Protectionist reflexes still stand in the way of Europe’s champions

The failed partnership between Italy’s Generali and France’s BPCE is more than a collapsed deal in European asset management. It exposes how challenging it remains for Europe to build financial scale once a project becomes truly cross-border, and how protectionist reflexes, legal uncertainty and unfinished integration can combine to smother a transaction.

Market talk: from yen bonds to deep tech – where do preferences lie for 2026?

After a volatile year, the question arises where the best risk-return profile will be found in the coming years. That is why this month’s question to our Market Talk panel, on this occasion with all seven members present, is: what will be your favorite asset class in 2026, and why?

The economy that eats itself

Something strange is going on. The US economy is growing, but no jobs are being added. In fact, unemployment is rising to 4.6 percent. Normally, it works like this: first jobs are created, then wages rise, then spending increases. Now that order has been reversed. People are spending money they have not earned.