increase for all customers. This,\n      understandably, is not popular with households already leaving a lot more\n      of their paycheques at the gas station and grocery store than their budgets\n      have room for. New York State has introduced a moratorium on new data\n      centres. Other U.S. states are going slow on permitting or considering\n      putting the cost of new electricity generating capacity onto the data\n      centre developers. Ramping up new utility generating capacity is competing\n      with the data centres for capital, skilled labour and materials.\n    <\/p>\n    <p>\n      Now, a change of pace appears to be in the offing. Bloomberg estimates\n      have capital spending by eight of the largest tech companies coming in a\n      staggering 76 percent higher than last year, which itself was a 73 percent\n      advance on 2024. However, estimates for 2027 growth in such outlays\n      currently stand at a much slower 30 percent.\n    <\/p>\n    <p>\n      That would still leave the total capital expenditure in 2027 by this\n      mega-cap group at more than US$1 trillion, up by more than $200 billion from\n      2026. But in 2026, Bloomberg estimates the dollar growth will come in at\n      $340 billion, so 2027 looks like it will mark a significant inflection\n      point for the growth rate in data centre spending. Equity investors tend\n      to care more about inflection points than absolute levels. That may be one\n      reason why the shares of NVIDIA and most of the other so-called\n      Magnificent 7 companies have underperformed the market over the past 12\n      months.\n    <\/p>\n    <!-- EXHIBIT 3-->\n    <h3>Mega-cap tech capex set to slow, but not decline<\/h3>\n    <h4>\n      Combined annual capital expenditures of Alphabet, Amazon.com, Apple,\n      Broadcom, Meta Platforms, Microsoft, NVIDIA and Oracle\n    <\/h4>\n    <div class=\"container\">\n      <div class=\"row mb-4\">\n        <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n          <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/equities-push-and-pull-en-chart-3.png\" alt=\"Combined annual capital expenditures of mega-cap tech companies\" class=\"img-fluid mb-1-half\" aria-describedby=\"ex3desc\">\n         <ul class=\"rbc-legend rbc-legend-inline\">\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-bar c-dark-blue-tint-1\"><\/div>\n              Capex (billions)\n            <\/li>\n            <li class=\"rbc-legend-item\">\n              <div class=\"rbc-legend-line c-warm-yellow\">\n                <div class=\"rbc-legend-circle c-warm-yellow\"><\/div>\n              <\/div>\n              Year-over-year change\n            <\/li>\n          <\/ul>\n          <p class=\"disclaimer\">Source &#8211; RBC Wealth Management, Bloomberg<\/p>\n          <p class=\"sr-only\" id=\"ex3desc\">\n            The chart shows the combined annual capital expenditures (capex),\n            and the year-over-year change in capex, for a group of technology\n            companies with very large market capitalisations: Alphabet,\n            Amazon.com, Apple, Broadcom, Meta Platforms, Microsoft, NVIDIA, and\n            Oracle. Data from 2015 through 2026 is shown, along with the current\n            consensus estimate for 2027. Total capex was roughly $39 billion in\n            2015; it increased somewhat unevenly to $168 billion in 2023, with\n            the rate of spending growth slowing in 2019 and 2022-2023. After\n            2023, capex began to rise faster, starting with a 52% increase to\n            $256 in 2024, followed by increases of 73% in 2025 and 76% in 2026.\n            Although total capex is projected to increase to $1.019 trillion in\n            2027 from $781 billion in 2026, this would represent a substantially\n            smaller percentage increase of only 30% from the 2026 level.\n          <\/p>\n        <\/div>\n      <\/div>\n    <\/div>\n    <p>\n      And new, competitive pressures are emerging within the AI space. A number\n      of Chinese models have arrived on the scene, the most advanced of which is\n      scored as being only half a step behind the most advanced \u201cfrontier\u201d\n      models from the leaders, ChatGPT and Claude. But it is also rated as much\n      cheaper to use, according to the Artificial Analysis Intelligence Index.\n      Many of the potential corporate and individual users of AI who do not need\n      those very fast speeds or huge data access, which are features in the\n      leading models, might reasonably be expected to opt for slower models,\n      accessing narrower data and offering much lower cost.\n    <\/p>\n    <p>\n      The Wall Street Journal reports that some businesses which went \u201call in\u201d\n      on AI experimentation were hit by compute costs much higher than they\n      expected. The same report says many firms are now putting internal limits\n      on usage. Competition that meaningfully lowers costs should ultimately\n      enable wider usage, engagement and integration of AI. But it might also\n      mean that it takes longer for the major hyperscalers to earn returns that\n      justify their mammoth data centre investments.