Olympics Boost Spending in Italy; UK Banks Push Visa, Mastercard Rival
U.K. banks, led by Barclays, are convening to fund a home‑grown payment network aimed at reducing reliance on Visa and Mastercard, which dominate 95% of the non‑cash market. Visa data shows the Milano‑Cortina 2026 Winter Olympics sparked a sharp surge in foreign card spending in northern Italy, with U.S. cardholders increasing expenditures by 125% year‑on‑year. Both developments underscore rising pressure for payment‑system sovereignty and illustrate the commercial upside of major events, while agentic AI payments and stablecoin‑enabled cards gain global traction.
Toyota Union Lowers Annual Bonus Demand
Toyota Motor Corp's labor union lowered its annual bonus demand to 7.3 months' pay, a 0.3‑month reduction from last year’s record level, as the automaker faces higher U.S. tariffs. The union also called for wage hikes in the spring “shunto”...
Nasdaq Leads a Rocky Risk-On Rally: Stock Market Today
The Nasdaq Composite posted the strongest advance among U.S. indexes, rising 0.8% as risk‑on sentiment persisted amid solid earnings and encouraging economic data. Federal Reserve officials remain divided on rates, while housing starts jumped 6.2% to a five‑month high and...
2026 Global Bond Credit Outlook: Q&A
European investment‑grade credit remains resilient in early 2026 despite a 2% YoY dip in EBITDA growth and modest leverage creep. Interest‑coverage ratios have stabilised and rating upgrades in Spain and Italy bolster the sector’s outlook. Spreads have tightened to historic...
Op-Ed: How Canada and Mexico Can Align a Critical Minerals Strategy
Canada and Mexico are drafting a joint action plan on critical minerals, infrastructure and supply chains, slated for release in the second half of 2026. The framework targets non‑geological bottlenecks such as permitting, transport corridors, power supply, processing capacity and...
Scope Ratings Seeks Distinction by Incorporating Europe's Differences
Scope Ratings became the first European rating agency approved under the ECB's Eurosystem Credit Assessment Framework, allowing its ratings to be used as collateral in monetary‑policy operations. The firm differentiates itself by embedding the EU’s fragmented legal and market environments...
TC Energy Forecasts Natural Gas Demand Surge Equivalent to Entire European Market
TC Energy projects North American natural‑gas demand will rise by 45 Bcf/d by 2035, a volume comparable to the entire European market. The surge is attributed to accelerating LNG exports, expanding power‑generation capacity, and heightened reliability requirements for distribution utilities. Midwest...
CMA CGM Inks Order for Six Dual-Fuel LNG Ships with India Yard
CMA CGM has placed an order with India’s Cochin Shipyard for six 1,700‑TEU dual‑fuel LNG container vessels. The deal was announced during a New Delhi visit that also included a pledge to recruit an additional 1,500 seafarers, bringing the total Indian crew...
Warren Targets Dimon for Help on Interest Rate Caps
Senator Elizabeth Warren wrote to JPMorgan Chase CEO Jamie Dimon urging his public support for the Empowering States’ Rights to Protect Consumers Act, which would let states re‑impose credit‑card interest‑rate caps on national banks. The legislation seeks to restore the...
Isabel Schnabel: Fiscal Challenges Amid Geopolitical Uncertainty and Ageing Societies
Isabel Schnabel highlighted the euro area’s mounting fiscal pressures, noting that low debt levels often coincide with weak public investment. She examined Germany’s new defence and infrastructure package, showing it can lift GDP but also raise debt ratios under different...
Rates Spark: Pressures Rebuild for Long Dates
Equity volatility in the US is easing, opening the door for a near‑term rally in 10‑year euro swap rates that sit about 20 basis points below their January peak. Market participants expect a bear‑steepening move as the front end of...
France’s Very Low Inflation Rate Is a Major Challenge for Public Finances
France’s inflation fell to 0.3% year‑on‑year in January, the lowest level since 2016 and well below the euro‑area average of 1.7%. The drop, driven by falling manufactured‑goods and energy prices, leaves core inflation at just 0.7% and fuels criticism that...
