Munawer Shafi

While energy prices and government bond yields rose this week, the impact on equities was different across regions, and credit stress was contained. The situation so far is one of uncertainty rather than a downturn.

Oil supply and price will be key to longer-term outlook.

The “Magnificent Seven” begin to split as two tech giants break away from the pack.

In 2026, investors are targeting increases to their private market allocations. Debt is here to stay, but equity is set to regain ground.

Our private markets research team have crunched the Q4 2025 data. They explain how evolving macro conditions are reflected in private debt returns.

The new year has begun with a bang with global equities at, or near, record highs. But as fears of an artificial intelligence (AI) led bubble mount, reducing downside risk without necessarily sacrificing lots of upside potential makes increasing sense.

Owning and trading assets as digital tokens could transform markets, and money market funds are leading the charge. We explore what this means for investors.

Japan’s bond markets enter 2026 transformed and recent structural shifts have changed the behaviour of the country’s powerful life insurers.

Aviva’s Nick Molho looks at this year’s policy priorities and likely developments for the UK’s low-carbon agenda, and reflects on what it means for investors.

European infrastructure debt enters 2026 in a healthy position, with no shortage of demand for its diverse range of opportunities. Nonetheless, investors need to be alert to various risks and conduct thorough due diligence, argues Darryl Murphy.

Could the proliferation of short-term leverage strategies be the next hidden challenge for fixed income markets?

Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.

Despite some headwinds, the liquidity team expects broadly supportive conditions in 2026. The new year could also see interesting developments in regulation and tokenisation.

In the last Bond Voyage edition of 2025, we examine the vast amounts of capital being deployed to build new high-capacity data centres and how the expenditure is being funded in the bond markets.

In 2024, we outlined our view on the most important public-policy interventions to unlock private investment in the low-carbon economy. In this update, we take stock of policy developments since, and look ahead to 2026 and beyond.

Our society, economies and financial systems are embedded in nature, not external to it. This paper sets out the actions we are taking to understand nature-related risks and opportunities to deliver outcomes that meet our clients’ needs, and to support nature-related global goals.