The real story of artificial intelligence (AI) is the multi‑year progression of capital flows that will define which companies lead, when they lead and why.

This week we focus on the weekend’s Japanese elections. Prime Minister, Sanae Takaichi, secured a better-than-expected outcome for her Liberal Democratic Party (LDP), which now has a super majority in the lower house of the Japanese Parliament.  

After three years of 20% gains, 2026 has again started on a strong note. This latest rally is one of the most concentrated ever. The global stock market is two-thirds American, of which 40% is just 10 stocks with one huge bet: generative artificial intelligence (AI).

This week we focus on US equities and a rotation in the market. 

2026 has thus far seen geopolitical events, from Venezuela and Iran to Greenland, attracting attention. Headlines about tariffs and questions over the independence of the US Federal Reserve have continued. Still, financial markets remain resilient.

This week we focus on tariffs following last Friday’s US Supreme Court ruling that the current tariff regime under the International Emergency Economic Powers Act (IEEPA) is unlawful. The decision upholds the judgements of two lower courts last year and was not surprising given the language used in the deliberations by the Supreme Court back in November.

Paul Doyle, Head of Large Cap European Equities, takes us through the key takeaways.

We have seen a softening in market momentum led by US equities and based around two factors. Firstly, there are reduced expectations for an interest rate cut in the aftermath of the October’s Federal Reserve (Fed) meeting.

Discussing the case for emerging market equities – including a weaker US dollar – and the potential benefits of adopting an active approach.

As a new year begins, CEO Ted Truscott shares his outlook on market opportunities and potential risks for investors.

Evaluating the impact of the energy transition: Our systematic view of risks and opportunities

Resilient growth and rising markets mask underlying structural tensions – the risks of a misstep are accumulating. We assess the balance for investors.

This week we focus on the diverging chances of a rate cut in December from the Bank of England (BoE) and the Federal Reserve (Fed).

We maintain a constructive outlook for equities, with a broadening of opportunities for selective investment, backed by disciplined diversification.

The Chanceller’s job of balancing UK finances hasn’t been helped by gilts. Since the election in July 2024, borrowing costs have been higher than the government would like. But one question still gets too little scrutiny: to what degree is the BoE’s QT programme responsible?

Chancellor Rachel Reeves achieved her budgetary goals: – the OBR is happy, markets are calm, and Labour backbenchers are content. But is that good enough?

The region has exited post-Covid stagflation, with inflation falling and interest rates easing, so economic performance has turned round. America, by contrast, faces stagflation

The US government’s proposal to impose tariffs on pharmaceutical imports has ignited a complex debate, intertwining economic, healthcare, and geopolitical considerations. While the initiative aims to bolster domestic manufacturing and reduce reliance on foreign supply chains, it also raises concerns about drug affordability and availability, and has broader implications for the healthcare system.