Dow Jones Industrial Average Gains 200 Points as Fed Minutes Loom and Nvidia Rallies on Meta Deal
The Dow Jones Industrial Average rose about 300 points, or 0.65%, as investors returned to equities ahead of the Federal Reserve’s January minutes. Nvidia surged over 2% after Meta announced an expanded AI‑chip partnership worth tens of billions, reinforcing Nvidia’s...
J.B. Hunt ‘a Little Bit More Positive’
J.B. Hunt’s CFO said demand is slightly stronger than early‑January expectations as truck capacity tightens, reflected in rising tender rejections and spot rates. Regulatory pressures on the driver pool and recent winter storms have limited supply, creating a modest but...
US Stocks: Trump Adviser Hassett Suggests New York Fed Researchers Be Punished for Tariffs Argument
Kevin Hassett, former Trump economic adviser, blasted a New York Fed research paper that argued tariffs mainly hurt American consumers, calling it "shoddy scholarship" and the worst paper in Fed history. He urged that the authors be disciplined for their...
Webinar: Why the Dollar’s 2026 Decline Will Be More Cyclical than Structural
Investors are questioning US asset allocations as the dollar begins 2026 on a weaker footing. A new ING webinar will examine whether the current sell‑off is driven by cyclical market dynamics rather than a deeper structural de‑dollarisation trend. Speakers will...
UNITE HERE Releases Report Showing Immigration Policies Are Devastating U.S. Tourism Industry
UNITE HERE’s new "Inhospitable" report links recent White House immigration crackdowns to a sharp downturn in U.S. tourism. The study documents more than 2.5 million fewer international visitors in 2025, a $1 billion drop in travel receipts, and 98,000 lost hospitality jobs....
Five US Policy Shifts Could Reshape Financial Markets
The Trump administration is advancing five domestic policy initiatives that touch credit, housing, monetary policy, corporate governance, and digital‑asset regulation. Proposed credit reforms would tighten loan underwriting, while housing changes could modify the mortgage interest deduction. Monetary officials hint at...
Mining Stocks Dominate TSXV’s Top Performers List
Metals and mining dominated the TSX Venture Exchange’s 2025 top‑performer list, with 48 of the 51 entries coming from the sector. Junior miners posted an average share‑price gain of 443% and a combined market capitalisation of $19.9 billion. Record liquidity supported...
The Big Four Recession Indicators: Industrial Production
Industrial production rose 0.7% in January, outpacing the 0.4% forecast, and posted a 2.3% year‑over‑year gain. Utilities output surged 2.1% month‑over‑month, while mining slipped 0.2% and manufacturing climbed 0.6%. The index’s current level is at or below the start‑of‑recession threshold...
The 'Ex-America' Trade Is Off to a Roaring Start in 2026
Global equities have surged ahead of the U.S. market in 2026, with the MSCI EAFE up roughly 8% and the MSCI ACWI ex‑U.S. gaining about 8.5% year‑to‑date, while the S&P 500 is down 0.5%. Goldman Sachs notes this is the widest...
Defence Giant BAE Hails Record Sales as Workers Remain on Strike
BAE Systems announced record 2025 results, with sales rising 10% to £30.7 billion and pre‑tax profit climbing to £2.6 billion. The company highlighted a historic order backlog as global defence budgets surge amid geopolitical tension. Meanwhile, Unite union members at the Lancashire...
Europe Is Squandering Its Leverage Over China
Europe is losing bargaining power with China as the continent’s growth stalls while Beijing posts a record trade surplus. German Chancellor Friedrich Merz’s upcoming China visit underscores the urgency, with Germany’s 2025 GDP expanding only 0.2% versus a $1.19 trillion Chinese surplus....
Death Tax? Property Tax? Four Ideas that Could Offset Inheritance Inequality in Australia
Australia faces a projected $5.4 trillion intergenerational wealth transfer over the next two decades, prompting concerns about entrenched inequality and reduced productivity. Economists argue that the current progressive income‑tax system is ill‑suited to address wealth that accumulates outside labour markets. Four...
Dollar Leads as Markets Seek Guidance From Fed Minutes
The U.S. dollar edged higher as markets awaited the Fed’s January minutes, looking for signals on the timing of the next rate cut. In the United Kingdom, CPI eased to 3.0% year‑on‑year, reinforcing expectations of a BoE rate reduction in...
