Market Review – Spring 2026 Perspectives on financial markets, savings solutions and wealth protection

Reading the Markets with Perspective

The past six months have been marked by financial markets that appear resilient on the surface, yet remain underpinned by structural dynamics that deserve close attention. While equity indices have generally been well oriented—sometimes even advancing—the broader economic environment remains more contrasted when one looks more closely at bond markets and monetary policy developments.

In equity markets, performance has been partly concentrated in specific segments, particularly in the United States. This reflects a search for visibility and quality rather than broad-based optimism. Nevertheless, for well-structured portfolios, this environment has allowed investors to benefit from a generally favorable dynamic over the period.

Bond markets, often revealing longer-term balances, have continued to evolve in a more demanding context. Rising yields on longer maturities reflect concerns about public debt levels as well as the persistence of certain inflationary pressures. These developments serve as a reminder that the interest rate environment remains a central parameter in the construction and ongoing monitoring of wealth strategies.

In this context, recent market developments primarily illustrate the ability of coherently built and diversified strategies to navigate different market environments. Despite sometimes contrasting movements across asset classes, markets have offered opportunities and overall positive performance for investors who were appropriately positioned.

This period highlights that diversification and discipline are not merely tools for protection during more challenging phases, but also levers of stability and performance when markets evolve in a more constructive manner. Rather than calling for frequent adjustments, it above all confirms the relevance of an approach anchored in the long term.

For investors, the key issue is therefore not to follow every market movement, but to regularly ensure that their strategy remains aligned with their objectives, time horizon, and the role that finance should play in support of what matters most to them.

Savings Insurance: A Complementary Role

Alongside market-exposed investments, certain savings solutions offering guaranteed rates and capital protection play an anchoring role within a wealth strategy.

They provide visibility, long-term stability, and help secure part of one’s assets independently of short-term market fluctuations. Used as complementary tools, they contribute to smoothing investment paths and preserving the overall balance of a strategy built for the long run.

Rates and conditions evolve regularly. Should you wish to know which solutions are currently available or best suited to your situation, I remain at your disposal.

Tax Update – New Capital Gains Tax

As of 1 January 2026, Belgium will introduce a new tax on capital gains realised on financial assets.

Key points for investors:

• A base tax rate of 10% will apply to capital gains realised by Belgian resident individuals on financial assets (shares, bonds, funds, ETFs, cryptocurrencies and certain insurance products).

• Each taxpayer will benefit from an annual exemption of €10,000 on net capital gains, indexed annually.

• Capital gains realised before 31 December 2025 will not be subject to this tax.

• The full practical arrangements are still being finalised prior to the publication of the definitive law.

  
  

What this means for you

If you sell a financial asset with a capital gain from 2026 onwards, part of that gain may be subject to a 10% tax.

The annual exemption helps limit the tax impact on smaller gains.

Practical details (declarations, tax treatment, exceptions) will be confirmed once the law is officially published in the Belgian Official Gazette.

Protecting What Matters, at the Right Level

Beyond investments and savings, insurance plays a key role in protecting both assets and family life on a daily basis. Home insurance, motor insurance, professional assets, as well as personal protection, form a coherent whole that should be reviewed regularly.

Circumstances evolve, and so do needs. Taking the time to review one’s coverage not only ensures that protection remains appropriate, but also that it is offered at a fair price—without unnecessary gaps or duplications.

In this context, legal protection insurance often proves to be a valuable complement. It provides support and defence in the event of a dispute—whether related to assets, private life or professional activity—and helps preserve peace of mind when situations become more complex.

Insurance Company Updates

AG Insurance is currently offering a targeted promotion related to its OmniNature coverage.

From 1 November 2025 to 28 February 2026 inclusive, clients subscribing to a stand-alone Motor Third Party Liability policy may benefit from a 50% reduction on the annual premium of the OmniNature coverage, as long as the contract remains unchanged.

This offer applies both to new clients and to existing clients who change vehicle.

In addition, new AG clients or those meeting the criteria to become a “Complete Client” may benefit from an additional advantage, with an extra discount on the base Motor Third Party Liability premium when combined with the OmniNature coverage.

Foyer Insurance is launching a special “Motor Show” campaign, valid from 10 December 2025 to 30 April 2026, dedicated to cars and vans.

This campaign includes discounts on comprehensive motor insurance, notably a 10% reduction on comprehensive policies and 12.5% when subscribing to a Comfort Pack or Comfort Pro Pack.

It also includes advantageous conditions on certain additional covers, such as an attractive premium for driver protection and the absence of a deductible on the total loss option when combined with a pack.

The campaign applies to new business and changes in risk, for private or professional use, subject to certain conditions related to the driver’s profile and claims history.

AXA is enhancing its loyalty programme with the introduction of a new Multi-Policy Discount for private clients.

In practice, clients holding at least three insurance contracts with AXA now benefit from a 10% discount on the premium of the third contract and any additional contracts (fourth, fifth, etc.).

This discount applies to individuals living at the same address and becomes effective as soon as the portfolio includes at least one Motor or Van policy and one Home policy.

The advantage is applied automatically for eligible clients and can be combined with other commercial actions or existing discounts. All other conditions and benefits of the MyAXA Fidelity programme remain unchanged.

Mortgage Market Update

According to data from Febelfin, the Belgian mortgage market continued to grow in the first quarter of 2025, with a notable increase in both the number of applications and loans granted compared to 2024.

Average mortgage interest rates in Belgium experienced fluctuations in 2025 but remain competitive, around 3% for the most favourable profiles (notably those with substantial equity).

Fixed rates over 20 years have been observed around 3.2–3.3%, which remains attractive in light of recent cycles.

After several increases in mortgage rates over recent years, rates rebounded and have gradually stabilised, in a context where European Central Bank (ECB) policy continues to influence financing costs.

By summer 2025, 25-year fixed mortgage rates averaged around 3.6%, reflecting a phase of still relatively elevated rates following successive adjustments.

This article is taken from my quarterly newsletter.

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