Vienna / Valletta – QON, the boutique private asset management and advisory firm based in Austria and Malta, has released its 2026 European Market Outlook, offering a nuanced and forward-looking perspective on the year ahead. With a mix of cautious optimism and strategic realism, the report outlines both the investment opportunities and the structural challenges that will define the European financial landscape in 2026.

The comprehensive outlook – produced by QON’s internal research and investment strategy teams – emphasizes the need for agility, selectivity, and rigorous risk assessment in a region that is navigating a delicate balance between macroeconomic headwinds and emerging pockets of growth.

“Europe in 2026 is not one story, but many,” said Mark Miller, a senior investment strategist at QON. “While some regions are showing strong post-recovery momentum, others remain caught in cycles of inflation pressure, regulatory tightening, and geopolitical uncertainty. Success this year will depend on precision and patience.”

The report highlights several key themes:

• Monetary Policy Divergence: The European Central Bank is expected to proceed cautiously with rate adjustments, maintaining a tightrope stance between inflation control and growth stimulation. This will create fragmented capital flows and sector-specific volatility.
• Industrial Realignment: Europe’s push for strategic autonomy in energy, defense, and critical technologies continues to reshape investment themes, with opportunities in clean infrastructure, AI applications, and supply chain localization.
• Private Markets Gaining Ground: With public equity valuations remaining volatile and fixed income still recovering, private equity and alternative assets remain a core focus for QON and its clients. The report forecasts continued appetite for private credit, secondaries, and real asset exposures.
  
  

Despite areas of resilience, QON notes that 2026 will not be without its challenges. Slower-than-expected growth in core economies, complex fiscal dynamics, and ongoing geopolitical tensions – particularly at the EU’s eastern border – will require investors to reassess portfolio compositions and adopt more dynamic allocation strategies.

For QON, these challenges are a call to elevate its client services even further.

“The current environment rewards active management, deep sector knowledge, and strategic risk-taking,” said Michael de Bourbon, the firm’s CIO. “Our approach remains rooted in delivering risk-adjusted performance through thoughtful asset selection, geographic diversification, and private market access.”

QON is also adapting its internal operations to better serve client needs in this environment. The firm is enhancing its research capabilities, expanding its family office advisory services, and strengthening its cross-border legal and tax coordination network – particularly for ultra-high-net-worth clients with multi-jurisdictional exposure.

As investors navigate a Europe in transition, QON positions itself not just as a financial advisor, but as a long-term strategic partner with the foresight and flexibility to lead clients through uncertainty with clarity and confidence.