China’s trade thrives beyond the U.S.

Despite falling U.S. demand, China’s exports grew—thanks to emerging markets. But transshipment clauses in Asian countries’ trade deals with the U.S. may pose risks

Frank Kelly’s Geopolitical Week Ahead | August 3, 2025

By: Francis (Frank) J. Kelly

Trump threatens greater sanctions on Russia while sending an envoy to talk with Putin and nuclear subs off Russia’s coast, the tariff wars intensify for some countries, and the Bank of England decides on rates.

A truce between two trading giants

As the preliminary deal with the European Union shows, Trump’s trade policies increasingly look like solutions in search of non-existent problems.

Trade war averted

Less uncertainty at the price of higher tariffs 

Weakening dollar, the start of a trend?

Despite recognizable parallels with developments under the 1985 Plaza Accord, concerns about a very rapid and excessive decline in the U.S. dollar seem exaggerated.

Frank Kelly’s Geopolitical Week Ahead | July 20, 2025

By: Francis (Frank) J. Kelly

The EU holds high-level summits with Japan and China, Philippine President Marcos meets with President Trump, Taiwan holds recall elections, and the ECB meets on interest rates

Brave new energy world

The changing balance of power between the world’s leading oil producers helps explain some of the recent oddities happening in global financial markets.

First cracks in the dollar's dominance

By: Vincenzo Vedda

It’s the global reserve currency, a perceived safe haven and a vital unit of account for international trade – a lot is at stake.

Frank Kelly’s Geopolitical Week Ahead | July 13, 2025

By: Francis (Frank) J. Kelly

President Trump to make “major statement” on Ukraine.

Data centers drive U.S. electricity demand

After years of stagnation, digitalisation is leading to a significant increase in electricity demand

APAC CIO View

Japan’s Retail Market in 2025: Balancing Tourism, Currency Fluctuations, and Strategic Consolidation

Americas CIO View

Revisiting R^: How does the fiscal deficit affect the neutral Fed Funds rate?

Frank Kelly Special | July 7, 2025

By: Francis (Frank) J. Kelly

One Big Reconciliation Bill done. Two more to go?

Will there be a U.S. debt crisis?

A look at the risks that the U.S. debt trajectory could become dynamically unstable

Currency Hedging: how has it worked and how might it work going forward?

By: Jason Chen