New Delhi, Dec. 26 -- Global equities are expected to continue their upward trajectory in 2026, supported by steady earnings growth and ongoing economic expansion, but investors should prepare for more moderate returns compared with the strong gains seen in 2025, according to an outlook report from Goldman Sachs.

The investment bank in its report titled '2026 Outlook: Tech Tonic -- a broadening bull market' said it remains "constructive" on equities, forecasting 12-month price returns of around 13 per cent next year, or roughly 15 per cent including dividends, measured in US dollars.

"We remain constructive on equities for 2026 as earnings continue to grow, but forecast lower index returns than in 2025, amid a broadening bull market," t...