European Banks Outlook 2026 - Stronger for longer?

Our 2026 Outlook for European banks remains positive, supported by strong fundamentals and limited prospects for a negative catalyst that could derail this strong momentum.​Fundamentals are expected to remain strong to very strong through 2026Valuations have become tighter and very compressedSpreads are now close to testing investors' appetite and sentimentMarket consolidation is a positive driver, though it comes with inherent execution riskDecompression Trades will be a key theme for 2026French banks are the main outliers: they display very strong credit profiles but are underperforming

中央経済工作会議を経て、中国の2026年の見通しはどうなった：基本路線は維持されるが、難易度は高まった

Venezuela, the nail in the coffin of the world order

The stunning military operation that the United States just conducted in Venezuela marks more than just another chapter in hemispheric power politics. It will reshape global geopolitics in ways we are only beginning to understand. While there is no doubt that Maduro’s regime should end – he did not legally win the latest national election in July 2024, for one thing – Trump’s actions have nothing to do with reinstating democracy. Rather, they are a blatant power grab and tell the world that the US will not tolerate external powers controlling Latin America – all the more so Venezuela, with its...