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?

Frank Kelly | The cost of the Jay Powell investigation

By: Francis (Frank) J. Kelly

Following the shock report that the U.S. Justice Department launched a criminal investigation of Federal Reserve Chair Jay Powell over renovations of the Fed’s headquarters, we see several important results that could be of concern to markets.

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.

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.

The worrying 'K' on the U.S. stock market

The operating profits of the S&P 500 and overall economic profits are decoupling

Critical technologies and Germany’s next industrial revolution

By: Michael Lewis, Ian Bigelow

As a gateway to Europe, Germany offers ideal conditions for the emergence of a “New Mittelstand” of companies whose technologies are increasingly vital to achieve Europe’s policy goals.

U.S. unemployment steady, nerves frayed

A widening gap between official data and worker sentiment points to the power of technological anxiety.

Americas CIO View

A.I. is growing quickly and is very hungry: S&P firms provide the essentials 

APAC CIO View

By: Ivy-sw Ng, Tommy Law

ASEAN Developing Countries: Resilient Growth thus far

Rational Exuberance

2026 may be a good year for risky assets