Global CIO View

The shift from guidance to judgment.

Technology does not simply destroy work. Early indications are that US labor demand is shifting toward jobs where productivity—and automation—advance more slowly.

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.

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

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

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