Barclays Brief

European equities have been one of the standout market stories of the year. Despite trade tensions, geopolitical uncertainty and persistent questions about growth, the region has delivered unexpectedly strong equity performance, challenging assumptions about where investors can find opportunity.

In this episode of Barclays Brief, host Patrick Coffey speaks to Emmanuel Cau, Head of European & Asia Equity Strategy, about what’s driving this resilience. They explore the convergence of several tailwinds, including stronger-than-expected growth, a boom in manufacturing and investment, and renewed demand for diversification beyond large-cap technology stocks.

The discussion also examines why earnings growth is becoming increasingly important in a higher-for-longer interest-rate environment. Cau also challenges the idea that Europe is merely an anti-AI trade, highlighting how the region is benefiting from the broader AI investment cycle.

Looking ahead, they discuss the factors that could determine whether Europe's strong equity performance continues, including the role of banks, the outlook for earnings, and the geopolitical and energy-related risks investors need to watch.

Clients can read more on Barclays Live:

•Earnings Season Watch: Learnings from Q2 earnings – higher for longer

•Equity Market Review: US cools, Europe heats up

•European Equity Strategy: France – Deficits, elections and déjà vu

Listeners can also explore the topic further:

•European rates: Inflation & AI waves collide

•Metals & mining: meltdown or opportunity?

•AI goes economy-wide

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Nuclear fusion has long been viewed as a transformational energy breakthrough, capable of delivering abundant, zero-carbon at operation energy by recreating the same reaction that powers the sun. Recently, a series of scientific milestones, rising electricity demands and the global competition for energy have moved the conversation from theoretical possibility towards commercial reality.​

In this episode of the Barclays Brief, Jordan Isvy, Sustainable Investing Research Analyst, joins Patrick Coffey, Global Head of Product Management Group, Research, to explain the science behind fusion, the challenges on the path to commercial deployment and timelines for adoption. They explore the factors driving the focus on fusion, including AI-driven demand, and where progress is accelerating across the globe. ​

For investors, the opportunity may begin long before fusion reaches the grid. The discussion covers emerging opportunities across the value chain and what a future powered by nuclear fusion could look like.​

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Barclays provides financial services to a range of sectors including high-emitting industries such as oil and gas. We’re working to reduce the emissions we finance and support clients in the transition; for​ more information visit home.barclays/climatechange​

Little more than a week ago, a rare, coordinated US-Japan intervention to support the yen caught investors’ attention. Coupled with rising expectations of another Bank of Japan (BoJ) rate hike and Prime Minister Sanae Takaichi's expansionary fiscal agenda, the country appears to be undergoing a profound transition, bringing new questions for investors around the world.

In this episode of the Barclays Brief, host Patrick Coffey and Yoichi Takemura, Head of Macro Trading, Japan, explore what Japan's economic normalisation may mean for investors and markets worldwide. This discussion goes well beyond the currency; from interest rates to capital flows, investors are increasingly focused on how Japan's policy shift could influence markets around the world.

As policymakers balance growth, inflation, currency stability and public finances, investors are paying closer attention to developments in Japan. The question is not simply where the yen goes next, but how one of the world's largest economies navigates a very different environment from the one it has known for decades.

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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After a spring sell-off and renewed summer weakness in technology stocks, uncertainty has remained a defining feature of the investment landscape. During the market sell-off following the start of the US-Iran conflict, Venu Krishna, Head of U.S. Equity and Equity Linked Strategy, challenged the subdued market narrative with his end-of-year expectations for the S&P 500.

Several months on, with volatility still elevated and fresh questions emerging around rates, AI investment and the broader macro backdrop, he joined the Barclays Brief to speak with Ronnie Wexler, Global Head of Equities Distribution, to explain why he remains constructive on US equities.

In this discussion, Krishna explains how his team’s thinking has evolved since that spring call and the factors shaping their view today. Together, they explore the strength of the earnings backdrop, the risks that could challenge market momentum and why recent weakness in parts of the technology sector may not tell the full story.