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Inflation the number one policy issue<\/h2>\n    <p>\n      Aside from the possibility the data centre build-out may be entering a\n      less dynamic phase, we see other headwinds that could take a toll on\n      equity markets. Inflation is at the top of the list. It is proving to be\n      \u201csticky\u201d everywhere and the return of U.S. tariffs suggests to us there is\n      more upward pressure to come. But beyond tariffs, the reigniting of the\n      conflict in the Persian Gulf is pushing the global economy closer to a\n      more difficult phase. In our <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/the-wall-of-worry-obscures-a-plausible-path-to-higher-ground\">Global Insight 2026 Midyear Outlook<\/a> published\n      in June, we offered this hopeful view:\n    <\/p>\n    <p>\n      \u201c\u2026 the trajectories of all economies, to one degree or another, depend on\n      when the Strait [of Hormuz] reopens. Restoring the free flow of shipping\n      would act to lower oil and natural gas prices and remove or reduce the\n      threat of outright shortages \u2013 not just for oil and liquified natural gas\n      but also fertilisers and some important industrial chemicals. This would\n      substantially reduce operating costs for many businesses and sectors,\n      especially agriculture where fuel and fertiliser are the largest inputs\n      with a direct drive impact on global food costs. Lower prices at the pump\n      and at the grocery store would provide welcome relief to household budgets\n      and a boost to consumer confidence everywhere.\u201d\n    <\/p>\n    <p>\n      Alas, with the resumption of hostilities, all those constructive\n      expectations have been put on hold or worse. Higher oil and gasoline\n      prices have already arrived, while painful shortages and higher food\n      prices are looming. Central banks, including the U.S. Federal Reserve, are\n      no longer able to comfortably \u201cwait and see.\u201d Bond yields have already\n      moved higher.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Outlook still constructive<\/h2>\n    <p>\n      However, in our view, anything short of igniting a multihike Fed\n      tightening cycle would be unlikely to push the U.S. economy toward\n      recession or seriously derail the prospects for worthwhile earnings gains\n      this year. But for most other developed economies it is likely to be a\n      closer call.\n    <\/p>\n    <p>\n      We believe all the foregoing leaves open the possibility of an equity\n      market correction playing out this summer\/fall. That said, we do expect an\n      eventual resolution of the Iran conflict and a reopening of the Strait of\n      Hormuz, even though the terms might not make either side happy. When that\n      arrives, we expect it would provoke a renewed upleg for equity markets.\n    <\/p>\n    <p>\n      At the risk of being repetitive, our positioning advice remains the same:\n      portfolios should remain committed to equities up to but not beyond an\n      investor\u2019s long-term targeted exposure. Having a plan for how to become\n      more defensive if conditions dictate is always a prudent thing to do, and\n      one better undertaken before it is needed.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A more complicated picture for the next stages of AI development and renewed geopolitical volatility have kept equities in check recently. But if unusually energetic earnings estimates for 2026 and 2027 prove achievable, more upside ahead is likely.<\/p>\n","protected":false},"author":22,"featured_media":58701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2026-08-05T11:33:09","editor_notices":[],"rbc_url_alias":"","rbcbd_featured_desktop_image_position":"","rbcbd_featured_mobile_image_position":"","footnotes":"","jetpack_post_was_ever_published":false},"categories":[1345],"tags":[1360,1302,1361],"rbcwm_content_owner":[1228],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[187],"rbcwm_channel":[99],"rbcwm_format":[779],"class_list":["post-58700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis-2","tag-equities-2","tag-global-equities-2","tag-sp-500-3","rbcwm_content_owner-pag","rbcwm_topic-global-insights","rbcwm_channel-private-clients","rbcwm_format-article"],"acf":{"rbc_ct_service":"","rbc_ct_theme":false,"rbc_ct_topic":false,"rbcwm_subtitle":"A more complicated picture for the next stages of AI development and renewed geopolitical volatility have kept equities in check recently. But if unusually energetic earnings estimates for 2026 and 2027 prove achievable, more upside ahead is likely.","rbcwm_post_author":[53914],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[8231],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global equity: Push and pull &#8211; RBC Wealth Management United Kingdom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global equity: Push and pull\" \/>\n<meta property=\"og:description\" content=\"A more complicated picture for the next stages of AI development and renewed geopolitical volatility have kept equities in check recently. But if unusually energetic earnings estimates for 2026 and 2027 prove achievable, more upside ahead is likely.