Time for Multi Asset in 2026

Positioning portfolios for the next phase of market dispersion.

Does the Fed’s balance sheet have a price tag?

Even a quieter, less interventionist Fed would only shrink its footprint very cautiously. Partly this reflects changes to the financial plumbing in recent decades.

Copper between shortage and stockpiling

A physically tight market is keeping prices close to their record highs.

Hunger games: The data centre race for power, land and water

By: Michael Lewis

Over the last decade, data centres (DCs) have shifted from being background infrastructure to a central pillar of the global economy.

Turbulence in the Japanese financial markets

Years of overly loose fiscal policy have sent Japanese bond yields soaring. Increased volatility is here to stay.

A precious-metals reality check

The latest sell off was a dramatic reminder that precious metals can move in bursts. Inflation adjusted prices are still at levels rarely seen in modern history.

Yields spike, costs lag

Markets can reprice JGBs overnight, but the real fault line between volatility and vulnerability is when the effective interest rate surpasses growth

4th Quarter 2025 Market Update: German equities defied a poor economy

By: Hansjoerg Pack

Tight by comparison

Increasingly, shrinking Eurozone spreads say less about European virtues and more about anxieties in many of the world’s other bond markets.

U.S. small caps: Ready for a comeback?

Have small caps seen a weak decade, or were large caps simply off the charts?

Regime change of a different kind

Venezuela’s turmoil offers a test case of how oil and metals shocks can ripple through inflation and rates, as the energy transition rewrites old market rules.

High rates, high stakes

Brazil’s central bank looks set to remain hawkish. Structural reforms following next year’s elections could help unlock the country’s potential.

Vorsprung durch Technik: Germany’s next industrial revolution

By: Michael Lewis, Ian Bigelow

Europe is at a critical inflection point, facing an urgent need to build and scale high-tech industries to meet policy goals and navigate through unprecedented geopolitical uncertainty.

10 Themes - #10: Artificial Intelligence: too big for a one-pager

Surging investment, rapid innovation, and rising volatility – why AI is reshaping winners and losers, and how active selection may be key in what we think could be a boom, not a bubble.

AI – the power of large numbers

We believe that artificial intelligence will continue to drive the markets in 2026 – both positively and negatively. Its possibilities remain exciting. But investors will become more selective.