The conversation also examines Krishna’s recent research into disruption winners and losers. Drawing on previous periods of technological change, he explains the characteristics that have historically separated companies that adapted from those that struggled. As AI continues to reshape industries and business models, the research offers an historical lens through which investors can view one of today’s most significant market themes.

Clients can read more on Barclays Live:

Disruption '26: A Framework for Differentiating Disruption Winners & Losers

Food for Thought: Buyback pullback

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Ep42 AI credit supply tests market capacity

Ep 41 Challenging Market Consensus

Ep 33 AI goes economy-wide

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The AI buildout is fuelling a wave of new credit supply, and the sheer volume of debt is starting to test the market's capacity to absorb it. Year-to-date, the AI ecosystem has accounted for roughly 20% of all US corporate bond issuance, and the six hyperscalers are now bigger than the big six banks in some key measures. ​

In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, and Dominique Toublan, Head of US Credit Strategy, discuss how AI financing is reshaping credit markets, why investors are demanding greater compensation to absorb this wave of new issuance, and what growing concentration among hyperscalers could mean for the broader investment-grade market.​

​They also discuss how these companies are tapping every available funding channel, from public bonds and private credit to securitised markets and equities, to finance the AI buildout and why that is drawing increasing attention from equity investors.​

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​

Markets can become crowded around consensus views. In this episode of the Barclays Brief, Patrick Coffey is joined by Brian Kuritzky from our Rates Sales team to explore potential investor complacency, from expectations for the Fed to the way political risk is being priced.​

The conversation focuses on three ideas Kuritzky believes deserve more attention: the risks around energy and inflation expectations, the great wealth transfer and its potential impact on US economic resilience, and the headwinds facing the AI CapEx cycle including the domestic political pushback against data centre expansion.​

They also discuss why a more resilient US consumer could make it harder for the Fed to cut interest rates, why dips in rates may create investment opportunities, and why market volatility may not be fully reflecting the uncertainty around policy, election and cross-asset risks.​

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Power constraints have dominated the conversation around AI infrastructure, but the buildout is facing a broader convergence of execution risks. Cooling, water use, permitting, labour shortages and growing local opposition are emerging as critical factors that could affect where and how quickly new data centres are built.​

In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, speaks with Will Thompson, Thematic Investing Research Analyst, about the challenges shaping the next phase of AI infrastructure. They explore why cooling is becoming increasingly important, how water use is emerging as a key consideration in data centre operations, and what these pressures could mean for deployment timelines and market expectations.​

They also discuss how hyperscalers are taking different approaches to cooling and water use, highlighting the complexity of balancing efficiency, sustainability and local impacts. Together, these pressures point to execution risks that may not yet be fully reflected in markets.​

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​

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Investor positioning across Asian equities is shifting, with opportunities increasingly driven by market-specific factors rather than a single regional or thematic narrative.

In this episode of Barclays Brief, Patrick Coffey is joined by Kaan Singh, Head of APAC Barclays Equities Tactical Strategies and Flow Equity Derivatives, to dive in to where investors are putting money to work in Asia and why.

They discuss the rotation toward Japan, as investors look beyond the most crowded AI and semiconductor trades and search for more durable structural themes. Alongside this, the conversation explores early signs of re-engagement in China, supported by improving market sentiment and upcoming tech IPOs, and Korea’s highly concentrated semiconductor and high-bandwidth memory (HBM) market.

Looking ahead, they consider how market expectations around AI investment are evolving and offer a clearer lens on how opportunities across Asian equities could develop.

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Ten years after the Brexit referendum, many studies assess the effects on the UK economy as negative, pointing to weaker growth, lower investment and a tighter fiscal backdrop as its legacy. But the focus now is forward-looking. After Andy Burnham set out his 10-year economic vision centred on devolving more power to Britain’s cities and regions, the debate is shifting from what Brexit changed to what kind of economic model could define Britain’s next decade.

Joining Patrick Coffey, UK Chief Economist Jack Meaning reviews the state of the UK economy today, including subdued growth, inflation that remains close to 3%,and the limited room any future Chancellor has on borrowing, tax and spending. They examine whether greater devolution could support stronger growth and identify potential policy changes investors should watch. They also highlight why the UK’s underlying fundamentals may be stronger than market sentiment often suggests.

