Q2 2026 Global Outlook | Barclays Investment Bank

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Q2 2026 Global Outlook | Barclays Investment Bank







































































































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RESEARCH | 3 POINT PERSPECTIVE  |  MACRO SHIFTS

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Lead contributor: Ajay Rajadhyaksha

Headline sentiment, driven in part by surging oil prices and private credit concerns, has turned more cautious in recent weeks, adding to market volatility. Our Research analysts acknowledge that there are real cracks in the global economy, but do not think those risks will come close to creating a crater for global growth.

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CHAPTERS

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About the experts

Ajay Rajadhyaksha

Ajay Rajadhyaksha

Global Chairman of Research

Ajay Rajadhyaksha is Global Chairman of Research at Barclays, based in New York. He drives the global macro research and strategy effort, including economics, rates, FX, commodities, emerging markets, and asset allocation. Since joining Barclays in 2005, Ajay has held various positions, including Head of Macro Research, Co-Head of FICC Research and, before that, Head of US Fixed Income Research and US and European Securitised Research.

Christian Keller

Christian Keller

Head of Economics Research

Christian Keller is a Managing Director and Head of Economics Research at Barclays, leading a global team covering both Developed and Emerging Markets. Mr. Keller is based in London and joined Barclays in 2007 from the International Monetary Fund (IMF) where he had worked since 1999. Based at the IMF headquarters in Washington D.C., Mr. Keller worked on IMF programs with Emerging Market economies in Europe, Latin America and Asia, and served as the IMF’s Resident Representative in Turkey from 2005-7. Mr. Keller graduated with a PhD in Economics from University of Köln, Germany, and holds a joined-MA in Economics and Finance from University of Köln and HEC, Paris.

Dominique Toublan

Dominique Toublan

Head of US Credit Strategy Research

Dominique Toublan is a Managing Director and Head of US Credit Strategy, responsible for overseeing the team of US strategists who provide insights across investment grade, high yield, leveraged loans and credit derivatives. He also has a focus on the US Investment Grade market. Dominique brings more than 15 years of experience in the financial industry. Prior to Barclays, he was the Head of US Credit Strategy at BNP Paribas. Before that, he worked at J.P. Morgan within the High Grade Corporate Strategy and Credit Derivatives team. Dominique has been ranked the #2 US Investment Grade Credit Strategist in the Institutional Investor Fixed Income survey for the last two years. He was ranked #1 in US Credit Derivatives from 2011-2018. Dominique has a PhD from the University of Bern, Switzerland, and an MBA from the Wharton School.

Michael McLean

Michael McLean

Public Policy Senior Analyst

Michael McLean is a Director and Public Policy senior analyst, covering major US legislation, regulation, policy proposals, and political events. He is a member of the Barclays global cross-asset Sustainable Investing Research team. Prior to his current role, Michael served as Director on the US Government Relations and Regulatory Policy team, where, among other responsibilities, he helped lead the bank’s advocacy on financial regulatory and other policy issues and represented Barclays with government officials and industry trade associations. He earned a B.A. degree, cum laude, in Government from Harvard.

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Amarpreet Singh

Amarpreet Singh

Global Oil Research Analyst

Amarpreet Singh is a Director covering global crude oil markets. He joined Barclays’ global energy commodities research team in 2015. Before joining Barclays, Amar worked as an Equity Research Analyst covering blue-chip oil and gas stocks at Insight Guru Inc. He earned a BE degree in Civil Engineering from Birla Institute of Technology and Science, Pilani in 2010.

Corry Short

Corry Short

Credit Strategy Analyst

Corry Short is a Vice President in Credit Strategy, covering high yield, leveraged loans and private credit. Prior to joining Research in 2022, he worked in Barclays’ Investment Banking Division as a member of the Liability Management team within Debt Capital Markets. Corry graduated from Princeton University in 2019 with a degree in Economics.





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