U.S. wage inflation is getting quieter

Normalization in leisure & hospitality – a signal for the broader U.S. labor market?

CIO View Portfolio: Perspectives

By: Vincenzo Vedda

In our monthly Multi-Asset update we describe the translation of our CIO View into the CIO View model portfolio.

Inflation expectations management

Not so long ago, Eurozone inflation was almost too dull to mention. Nowadays, the opposite risk looms: rising factory-price expectations deserve attention – but not panic.

AI productivity: not a miracle yet

U.S. productivity is improving. In aggregate economic data, however, the AI dividend remains easier to imagine than to measure.

Investing in carbon before policy reforms

By: Murray Birt

How reforms to the EU Emissions Trading System create attractive investment opportunities

Critical minerals – The power factor in commodities

Critical minerals are increasingly playing a key role in the development of electromobility, renewable energy and digitalization – and thus in shaping future developments.

Markets between Energy shock and AI boom

Rising energy prices weigh on growth and inflation, while AI-driven investment continues to support selected segments and drive increasing divergence across markets.

Big tech invests - the market adjusts

Substantial upward revisions in capex reflect the AI infrastructure boom – early signs of increasing monetization are becoming visible

When jet fuel stops being niche

Europe’s volatile jet-fuel buffers are less a story about aviation and more a warning of how a prolonged Hormuz shock could expose wider supply-chain fragilities.

The new energy system : Navigating the shift from molecules to electrons

By: Michael Lewis, Steffen Kutscher

Q2 2026 Outlook: Central & Eastern Europe Markets

By: Sebastian Kahlfeld

Global emerging markets remain volatile, while Emerging Europe appears relatively resilient due to integration with Western Europe, EU funding, and nearshoring tailwinds amid ongoing geopolitical and valuation related risks.

Bond markets: shaken, not unanchored

Markets are pricing more near-term inflation risk, but longer-term expectations remain comparatively calm.

Critical minerals – The power factor in commodities

Critical minerals are increasingly playing a key role in the development of electromobility, renewable energy and digitalization – and thus in shaping future developments.

Americas CIO View

Investing in a Fog of War and Haze of AI Transition

When gas determines power

Correlations in times of energy stress