In a week when financial markets were rattled by President Trump’s tariff saga, marked by announcements of global import duties, an outright trade war, and a resulting market crash, it was refreshing to spend Wednesday afternoon and evening following the Fusion Virtual Mini-Conference, hosted by investment bank Jefferies. During this event, six promising companies and organizat ...
#MacroFriday: Largest US Equity Underperformance in March since 2009
Remember this chart? Back in December, we highlighted how U.S. equities in November delivered their strongest monthly outperformance versus global equities (excluding the U.S.) since the Global Financial Crisis, driven by the optimism surrounding Trump’s election and expected policies. Things changed quickly… After Liberation Day comes Retaliation Day. Countries and regions ...
All Eyes on the Ocean: A Make-or-Break Climate Moment for Global Shipping
Next week, the International Maritime Organization (IMO) convenes in London for its 83rd session of the Marine Environment Protection Committee (MEPC). On the table: nothing less than the future climate pathway for international shipping. While emissions from global maritime transport have long flown under the radar, the sector currently accounts for nearly 3% of global greenho ...
Game Over? Ubisoft sinks as investors rage over Tencent tie-up
A bloody red week. Not just for a few unlucky names, but for all financial markets, across all sides of the great oceans. So, with candidates aplenty for this week’s Fiery Flash, we’ve taken the simplest and sharpest approach: spotlighting the biggest decliner in the Euro Stoxx 600. Our Fiery Flash of the week is Ubisoft Entertainment, the once high-scoring gaming giant in a wo ...
#MacroFriday: Credit Spreads Defy Signs of Economic Turbulence
A single post on Truth Social or X can reshape economic policies the broader business climate. As uncertainty around the U.S. economy intensifies, investors may begin to demand higher risk premiums. Yet, high-yield spreads remain remarkably tight. President Trump continues to escalate tariff threats, a strategy that eventually will lead to a squeeze of corporate profit margi ...
Local wins, global losses? Why responsible mining requires a global lens
As the world transitions to a climate-friendly system, demand for critical raw materials –essential to the clean and digital technologies driving this shift – is on the rise. While circular strategies like recycling and car sharing can and should help reduce the need for mined materials, some mining will remain necessary. And yes, mining undeniably impacts nature. A recent stud ...
Anatomy of a Market Rotation
And you better start swimmin’Or you'll sink like a stoneFor the times they are a-changin’— Bob Dylan “No one goes there anymore. It’s too crowded.”— Yogi Berra For global markets, and in particular the US market, 2024 was a vintage year. The S&P ended the year up around 24%, and the Nasdaq soared by 32%, led by AI chipmaker NVIDIA, which jumped 170%, having risen tenfo ...
Climate Whiplash: How water extremes affect our cities
On March 22nd, we celebrate World Water Day, a reminder of water’s essential role in sustaining life on Earth. Its importance is even clearer in the search for extraterrestrial life. Scientists often look for the presence of water when assessing whether a planet might support life. This underscores a simple truth: life cannot exist without water. If we recognize its significanc ...
#MacroFriday: Fed Raises Inflation Expectations and Sees Growth Slowing
On Wednesday, the Federal Reserve kept its policy rate unchanged at 4.25%–4.5%. Yet the latest FOMC economic projections highlight growing uncertainty in the U.S. economy since President Trump’s inauguration. In his post-meeting remarks, Fed Chair Powell acknowledged significant uncertainty surrounding the potential impact of Trump’s economic and trade policies. FOMC partic ...
Fiery Flash: Oxford Nanopore rebounds as investors look at the stars
Our Fiery Flash of the week is Oxford Nanopore Technologies, whose stock has shown a remarkable recovery over the past week. Now trading at 114 pence, the stock has climbed approximately 14% compared to its closing price at the end of last week. This rebound comes after a long period of decline since the company’s IPO in 2021, during which the stock lost up to 85% of its value. ...