Insights

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.

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

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