<div id="readability-page-1"><div>Global equities stayed resilient in 2025, absorbing tariff-driven trade shocks and US-China tensions, with the iShares MSCI All World Index on pace for a strong third consecutive double-digit annual gain.Asia and several emerging markets led performance, with South Korea, Brazil, and Hong Kong topping year-to-date returns, while the US outperformed only when measured from the April 2025 post-selloff reversal.Rotations and valuation resets shaped regional winners, as capital shifted out of expensive US mega-cap tech into cheaper opportunities across Europe and Asia, with Hong Kong and Japan boosted by supportive liquidity and policy tailwinds.Macro signals now favour a more dovish Fed in 2026, supported by falling inflationary expectations and weaker oil prices, conditions that lower the risk of reigniting inflation and widen the runway for rate cuts.China’s deflation risks are easing, as core CPI stabilises, an improving backdrop that could extend Hong Kong’s multi-month uptrend, particularly if the Hang Seng Index breaks above the long-capped 27,500 resistance.Technical setups point to potential leadership changes, with the Dow Jones Industrial Average positioned for catch-up gains amid a steeper yield curve and strengthening value factors, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index remain in major bullish structures.</div></div>

The 2026 outlook for stock indices suggests that Dow Jones, Nikkei 225, and Hang Seng are poised to outperform. Global equities showed resilience in 2025, with Asia and emerging markets leading performance. A dovish Fed, easing China's deflation risks, and technical setups favor these indices. The Dow Jones may see catch-up gains, while Nikkei 225 and Hang Seng remain bullish.

2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperform