Equities Focus Why we still believe in the AI rally, and the S&P 500 We think the tech-led rally in the S&P 500 will resume, and that 2026 will be a good year for the index despite its rocky start and the many threats facing it. This Equities Focus explains why. 10th February 2026 · 17 mins read
Europe Chart Pack Europe Chart Pack (Feb. 2026) We expect euro-zone GDP growth to be fairly sluggish in the coming years. Germany’s fiscal stimulus should provide only a temporary and fairly modest boost, and we don’t think it will do much to raise... 9th February 2026 · 1 min read
Middle East & North Africa Economics Update Egypt’s current account deficit will continue to narrow The improvement in Egypt’s external competitiveness since the policy shift two years ago has supported a narrowing of the current account deficit and we think this has further to run, especially if... 9th February 2026 · 4 mins read
Capital Daily Takaichi’s triumph, UK drama, US data: what it means for markets Calm may be on the way for Japan’s markets now the election is out of the way: we don’t expect a further sell-off in JGBs and forecast a stronger yen. But renewed political turmoil in the UK might be... 9th February 2026 · 6 mins read
UK Economics Update Three scenarios for the UK economy and markets if Starmer/Reeves are replaced This note republishes our three scenarios for the economy and the financial markets should Keir Starmer and/or Rachel Reeves be replaced as Prime Minister and Chancellor. In each scenario, gilt yields... 8th February 2026 · 4 mins read
Capital Daily Three key questions on the equity market wobble While the US stock market has bounced back today, the ongoing struggles of the previously ascendant tech firms in the wake of another poorly received set of earnings reports raises several tricky... 6th February 2026 · 5 mins read
Capital Daily Weighing up the implications of today’s MPC and ECB meetings A dovish UK MPC meeting prompted big falls in both short-dated Gilt yields and sterling today, whereas there wasn’t so much reaction in the markets to the ECB’s gathering. We think there is scope for... 5th February 2026 · 4 mins read
Japan Economics Update How much of a buffer do government assets provide? Japan’s government holds more financial assets than governments elsewhere. While the value of the government’s domestic asset holdings could plunge during a crisis, a large share is invested overseas... 5th February 2026 · 4 mins read
Capital Daily Struggling software sector won’t burst this bubble We don't think the falls suffered by software stocks in recent days are indicative of waning enthusiasm for AI. We think investors will continue to judge that the benefits accruing from AI will... 4th February 2026 · 4 mins read
Asset Allocation Focus What Japan’s election could mean for its financial markets This weekend’s election in Japan could be bad news for JGBs if the LDP emerges victorious and this prompts expectations of even more fiscal stimulus. That might not be good for the yen either. But it... 4th February 2026 · 9 mins read
Emerging Europe Economics Update Turkey’s rebalancing process enters a more difficult phase The latest data out of Turkey have reinforced our view that the rebalancing process is becoming more challenging. At the heart of the problem is excessively strong domestic demand and the tension... 4th February 2026 · 5 mins read
Africa Economics Update Inflation backdrop to prompt more rate cuts in SSA Inflation is subdued or falling across Sub-Saharan Africa, a trend which we think has further to run over the course of 2026. Monetary stances are generally tight, which provides policymakers with... 4th February 2026 · 5 mins read
Europe Economics Update Analysing public debt sustainability in the euro-zone Among the largest euro-zone countries, public debt looks most worrying in France because it is on an upward trajectory and Italy because it is likely to remain very high. Government debt is also set... 3rd February 2026 · 4 mins read
Asia Economics Update Korea: will the equity boom lift the economy? Korea’s equity boom is unlikely to deliver a major boost to Korean consumers or the broader economy. But it is sending a clear signal about the external outlook. The rally reflects Korea’s central... 3rd February 2026 · 3 mins read
Capital Daily Rate cutter’s remorse not a threat to most bond markets Australian bonds have been battered lately, and its currency boosted, by the prospect of the country’s central bank reversing course on monetary easing. But even though it’s now followed through with... 3rd February 2026 · 4 mins read
US Economics Update Warsh's QT wouldn't enable US rate cuts The idea that the Fed could pave the way for much lower policy rates by shrinking its balance sheet is unconvincing. Balance sheet reduction is a blunt tool for tightening financial conditions, and... 2nd February 2026 · 4 mins read
