Emerging Markets Economics Chart Pack Emerging Markets Chart Pack (September 2026) EM growth appears to have softened at the start of Q3, but we still think it will accelerate in the coming quarters. As things stand, it doesn’t look like EM central banks will respond to the renewed... 15th September 2026 · 1 min read
Equities Update Making the relative case for European equities We think the underperformance of the European stock market relative to that of the US in recent years will reverse over the medium term as the AI-fuelled equity boom soon turns to bust. 15th September 2026 · 4 mins read
US Economics Update Leap in margins another sign of late-stage bull market The US corporate profit share has climbed to historic highs, mainly due to soaring profitability in AI-related technology sectors. But history suggests that such rapid gains in margins are difficult... 14th September 2026 · 4 mins read
Asset Allocation Focus What to expect in markets when the bubble in AI bursts There are plenty of signs that we are now in the late stages of a bubble in AI. When the bubble eventually bursts, we expect the subsequent fallout to include not only very substantial drops in equity... 14th September 2026 · 22 mins read
Capital Daily Greenback to benefit as Fed presses ahead We don’t expect the Fed to add much fuel to the bond market sell-off later this week, but over the medium term we nonetheless think the relative monetary policy picture favours the US dollar... 14th September 2026 · 5 mins read
Capital Daily Markets still fairly resilient to US inflation threat While the US CPI data for August released today could have been worse, the combination of strong economic growth, above-target underlying inflation and the recent surge energy prices means that we now... 11th September 2026 · 4 mins read
Asia Economics Weekly Won’s rebound, CBC to hold fire, China Shock 2.0 The Korean won hit a two-year high this week, helped by profit repatriation by major tech firms and foreign investors scaling back their selling of Korean equities. We think it will make further gains... 11th September 2026 · 4 mins read
Japan Economics Weekly Stronger inflation points to further yen gains This week’s producer price and wage data show that inflationary pressure in Japan remains firm. That should set the stage for the Bank of Japan to pick up the pace of policy tightening. Meanwhile, the... 11th September 2026 · 5 mins read
India Economics Weekly The RBI’s fistful of dollars The RBI's efforts to attract foreign-currency deposits have proven more successful than expected, but the resulting surge in liquidity has eased monetary conditions and may complicate efforts to... 11th September 2026 · 3 mins read
Bank of Japan Watch BoJ set to accelerate its tightening cycle The Bank of Japan will accelerate its tightening cycle with a hike to 1.25% at its upcoming meeting. With the Bank increasingly concerned about upside risks to inflation, we now expect the Bank to... 11th September 2026 · 8 mins read
Capital Daily Would a 5% 10Y Treasury yield really be a tipping point? Today’s further, oil-price-driven, sell-off in global sovereign bonds has seen the 10-year US Treasury yield rise to almost 5%, which is seen by some as a threshold above which financial markets might... 10th September 2026 · 4 mins read
Equities Focus Most indicators suggest the AI equity boom is nearing an end Looking across a range of equity market “bubble” indicators supports our view that while the S&P 500’s rally has further to run this year, its medium-term prospects are poor given how frothy the... 10th September 2026 · 10 mins read
Africa Economics Update Ghana’s growth to surprise on the upside Ghana’s economy slowed in Q2 on the back of weakness in the cocoa sector and we expect the effects of the energy shock to dampen growth over the rest of the year. But looser policy should help to... 10th September 2026 · 4 mins read
Capital Daily Rare dual renminbi/CGB rally could go further It’s unusual for the renminbi to gain against the US dollar while China’s domestic bond yields are falling, as has been the case lately. But the latest economic data add to the case, in our view, that... 9th September 2026 · 3 mins read
Capital Daily We expect a rally, not just a rotation The strong performance of semiconductor stocks since OpenAI’s announcement of GPT-6 last week hasn’t lifted the S&P 500 index much, partly because of offsetting weakness in software stocks. But a... 8th September 2026 · 4 mins read
Asia Economics Update The Korean won’s rebound has further to run The Korean won has rallied recently as some of the factors that had previously weighed on the currency, such as foreigners’ selling of Korean equities, have started to unwind and major Korean firms... 8th September 2026 · 3 mins read