India Keen to Diversify Crude Oil, Coking Coal Sources; Eyes High-Quality US Supplies: Piyush Goyal
India’s commerce minister Piyush Goyal said New Delhi will diversify crude oil and coking‑coal supplies, targeting high‑quality U.S. coal to reduce reliance on a few geographies. He highlighted a $100 billion aircraft demand from the United States over the next five...
Isabel Schnabel: Made in Europe
In a February 2026 lecture, ECB Executive Board member Isabel Schnabel argued that Europe’s narrative of decline is misleading. She highlighted the continent’s high quality of life, strong institutions, and social protections as foundations for future growth. Schnabel emphasized that...
Ground View: How Industry Leaders Are Shaping Pakistan’s Mining Future
The Pakistan Mineral Investment Forum (PMIF) will gather industry leaders in Islamabad to spotlight the country’s world‑class copper, gold, and critical mineral deposits, most notably the revived Reko Diq project. While the geology is undisputed, the article argues that mining...
4 Trends That Will Define the Commercial Real Estate Industry in 2026
The commercial real estate (CRE) sector is pivoting toward integrated digital, wellbeing, resilience, and sustainability strategies in 2026. Owners will shift from reactive management to continuous, data‑driven optimization of HVAC, energy, and space utilization. Tenant experience becomes a core differentiator,...
China Gives Lithuania Punishing Silent Treatment over Taiwan
In 2021 Lithuania permitted a Taiwanese representative office to use the name "Taiwan" rather than "Taipei," directly challenging Beijing's One‑China policy. China answered not with public sanctions but with a silent diplomatic freeze, withdrawing embassy staff and removing Lithuania from...
AD Ports Joins Cameroon’s Douala New Dry Bulk Terminal Concession
UAE‑based AD Ports Group has entered a 30‑year concession with Africa Ports Development to design, build and operate a new dry‑bulk terminal at Cameroon’s Port of Douala. The partnership gives AD Ports an effective 51% economic stake and commits roughly...
Navigating Liquidity Traps in a Fragmented World
The episode examines how "trapped cash" has evolved from a balance‑sheet inefficiency into a geopolitical risk as capital controls, ESG mandates, and tax treaty changes fragment global liquidity. It outlines the macro drivers—FX shortages, regulatory black‑lists, and new cross‑border pooling...
Costamare Locks in $940m with 12 Forward Charters
Costamare secured nearly $1 bn of fresh contracted revenue by forward‑chartering 12 containerships, generating about $940 m in incremental revenue. The deals lift fleet employment to 96% for 2026 and 92% for 2027, expanding the company’s contracted revenue backlog to roughly $3.4 bn...
Energy Transition Underpins Dry Bulk Sector
Electric‑vehicle sales have surged nearly 700% this decade, driving a rapid rise in spodumene shipments from Australia to China and doubling bulk volumes since 2023. Panamax vessels now carry almost half of the 7 million tonnes of dry bulk moved last...
Glencore Doubles Down on Copper, Keeps M&A in Play
Glencore has secured a land‑access agreement with Gecamines that extends the Kamoto Copper Company’s mine life into the mid‑2040s and unlocks additional ore zones, enabling the asset to target 300,000 tonnes of copper annually. The deal is a cornerstone of...
S. Korea Seeks to Reinstate No-Fly Zone Under Suspended 2018 Inter-Korean Military Pact
South Korea announced it will seek to reinstate the no‑fly zone over the Demilitarized Zone that was established under the 2018 inter‑Korean military agreement. Unification Minister Chung Dong‑young disclosed the plan after earlier apologising for civilian‑operated drones that entered North...
DHT VLCC Clocks $90,000 a Day on One-Year Deal
DHT Holdings has secured a one‑year charter for its 2012‑built VLCC DHT Opal at $90,000 per day, starting this month. The rate underscores how tight the market has become for the world’s largest crude carriers, with Gulf‑China spot earnings now...
Official Statistics: Forecasts for the UK Economy: February 2026
HM Treasury published its monthly "Forecasts for the UK economy" comparison on 18 February 2026. The 27‑page PDF presents short‑term forecasts for 2026‑27 and financial year 2025‑26/2026‑27, alongside medium‑term projections through 2030 and FY 2029‑30. The data reflect only the views of a selected...
