January US CPI cooled slightly, with leading indicators pointing to further disinflation later this year. Headline inflation fell to 2.4% y/y in January from 2.7%. Similarly, core also cooled to 2.5% ...

One of our key views is that 2026 is unlikely to deliver a repeat of the explosive equity gains seen in 2025, and instead, the rally will broaden and become more inclusive. Last year, performance was ...

The recent Bitcoin selloff is lacking a clear macro driver. Our Chart Of The Week comes from Artem Sakhbiev, from our FX strategy team. Bitcoin is down roughly 45% since its October peak, erasing all ...

The annual benchmark payrolls revisions revealed that the labor market has been weaker for longer than initially reported. The probability that a crack in consumption is just around the corner is much ...

The October FOMC minutes underscored deep divisions over the Fed’s next move, reinforcing expectations for a December hold but keeping the easing bias intact. The 10–2 vote for a 25 bps cut included ...

Our FX strategists expect the US dollar to remain the backbone of the global financial system, even as its reserve-currency premium gradually erodes. The dollar’s entrenched role in global markets ...

Spain's equity and bond outperformance reflects genuine fundamental repair: Lower bad loans, stronger profitability, and sustained earnings upgrades. Valuations remain undemanding despite the rally.

The bull versus bear battlelines are drawn for 2026: The friendliest Fed meets the most concentrated stock market rally ever. This last report of the year goes through the 10 key views for 2026 that ...

Our US equity strategists expect another year of gains for the S&P 500 in 2026, with returns capped by revenue growth as the bull market matures. The US economy is slowing but not contracting, ...

With FX volatility near cycle lows, this Insight examines where positioning has become most stretched across G10, EM FX, and precious metals – and what that implies for near-term moves and reversal ...

Our Global Investment strategists expect 2026 to follow a two-stage pattern: a “Great Rotation” from tech to non-tech equities in H1, followed by a broader market selloff in H2 as US economic momentum ...

Recession risks in the UK are clearly rising. In this Special Report, we unpack why labor market deterioration, falling wage growth, and normalizing inflation support deeper BoE cuts ahead. We then ...