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With Budget speculation intensifying ahead of 28 October, investors should avoid reacting to rumours alone, while reviewing potential tax planning opportunities around CGT, IHT, pensions, property and investment structures.

Rothschild & Co today announced that Pablo Hernandez Schmidt-Tophoff has joined its Global Advisory business as Managing Director, Head of Houston and Head of Energy Services & Decarbonization, North America.

Investments linked to artificial intelligence continue to support global growth, but they are also contributing to a sustained rise in long-term interest rates. At the same time, geopolitical tensions and uncertainty surrounding the Federal Reserve’s communication are maintaining a more fragile economic environment.

Fiscal debates focus on debt and deficits, but government size may matter more. While debt shows little link to bond yields, higher taxes and spending can affect competitiveness, growth and economic efficiency.

This Quarterly Letter explores how emotions and behavioural biases can undermine investment decisions. It highlights the importance of discipline, perspective and a clear long-term purpose in preserving and growing wealth through market uncertainty.

Rothschild & Co Wealth Management UK recently hosted an intimate networking dinner to encourage the conversations and connections that rarely happen in the day-to-day demands of building a business.

Global Advisory named ‘Financial Adviser of the Year’ by Mergermarket

Despite recent resilience, UK consumers face mounting pressure from higher energy and food prices, potential tax rises and higher interest rates, all of which could weaken discretionary spending and economic activity this winter.

Markets are navigating geopolitical uncertainty, shifting interest-rate expectations and the rapid expansion of artificial intelligence. Resilient economic activity, healthy corporate profitability and continued technology investment remain supportive, although higher oil prices, rising bond yields and political risks highlight the value of a measured, long-term investment approach.

Rothschild & Co has been recognised across five categories at the Global Banking & Markets Awards in the Middle East

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory.

Investments linked to artificial intelligence continue to support global growth, but they are also contributing to a sustained rise in long-term interest rates. At the same time, geopolitical tensions and uncertainty surrounding the Federal Reserve’s communication are maintaining a more fragile economic environment.

Many business owners accumulate cash without a clear strategy. By separating operational, reserve and surplus capital, businesses can improve resilience, reduce concentration risk, manage tax considerations more effectively, and ensure excess cash supports longer-term business and personal objectives.

Rothschild & Co appoints Brent Surber to lead its Private Capital Markets capabilities in North America

Japan’s yen has weakened sharply, reviving concerns over carry-trade unwinding and global market volatility. Yet Japan’s stronger growth, rising wages, higher inflation, corporate reforms, and improving shareholder focus suggest a structural economic revival, though sustained profitability remains the key test.

With soil degradation threatening food security, regenerative agriculture offers proven solutions. Success depends on valuing nature, supporting farmers, empowering consumers, and aligning incentives across policymakers, businesses, investors and growers.

Die erneute Eskalation im Nahen Osten bestimmte im Berichtsmonat die Schlagzeilen und rückte geopolitische Risiken erneut in den Mittelpunkt der Aufmerksamkeit.

Populism is reshaping politics across the US and Europe, drawing parties away from the traditional centre. Rather than left versus right, voters increasingly divide along establishment versus anti-establishment lines, creating opportunities for populist movements and challenging conventional political assumptions.

Rothschild & Co’s UK Wealth Management business continues to strengthen its regional presence with appointment of Samantha Beach in Manchester.

Rothschild & Co has been recognised with five prestigious awards at Euromoney's Awards for Excellence 2026

The second quarter of 2026 marked an important turning point for European equities. Following the correction at the end of March, driven by concerns over a prolonged energy shock, markets gradually regained visibility as geopolitical tensions in the Middle East eased and energy prices declined.

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory.

Interest rate expectations have shifted markedly in 2026, with markets now anticipating higher rates amid persistent inflation, economic resilience and more hawkish central banks. Despite this, strong AI-driven earnings have supported equities.

As we head into the summer, the second half of 2026 looks set to be defined less by any single crisis than by continuing geopolitical shifts across multiple arenas. The simmering conflict in the Gulf continues. US politics is entering an important phase as we approach the midterms. Across Europe, populist sentiment is increasingly setting the national agenda, as the EU continues to double down on Made in Europe. Running through all of this is a steady erosion of trust between traditional partners that is pushing countries to hedge, diversify and act in their own self-interest.

Global equities rose despite geopolitical tensions, as markets looked through near-term risks. AI infrastructure spending drove returns and earnings growth, valuations sent mixed signals, and corporate activity remained subdued but showed signs of recovery.

Rothschild & Co Redburn analysts unpack the forces reshaping markets and society: from the future of stablecoins to AI’s quiet revolution in construction and the multi-decade grid supercycle transforming energy infrastructure.

Following Keir Starmer’s resignation, Andy Burnham has emerged as Labour’s likely successor. Despite political uncertainty, markets remain calm, with economic and geopolitical trends outweighing domestic politics. Significant policy change appears unlikely.

Markets are preparing for a wave of megacap IPOs led by SpaceX, amid strong AI-driven optimism. While liquidity should absorb issuance comfortably, questions remain around valuations, passive investing, concentration risk and index influence.

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory.

Switzerland’s upcoming referendum to cap population at 10 million may tighten migration and risk EU ties, but economic impact likely limited, with living standards, markets and growth resilient over time.

Despite the geopolitical shock involving Iran, investors’ optimism continues to rest on a central narrative: the transformative potential of artificial intelligence (AI) as a new engine of global growth. However, the rise in long-term yields paints a more cautious picture

A long-term, disciplined approach to investing prioritises quality companies and wealth preservation over short-term trends. Amid significant changes to tax rules—particularly around inheritance and estates—careful planning, regular review, and close collaboration with advisers remain essential to achieving sustainable outcomes.