Paul O'Connor, Head of the UK-based Multi-Asset team, discusses confirmation of Boris Johnson's appointment as UK Prime Minister and the highly uncertain outlook for Brexit that he, and his divided government, must navigate, and the likely market response.

Jenna Barnard, Co-Head of Strategic Fixed Income, explores the options for meaningful policy easing by developed market central banks in the face of the current downturn in global activity.

European equities Portfolio Manager Robert Schramm-Fuchs delves into the intricate landscape of Germany's ambitious reform agenda, exploring its implications for domestic growth and the broader European Union's economic and geopolitical dynamics.

Paul O'Connor, Head of the UK-based Janus Henderson Multi-Asset Team, examines the outlook for multi-asset investors in Q3 in the latest issue of Multi-Asset Perspectives, our quarterly outlook for multi-asset investors.

NVIDIA is reaffirming its dominant position in the AI infrastructure space, with continued strong demand for its products despite geopolitical headwinds, says Portfolio Manager Richard Clode.

James de Bunsen, Portfolio Manager on Janus Henderson’s UK-based Multi-Asset team, discusses the solid attractions of infrastructure investment.

With recent talks in Alaska renewing discussion about a future path to peace for Ukraine, Portfolio Manager Robert Schramm-Fuchs considers how large-scale post-war reconstruction and defence investment could reshape the prospects for European equities.

John Pattullo, Co-Head of Strategic Fixed Income, explains how after the failure of QE to generate any sustainable growth or inflation the dial has turned to various forms of fiscal policy. But as he argues, a successful formula has to combine fiscal and monetary policies with structural reform.

Jenna Barnard, Head of Global Bonds, explores why longer-dated government bonds have struggled during 2025 despite central bank rate cuts.

Euroland first-quarter GDP details released today support the view here that the Kitchin inventory cycle downswing is further advanced than in other regions – a positive for relative economic prospects.

Given the nature of the underlying collateral, the European ABS sector offers access to different consumer-driven and ‘real economy’ risks, diversifying from corporate credit.

Paul O'Connor, Head of the UK-based Multi-Asset Team, on dead ends, game changers and the difficult choices faced by the incoming Conservative prime minister.

Junichi Inoue, Head of Japanese Equities shares his views on the tariff cuts agreed by the US and Japan, and its implications for Japanese stocks.

The PBoC today released detailed monetary data for April, allowing calculation of true M1, the preferred narrow money measure here. Six-month growth of the aggregate, seasonally adjusted, rose to a 14-month high but remains low by historical standards – see first chart. Allowing for the usual lead, the suggestion is that two-quarter nominal GDP expansion will stabilise at a weak level in the second / third quarters and recover modestly towards year-end.

Global six-month real narrow money growth appears to have recovered partially in April after a March relapse but remains weak by post-GFC standards – a much bigger pick-up is needed to signal an economic recovery, which, in any case, is unlikely before early 2020 at the earliest.

European equity portfolio managers Robert Schramm-Fuchs, Tom Lemaigre and Marc Schartz share the key messages from the US-EU trade deal, which should spark renewed optimism in European markets.