ZEPA Launches Battery-Electric Container Handling Standards, Load Tool
The Zero Emission Port Alliance (ZEPA) introduced a load‑profile explorer, transition guide, and updated voluntary standards to accelerate battery‑electric container‑handling equipment adoption. The standards aim to reduce design fragmentation and improve interoperability, while total‑cost‑of‑ownership data shows electric gear remains pricier...
Piero Cipollone: Digital Euro
ECB Executive Board member Piero Cipollone outlined the digital euro roadmap, confirming that the current preparation phase began in November 2025 and a pilot is slated for mid‑2027. The ECB aims for a first issuance in 2029, contingent on EU legislators...
ECB and ONCE Foundation Launch Collaboration to Ensure Digital Euro Is Accessible for Everyone
The European Central Bank has signed a collaboration agreement with Spain’s ONCE Foundation to make the digital euro app universally accessible, especially for people with disabilities, older adults, and those with limited digital skills. The foundation will provide technical advice,...
Alberto Naudon: Chile's Economic Outlook
Alberto Naudon, Deputy Governor of the Central Bank of Chile, highlighted that 2025 delivered stronger‑than‑expected growth, with non‑mining activity expanding close to 3% and gross fixed capital formation rising about 7% driven by mining and energy projects. Inflation accelerated early...
Defunding the Taliban without Starving the Afghan People
The U.S. Senate Foreign Relations Committee approved the bipartisan No Tax Dollars for Terrorists Act, aiming to prevent American taxpayer money from funding the Taliban or affiliated terrorist groups. The legislation follows a SIGAR report indicating that roughly $3.83 billion of...
Book Review: How Africa Works by Joe Studwell
Joe Studwell’s new book “How Africa Works” asks why the continent remains poor and outlines policies that could accelerate growth, emphasizing agriculture, demographics, and the “enclave effect” of resource extraction. He profiles four early‑movers—Botswana, Mauritius, Ethiopia, and Rwanda—showing how targeted...
Landlocked Zimbabwe Flags Fraud to IMO After Tanker’s Bogus Registry Link
Zimbabwe, a landlocked nation without a maritime authority, has reported a false flag registration for the aframax tanker Range Vale to the International Maritime Organization. The vessel, built in 2005, has cycled through bogus registries in Comoros, Zimbabwe and currently...
Managing Systemic Supply Chain Risk to the U.S. Economy From Trade Concentration and Geopolitical Conflict
The RAND report examines systemic supply‑chain risks facing the U.S. economy stemming from trade concentration and geopolitical conflict. It highlights how reliance on a narrow set of foreign suppliers can magnify disruption impacts. The analysis calls for coordinated public‑private strategies...
Shadow Fleet Watchdog Publishes Treasure Trove of Tanker Intel
TankerTrackers.com, a leading open‑source monitor of the maritime shadow fleet, released a massive free dataset covering 1,469 active black‑listed tankers. The platform disclosed daily oil volumes on the four biggest trade lanes, led by Iran‑to‑China at 1.64 million barrels per day,...
FTSE 100 Live: Inflation Falls to Near Year-Low; BAE Leads Stock Rally
UK inflation eased to a near‑year low, with the CPI falling to 3% year‑on‑year in January 2026, down from 3.4% in December. The slowdown, driven by lower petrol, airfares and food prices, has revived expectations that the Bank of England...
The Biggest Supply Chain Risks of 2026 (and How to Navigate Them)
2026 opens with heightened supply‑chain volatility as markets grapple with tight capacity, an early Chinese New Year, and the Red Sea’s tentative reopening. Geopolitical fragmentation, lingering trade‑policy uncertainty and economic instability force shippers to rethink tender timing and rate‑locking strategies....
How Japan Should Respond to Trump’s Project Vault
The Trump administration’s Project Vault earmarks about $12 billion to create a U.S. Strategic Critical Minerals Reserve, a public‑private partnership that purchases, stores and manages a diversified portfolio of essential raw materials. Japan’s current METI‑JOGMEC approach evaluates projects individually, which could...