Turbulence in the Japanese financial markets

Fears of overly loose fiscal policy have sent Japanese bond yields soaring. Increased volatility is here to stay.

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.

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.

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

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

The Nikkei has scaled new heights

Both political developments and structural tailwinds are breathing fresh life into the Japanese stock market

The great net income divergence, revisited

For over a decade, the S&P 500’s net income growth has outpaced Europe’s Stoxx 600. But signs of change are emerging beneath the surface.

The Fed’s next move is no longer obvious

Economists expect gradual cuts. Markets see a less comfortable possibility: resilient growth and persistent inflation could force the Fed to raise rates again.

Tequila sunrise

Silver – a metal of dual purpose in tightening markets

Silver hits record highs on industrial demand surge and supply squeeze

Semiconductors: good news already priced in

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

Role reversal

How Italy and France appear to be switching positions when it comes to the respective riskiness of their government debt.

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.

Recession odds remain elevated

Uncertainty and higher prices expected to take a toll on the economy.

Rational Exuberance

2026 may be a good year for risky assets

Q3 2026 Outlook: Central & Eastern Europe Markets

By: Sebastian Kahlfeld

The investment environment across emerging markets remains dominated by a limited number of global themes, most notably artificial intelligence infrastructure investment and defense spending.