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull\" \/>\n<meta property=\"og:site_name\" content=\"RBC Wealth Management United Kingdom\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rbcwealthmgmt\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-05T16:13:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-05T18:44:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/scl-tugboats-assisting-cargo-ship-at-sea-hor-EU.jpg?w=2000\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"chloetejada\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rbcwealth\" \/>\n<meta name=\"twitter:site\" content=\"@rbcwealth\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull\"},\"author\":{\"name\":\"chloetejada\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\"},\"headline\":\"Global equity: Push and pull\",\"datePublished\":\"2026-08-05T16:13:50+00:00\",\"dateModified\":\"2026-08-05T18:44:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull\"},\"wordCount\":2236,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/08\\\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg\",\"keywords\":[\"equities\",\"global equities\",\"s&amp;p 500\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull\",\"name\":\"Global equity: Push and pull &#8211; RBC Wealth Management United Kingdom\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/08\\\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg\",\"datePublished\":\"2026-08-05T16:13:50+00:00\",\"dateModified\":\"2026-08-05T18:44:29+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#primaryimage\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/08\\\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/08\\\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg\",\"width\":3210,\"height\":2140,\"caption\":\"Two small red-and-white tugboats assist a large black-and-red bulk cargo ship navigating open sea. One tugboat is positioned to the left of the vessel, and the other is connected by a tow line to the right. The ship features multiple red cranes and a white superstructure. The scene is set against a vivid sunset sky with streaks of golden yellow and blue-gray clouds reflected on the calm, dark water below.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/insights\\\/global-equity-push-and-pull#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Global equity: Push and pull\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#website\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/\",\"name\":\"RBC Wealth Management United Kingdom\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#organization\",\"name\":\"RBC Wealth Management United Kingdom\",\"alternateName\":\"RBC Wealth Management\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/05\\\/rbc.png\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/05\\\/rbc.png\",\"width\":3000,\"height\":2000,\"caption\":\"RBC Wealth Management United Kingdom\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/rbcwealthmgmt\\\/\",\"https:\\\/\\\/x.com\\\/rbcwealth\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/rbc-wealth-management\"],\"description\":\"Ideas Happen Here\u2122. Work with RBC Wealth Management's UK advisers to turn your ideas into the future you want \u2014 with tailored wealth solutions from over 30 offices across the UK.\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-uk\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\",\"name\":\"chloetejada\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"caption\":\"chloetejada\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Global equity: Push and pull &#8211; RBC Wealth Management United Kingdom","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull","og_locale":"en_GB","og_type":"article","og_title":"Global equity: Push and pull","og_description":"A more complicated picture for the next stages of AI development and renewed geopolitical volatility have kept equities in check recently. But if unusually energetic earnings estimates for 2026 and 2027 prove achievable, more upside ahead is likely.","og_url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull","og_site_name":"RBC Wealth Management United Kingdom","article_publisher":"https:\/\/www.facebook.com\/rbcwealthmgmt\/","article_published_time":"2026-08-05T16:13:50+00:00","article_modified_time":"2026-08-05T18:44:29+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/scl-tugboats-assisting-cargo-ship-at-sea-hor-EU.jpg?w=2000","type":"image\/jpeg"}],"author":"chloetejada","twitter_card":"summary_large_image","twitter_creator":"@rbcwealth","twitter_site":"@rbcwealth","twitter_misc":{"Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#article","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull"},"author":{"name":"chloetejada","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c"},"headline":"Global