Talking Points

1. Global growth is stabilizing, but leadership has shifted back to developed markets. The U.S. and parts of Europe are driving the latest improvement in business activity, while several large emerging markets have lost momentum after a strong start to the year.
2. BRICS economies are mixed as India outpaces the others. China's growth has slowed substantially; Brazil has slipped back into contraction territory, and Russia remains weak, leaving India as the strongest major emerging-market performer despite some moderation.
3. Markets have dramatically re-priced Federal Reserve (Fed) expectations. Soft July payroll

The S&P 500 towed an anchor for much of the summer as a historic momentum and leverage unwind under the surface dragged on the equity benchmark before breaking out to fresh records last week. While these mechanical drivers received most of the blame for the mid-year consolidation, higher Treasury yields were also a large part of the headwind. The 10-year yield has remained uncomfortably high as sporadic flare-ups in kinetic activity and unanswered questions around energy production and shipping disruptions in the Middle East have led markets to increase their expectations of a Federal Reserve (Fed) rate hike. And while the 10-year yield i

Depending on the lookback period, it very well can be the best or worst of times. While the majority of the commodity trading advisor (CTA) industry does feature characteristics of medium-term trading programs; managed futures is still just an umbrella term for a group of strategies that differ mainly along a single dimension — how long a position is held.

The Societe Generale (SG) Trend Index, which tracks the 10 largest institutional trend-following CTAs and is representative of this medium-term group, entered August up 7.9%, above the 3.2% gain of the SG Short-Term Traders Index, which is defined as CTAs and macro manage

As advisors gathered at FOCUS 2026, conversations at the LPL Research booth highlighted a common theme: advisors are looking for ways to scale their businesses, enhance portfolio implementation, and deliver increasingly sophisticated strategies for clients. LPL broadly, and LPL Research specifically, have expanded offerings to help advisors do just that.

Five Takeaways From LPL Focus 2026

1. OCIO Services Generating Strong Advisor Interest. As advisory practices grow and client expectations evolve, many advisors are increasingly focused on how to scale investment management capabilities while maintaining personalized client