Volatility is likely to rise In the second half of 2026, we expect volatility to rise. As a consequence, we are positioning our global credit strategies in a cautious and selective way. Since the beginning of the year, oil prices have increased by 40-50% and global oil supply has fallen by 10%. Historically, these kinds […]

Central banks – The end of guidance Central banks are moving away from guidance. Warsh’s appearance at the ECB Forum on Central Banking in Sintra reinforced this shift. With uncertainty still high across growth, inflation and labour market dynamics, policymakers are increasingly reluctant to pre-commit to a clear path. For the ECB and the BoE, the […]

Stability remains the central theme The first half of 2026 was dominated by many events and by fast-changing macro assumptions that were difficult to predict, but relatively easy to adapt to within our strategies. In this new world of higher interest rates, the key word for banks and financials remains stability. This stability is underpinned […]