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The markets are looking to the future, whilst central banks are looking to the past.

AI is reshaping not only what we compute, but how we build. As data centres scale up, constraints have shifted from chips to systems: power, cooling, grid capacity, and precision engineering.

In June, we highlighted a paradox: a demanding macroeconomic environment, yet markets buoyed by exceptional corporate earnings. The mid-year point validates that reading and brings with it a turning point. The recent agreements between the United States and Iran have drawn a line under the energy shock that dominated the first half of the year, and the landscape now opening up is a different one, calling for greater selectivity.

UBP’s Impact investment franchise continues its growth trajectory, fuelled by the team’s conviction and dedication. The annual Impact Report gives an overview of their activities and achievements in 2025.

UBP and Brigade formed their partnership in response to a clear, bottom‑up demand from UBP’s investment teams for a new, dedicated long/short credit strategy.

Cooling US employment and easing eurozone inflation are strengthening the case for an extended pause from both the Federal Reserve (Fed) and the European Central Bank (ECB) – a supportive backdrop for risk assets.

This year, fixed income markets have exhibited elevated levels of interest rate volatility, whereas credit spread volatility has been more contained.

Moving abroad, weathering tax changes or leaving a legacy – expert advice on protecting your finances

The closure of the Strait of Hormuz has been the GCC’s biggest geopolitical shock in decades – but not a credit crisis.

A fading energy shock drove developed market rates lower, even as US personal consumption expenditure (PCE) inflation surprised on the upside at 4.07% y/y, with artificial intelligence (AI)-related costs emerging as a new structural source of price pressure.