Carbon markets: the great divergence

Amid mounting climate emergency, carbon markets have become a major – but often misunderstood – transitioning tool across a variety of economic activities. Both compliance and voluntary markets have experienced significant growth over the past 20 years albeit at different paces, with recent setbacks affecting the latter.This document offers a comprehensive overview of both carbon markets in terms of organization, underlying political support and recent price points. It details our 2026-2027 price scenario for carbon allowances (EUAs) traded in Europe as part of the EU ETS.  

12 月雇用統計の総括：踏みとどまるべきか、それとも進むべきか

RATES WEEKLY: Higher US real yields here to stay?

EUR rates:Recap of the week: The first week of 2026 saw a record surge in supply met by a resilient bull-flattening in EUR curves, as 10y Bunds drifted toward 2.85% and 10y BTP-Bund spreads hit 2008 low. Geopolitical shifts in Venezuela and cooling inflation data fueled the duration bid, though late-week oil volatility nudged inflation swaps, while French OATs lagged on fiscal caution. In the UK, Gilts outpaced peers with 10y yields dropping to 4.40% as soft activity data and cooling price pressures accelerated bets on a second-quarter BoE rate cut.Tactical view: We’re marginally long on durat...