Outlook | 2026

Outlook | 2026

In a Nutshell Economic Outlook Macro risk shifts from “no growth engine” to “one over‑crowded engine”: policy, regulation, and capital‑allocation decisions around AI will shape both regional performance and the balance between real‑economy gains and financial‑market...
Outlook | 2H 2025

Outlook | 2H 2025

Executive summary The first half of 2025 was marked by significant market volatility, driven by heightened policy uncertainty and geopolitical tensions. The fear index reached its third-highest level on record! During this period, European and emerging market (EM)...