Markets

Macroeconomics · 23 Sep 2026

From monetary independence to fiscal dominance?

In previous “Horizon” publications, we have highlighted several structural trends shaping economies, including demographics, deglobalisation, decarbonisation, debt and digitalisation. Successive crises – such as the Covid pandemic, the war in Ukraine, the trade war and the recent Middle East conflict – have exacerbated these trends.

Macroeconomics · 23 Sep 2026

The great scramble for resources

Today’s increasingly fragmented world is driving a dash to secure resource sovereignty. Across the globe, governments are prioritising energy security and access to key commodities in the face of conflicts, trade barriers and climate change.

Macroeconomics · 21 Sep 2026

Weekly house view | Xi-Trump, round two

The CIO’s view of the week ahead.

Macroeconomics · 21 Sep 2026

Stablecoins versus the digital euro

The rapid evolution of digital finance has brought stablecoins and central bank digital currencies (CBDCs) to the forefront of global economic discussions. Stablecoins, which are digital assets designed to maintain a stable value, have experienced explosive growth. This is prompting new regulatory frameworks and raising important questions about their impact on financial stability, monetary policy and the international monetary system. At the same time, central banks are exploring digital currencies to preserve monetary sovereignty and adapt to changing payment landscapes.

Macroeconomics · 15 Sep 2026

The 2020s in historical perspective

Sir Niall Ferguson has spent his career explaining how economic history can help inform contemporary policy decisions. His latest theory, dubbed “Ferguson’s Law,” highlights how US fiscal profligacy threatens the durability of American power just as a second Cold War is emerging between the US and China.

Macroeconomics · 14 Sep 2026

Weekly house view | Bonds not Ha-PPI

The CIO’s view of the week ahead.

Macroeconomics · 09 Sep 2026

Re-equitisation: investing in a high issuance era

For much of the past two decades, equity investors have enjoyed a powerful tailwind: the phenomenon of “de-equitisation.” During this period, companies have bought back more shares than they issued, which has reduced the volume of listed equities and supported stock prices. That era appears to be ending.

Macroeconomics · 08 Sep 2026

Horizon 2026 – The race for resource sovereignty

A new era is upon us. The post-war, rules-based period of multilateralism has given way to multipolar rivalry and, by extension, heightened geopolitical tensions in a more uncertain world. At the core of this multipolar rivalry is a competition for supremacy between the US and China. And at the heart of their rivalry is a race for technological leadership – particularly in the field of artificial intelligence (AI). The superpowers’ quest for digital dominance extends to a competition for the resources needed to power the AI economy. Their fragile trade truce is indicative of a highly charged environment, in which “resource sovereignty” is the defining imperative.

Macroeconomics · 07 Sep 2026

Monthly house view | September 2026

Pictet Wealth Management’s latest positioning across asset classes and investment themes.

Macroeconomics · 07 Sep 2026

Weekly house view | Fed waiting for CPI to decide

The CIO’s view of the week ahead.

Macroeconomics · 02 Sep 2026

Barometer: Robust earnings growth to push equities higher

With corporate profit growth at remarkably healthy levels, we expect the stock market to add to its strong gains over the coming months.

Macroeconomics · 31 Aug 2026

Weekly house view | Biggest oil deal in history

The CIO’s view of the week ahead.