equity: Push and pull","datePublished":"2026-08-05T16:13:50+00:00","dateModified":"2026-08-05T18:44:29+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull"},"wordCount":2236,"publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#organization"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg","keywords":["equities","global equities","s&amp;p 500"],"articleSection":["Analysis"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull","url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull","name":"Global equity: Push and pull &#8211; RBC Wealth Management United Kingdom","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#primaryimage"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg","datePublished":"2026-08-05T16:13:50+00:00","dateModified":"2026-08-05T18:44:29+00:00","breadcrumb":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#primaryimage","url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg","width":3210,"height":2140,"caption":"Two small red-and-white tugboats assist a large black-and-red bulk cargo ship navigating open sea. One tugboat is positioned to the left of the vessel, and the other is connected by a tow line to the right. The ship features multiple red cranes and a white superstructure. The scene is set against a vivid sunset sky with streaks of golden yellow and blue-gray clouds reflected on the calm, dark water below."},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/global-equity-push-and-pull#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/"},{"@type":"ListItem","position":2,"name":"Global equity: Push and pull"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#website","url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/","name":"RBC Wealth Management United Kingdom","description":"","publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#organization","name":"RBC Wealth Management United Kingdom","alternateName":"RBC Wealth Management","url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#\/schema\/logo\/image\/","url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/05\/rbc.png","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/05\/rbc.png","width":3000,"height":2000,"caption":"RBC Wealth Management United Kingdom"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/rbcwealthmgmt\/","https:\/\/x.com\/rbcwealth","https:\/\/www.linkedin.com\/company\/rbc-wealth-management"],"description":"Ideas Happen Here\u2122. Work with RBC Wealth Management's UK advisers to turn your ideas into the future you want \u2014 with tailored wealth solutions from over 30 offices across the UK."},{"@type":"Person","@id":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c","name":"chloetejada","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","caption":"chloetejada"}}]}},"jetpack_featured_media_url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2026\/08\/tugboats-assisting-cargo-ship-at-sea-3210x2140-1.jpg","publishpress_future_action":{"enabled":false,"date":"2026-08-13 04:52:56","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"RBC Wealth Management United Kingdom","distributor_original_site_url":"https:\/\/www.rbcwealthmanagement.com\/en-uk","push-errors":false,"last_revision_date":"2026-08-04 18:14:49","_links":{"self":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/posts\/58700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/comments?post=58700"}],"version-history":[{"count":6,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/posts\/58700\/revisions"}],"predecessor-version":[{"id":58708,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/posts\/58700\/revisions\/58708"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_cta\/8231"},{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_people\/53914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/media\/58701"}],"wp:attachment":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/media?parent=58700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/categories?post=58700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/tags?post=58700"},{"taxonomy":"rbcwm_content_owner","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_content_owner?post=58700"},{"taxonomy":"rbcwm_need","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_need?post=58700"},{"taxonomy":"rbcwm_segment","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_segment?post=58700"},{"taxonomy":"rbcwm_solution","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_solution?post=58700"},{"taxonomy":"rbcwm_topic","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_topic?post=58700"},{"taxonomy":"rbcwm_channel","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_channel?post=58700"},{"taxonomy":"rbcwm_format","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-json\/wp\/v2\/rbcwm_format?post=58700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}