Insights（英語のみ）

The US July jobs report had plenty to say – little of it good. The economy shed 23,000 jobs versus consensus expectations for an 80,000 gain.

Reserves are growing, but so is the reluctance to use them.

Keep calm but don’t count on carry from the yen! Meanwhile, the US-Iran narrative and AI-related issuance continued to influence markets.

As hyperscalers remain locked in an AI-funding arms race, are we seeing signs of indigestion in credit markets?

The coming week may turn out to be a tipping point for markets over the summer, as investors assess key developments in monetary policy, corporate earnings and geopolitics.

Geopolitical shocks have reframed the energy transition as a question of security as well as climate. As governments seek more resilient, affordable energy systems, long-term investors can find opportunities in the infrastructure powering the shift.

Hopes of a swift resolution to the conflict in the Middle East are being challenged by recent events. We have once again seen the ‘closure’ of the Strait of Hormuz by Iran and a blockade of Iranian shipping reinstated by the US.

Europe is at a pivot point, caught between geopolitical uncertainties, industrial change and an inversion of the sources of growth. Behind this volatility lies deep structural change.

As Andy Burnham swaps being Mayor of Manchester for UK Prime Minister, how much fiscal wiggle room does he actually have?