2025 delivered big macro headlines, yet markets stayed unusually calm, with volatility only briefly flaring around events like “Liberation Day” and tariff implementation. In this environment, our financial credit strategies performed very strongly, supported by banks entering the year with record balance sheets and the best profitability in 15 years. For 2026, European banking fundamentals […]

Venezuela – Leadership change, oil on focus The United States conducted a targeted raid on Saturday, 3rd January 2026, aimed at apprehending Venezuela’s dictator Nicolas Maduro and transferring him to the United States for prosecution. The operation’s objective was to secure access to the world’s largest oil reserves while sending a strong geopolitical signal globally. […]

Central Banks: BoE, ECB, BoJ – One cut, one hold, one hike Last Thursday, three major central banks delivered policy decisions. The Bank of England cut rates by 25 basis points as widely expected, although the vote split (5-4) was closer than anticipated. This prompted a modest sell-off of front-end rates, with market repricing a […]