Global Expansion Shifts the Tactical Playbook

Prepared by Alessio de Longis and the Invesco Solutions asset allocation team, the analysis assesses how a synchronized improvement in growth and risk appetite is reshaping cross-asset positioning.

• Global leading indicators move above trend for the first time since 2022, signalling a transition into an expansion regime supported by resilient growth and stable inflation.

• Tactical positioning increases equity exposure versus fixed income, favouring value, cyclicals, and mid-caps, while reducing duration amid yield-curve steepening.

• Credit remains supported by carry rather than further spread compression, alongside a continued underweight to the US dollar.

How durable is this expansionary phase—and where does diversification still matter most? The full report details the tactical implications across assets, regions, and factors.