BNP Paribas Asset Management

While the latest data on job creation in the US may not be as weak as it appears at first sight (see here for a full explanation) it is clear from our graph of the week that the number of new jobs being created by the US economy has fallen over the course of 2025. To put it simply, the US labour market is in a ‘low-hire, low-fire’ equilibrium.

Global demand for food has continued to grow. However, there are limits to the availability of arable land, soil and freshwater. This means agriculture is set to remain a vital and resilient sector, while requiring innovation and investment to ensure its long-term productivity as well as reliable production.

Equity markets are rebounding from the latest AI-bubble fear sell-off. While this will almost certainly not be the last time investors pull back from the theme, we believe the worries are overstated.

Global megatrends are multi-decade themes with significant implications for society, the economy and investors. They are driving a wave of new long-term investment opportunities across a variety of industries and asset classes. We have identified four key megatrends which we believe will have the most notable future influence.

Against a backdrop of volatile geopolitics, tariffs, and policy shifts, the global economy enters 2026 with surprising resilience.

Over the past decade, private debt has emerged as a mature asset class within global financial markets. It encompasses a range of non-listed loans, such as direct lending, mezzanine, venture, and distressed debt, originating from non-bank sources.

US stocks dropped by more than 2% on 10 October after US President Donald Trump threatened to impose an additional 100% tariff on Chinese exports to the US and more export controls on critical software. Such tariffs could increase the risk of stagflation in the US economy and make life difficult for the US Federal Reserve when it comes to the outlook for monetary policy.

What of the dilemma between stretched stock market valuations, which could be a reason to stay clear of US equities, and the solid fundamentals of the American economy? Should they go along for the ride or look for growth and good value elsewhere? Can falling interest rates tempt investors over the threshold?

Actively managed exchange-traded funds are a new generation of investment solutions. They combine the features that have made ETFs popular with active security selection. The objective is to generate returns that exceed their benchmark, after fees.

What are the advantages of investing in an exchange-traded fund rather than just buying stocks? ETFs offer investors diversification, spreading exposure and risk. They are a straightforward and affordable way to invest in broad market indices composed of either equities, bonds or other asset classes.