Frank Kelly’s Geopolitical Week Ahead | July 26, 2026

By: Francis (Frank) J. Kelly

Markets struggle to understand where the US-Iran war is heading, world leaders gather in Washington for Senator Graham's funeral, Keiko Fujimori becomes Peru's president, and a big week for central banks and earnings.

The Yen: More Than a Rate Story

The real yen is trading close to historic lows. The reason lies less in interest-rate differentials than in three decades of persistent capital outflows.

Frank Kelly’s Geopolitical Week Ahead | July 19, 2026

By: Francis (Frank) J. Kelly

U.S.-Iran tensions escalate, Lebanese President Joseph Aoun meets with President Trump, prediction markets get a hard look in the House, and Trump’s tariffs face expiration, and the European Central Bank and People's Bank of China announce interest rate decisions.

What markets may be missing about Macron

France’s politics may be febrile, but manufacturing costs suggest that Macron will leave the country more competitive than he found it.

Frank Kelly’s Geopolitical Week Ahead | July 12, 2026

By: Francis (Frank) J. Kelly

U.S.-Iran clashes resume, Andy Burnham prepares to become the U.K.’s next prime minister, Ukraine’s allies gather in Paris, and Fed Chair Kevin Warsh delivers his first economic report to Congress.

Semiconductors: good news already priced in

AI is driving earnings and markets. But after the rally, the risk-reward balance is becoming more demanding

Berlin’s undersold big reform package

Berlin’s 34‑point reform program could be a major success because it addresses a multitude of challenges. Patience might pay off for investors.

Frank Kelly’s Geopolitical Week Ahead | July 5, 2026

By: Francis (Frank) J. Kelly

Turkey hosts the NATO summit, Trump calls Putin to spark new Ukraine war peace talks, and Iran buries the Ayatollah.

Inflation risks on the horizon

Past El Niño episodes show agricultural prices can react late and unevenly. Nevertheless, the current risks need to be taken seriously.

Frank Kelly’s Geopolitical Week Ahead | June 28, 2026

By: Francis (Frank) J. Kelly

The U.S. and Iran negotiations suspended as fighting resumes, Japan’s prime minister goes to India, the first tri-lateral USMCA negotiations begin, and central bankers gather in Portugal

AI in 2026: growth and reality check

The AI universe continues to expand rapidly, and the list of beneficiaries is long. At the same time, potential risks are emerging, reinforcing our conviction in selective stock picking.

UK gilts follow global yield trends

Why UK yields are now driven more by global rates than domestic politics

High-yield bonds under a new rates regime

How risk, valuation and liquidity are evolving in credit markets

Frank Kelly Special | America’s 250th anniversary

By: Francis (Frank) J. Kelly

Hard work, grit, and a bright future ahead

Americas CIO View

Lift off: To those that boldly go!