France: Fiscal pressure
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.
Markets confront geopolitical risks and rising interest rates
Persistent geopolitical tensions continue to shape the outlook, but resilient global growth and strong corporate earnings are helping markets absorb higher interest rates.
So far, so good?
As markets enter the final quarter of the year, investors have plenty to digest. Growth remains surprisingly resilient, even as energy prices rise, bond yields climb and inflation risks linger.
Bonds, ballots, and the Elephant in the Room
Three themes have been shaping portfolios through the summer: politics; bond yields; and (inevitably) AI. The collapse of the US-Iran ceasefire has pushed oil prices higher again, but not (yet) to levels which threaten more significant disruption to global business.
Markets refuse to blink
Markets have had plenty to digest over the summer. Yet they remain remarkably resilient.
Bond yields rise in this summer markets
Amid geopolitical uncertainty, economic growth remains robust and financial markets continue to show resilience.