Fragmented capital markets cost Europe 150 billion euro a year
Europe’s failure to complete its capital markets integration carries a measurable economic cost of around 150 billion euro per year in lost investment, according to a new report from the Citi Institute. Over a ten-year period, the drag on economic growth could amount to roughly 1.5 percent of GDP.
Chart of the week: choosing between two evils has never been easier
Almost daily, I find myself amazed at how people simply refuse to see certain things. On the street, in politics, but also in the financial markets.
Why the gold price could rise further in 2026
Strong demand for gold from central banks and the relatively small position held by private investors in the precious metal will push the gold price higher in 2026, Carmignac expects. Even so, the asset manager has slightly reduced its allocation to gold.
Morningstar: AXA versus Jupiter in global high yield bond
Corporate bonds, particularly high yield bonds, had a strong 2025 but portfolio managers remain cautious going into 2026.
Prediction markets prove accurate enough to help investors, German study finds
Academic researchers in Europe and the United States are finding that prices on Polymarket, a fast-growing online prediction market, can track real-world outcomes with surprising accuracy. The findings suggest such platforms could become a useful tool for professional investors.
Emerging markets: from imitators to innovators
Emerging markets have evolved from manufacturing hubs to innovation powerhouses that have the potential to leapfrog established Western competitors.
Why independence matters in asset management: Maxime Carmignac on consolidation, open architecture and culture
The development that some large banks in Europe are closing their doors to open architecture and internalising asset management is good for their margins in the short term but could create a long-term problem. That is what UK CEO Maxime Carmignac of Carmignac said. “Asset management is a different profession, with a different culture and dynamics. We are already seeing that this is starting to work against some banks.”
AXA IM closes biodiversity fund
AXA Investment Managers is shutting down its fund focused on biodiversity due to a lack of investor interest. “We continue to believe in the theme, but from now on within a broader context,” the explanation said.
AI accelerates markets, not volatility
As a growing part of the financial community questions whether artificial intelligence has created a bubble, Fabiana Fedeli takes a different view. The CIO for Equities, Multi-Asset and Sustainability at M&G Investments argues that AI is not the source of a fundamental market imbalance, but rather acts as an accelerator of price adjustments in an environment that has become extremely fast-moving.
Silver breaks with tradition as structural shortages take hold
The silver price appears to be breaking with its traditional pattern. Where the metal has historically followed gold with a delay, silver is now moving more independently and at a faster pace. According to market participants, the recent rally is less a reaction to geopolitical tensions than the result of structural changes in the balance between supply and demand.