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Asset Management: Fixed Income Quarterly Strategy - July 2026

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Fixed Income Quarterly Strategy - July 2026

 

 

Energy Market Normalisation Eases Risks
 

The recent decline in oil prices and the easing of tensions around the Strait of Hormuz have reduced the risks of a stagflationary scenario. While geopolitical uncertainties remain, the gradual normalisation of energy prices is once again supporting the global economic outlook.

Renewed Opportunities in Short-Term Rates
 

In an environment marked by significant financing needs related to artificial intelligence, infrastructure investment and public spending, bond yields remain attractive. Short-duration bonds appear particularly compelling, offering greater visibility than longer maturities, which remain exposed to economic and fiscal uncertainties.

A Resilient but More Selective Credit Market
 

The credit market continues to benefit from solid fundamentals and attractive yields. However, historically low risk premiums are increasing the importance of issuer selection. Financial issuers remain a key driver of performance, while a more cautious approach is being adopted toward the High Yield segment.

Hyperscalers Driving Financing Needs
 

Major technology companies continue to invest heavily in artificial intelligence infrastructure. This trend is supporting activity in the bond market, but investors are becoming increasingly demanding regarding companies' ability to convert these expenditures into sustainable and profitable growth.

 

 

Read the Monthly Macro Insights

by Marc-Antoine Collard, Chief Economist and Head of Economic Research

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Growth Equity Update October 2026 - Edition 55

This is the October 2026 Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory.

 What to do ahead of the 2026 Budget

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 appoints Pablo Hernandez Schmidt-Tophoff as Head of Energy Services & Decarbonization, North America

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.

 Asset Management: Monthly Macro Insights - October 2026

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.

 Debt and taxes

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.

 France: Fiscal pressure

France’s political uncertainty and fiscal pressures have unsettled markets, widening bond spreads and weakening the euro. While risks remain elevated ahead of 2027 elections, France’s challenges stop short of a sovereign debt crisis.