This episode was recorded on Monday 29 June at 3pm British Summer Time.

Listeners can hear more related to this topic:​​

-Decoding the bond sell-off

Clients can read more on Barclays Live:​

-First Look: Burnham speech

-UK – 10 years after Brexit

-Making Sense of Makerfield

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The World Cup has kicked off across North America in its largest and most geographically dispersed format yet. This year, the tournament expands to 48 teams (up from 32 in 2022), 104 matches (vs. 64) and 16 host cities across the US, Canada and Mexico. The scale is set to drive a surge of visitors, viewership and national pride, but the economic payoff may be short-lived.​

​In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, sits down with Pooja Sriram, Senior US Economist, to discuss the tournament’s economic implications for host countries, how viewership could translate into value, which sectors stand to benefit most and why demand looks uneven. ​

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Consumer health is undergoing a structural shift, moving beyond traditional treatment and becoming embedded in everyday spending. Where consumers were once focused on curing illness, they are increasingly aiming for prevention, with demand extending across categories from supplements and sports nutrition to oral health and functional foods.​

​In this episode of the Barclays Brief, Patrick Coffey is joined by Warren Ackerman, Head of European Consumer Staples Research, to explore how this shift in consumer behaviour is reshaping the industry.​

​They discuss how the COVID-19 pandemic accelerated consumer interest in self-care, driving sustained demand for health-related products and increasing the role of e-commerce in the category. The conversation also examines where growth is emerging today, from increased spend in established categories to new areas supported by advancing science, as well as how these trends differ across developed and emerging markets.​

​They explore how the industry is evolving as it becomes more consumer-led, and where the next opportunities lie, including e-commerce and more personalised health solutions.​

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US equities have delivered strong gains year-to-date, despite a challenging macro backdrop, but that momentum is beginning to look less secure. While fundamentals remain supportive, the near‑term setup is becoming more stretched.​

In this episode of Barclays Brief, Patrick Coffey is joined by Alex Altman, Head of Equity Tactical Strategies in our Markets division, to break down his shift to a short-term tactically cautious view.​

They discuss how the balance of risks has begun to shift, with elevated euphoria and crowded positioning — particularly in AI‑linked momentum trades — leaving markets more exposed if that positioning unwinds. At the same time, higher real yields are starting to weigh on valuations, making the forward return profile less compelling, despite resilient earnings and macro data. ​

They also examine equity supply, with a growing pipeline of IPOs and broader issuance adding complexity to the near‑term outlook. ​

Taken together, these dynamics point to a more fragile setup. Patrick and Alex explore how the market may evolve and what role a pullback could play in resetting the current environment.

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The path for US interest rates has shifted sharply in recent months, as markets move from pricing rate cuts to pricing a potential hike. In this episode, Ronnie Wexler sits down with Barclays’ Chief US Economist Marc Giannoni to look at what’s driving that shift.

At the centre of the discussion is inflation. While headline inflation has been pushed higher by rising energy prices driven by the Iran war, the key question for new Fed chair Kevin Warsh is whether those pressures feed through into core inflation and ultimately shift longer-term expectations. That, Giannoni argues, is what could determine the Fed’s next move.

The conversation also turns to the US consumer. Slowing real income growth, higher gasoline prices and a cooling labour market are starting to weigh on household spending, raising questions about how resilient demand can remain. Whilst these pressures could drive consumer spending down, the US consumer has surprised to the upside many times before according to Giannoni.

So what should investors watch next? From inflation prints to consumer behaviour, listen to learn which signals could shape the Fed’s policy path in the months ahead.

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Productivity growth has been uneven across many sectors and economies. But AI in the form of humanoid robotics could change that, extending automation into physical services at scale.

In this episode of Barclays Brief, Patrick Coffey is joined by Christian Keller, Head of Economics Research, to discuss what this shift could mean for productivity and the wider macro outlook. Keller explains that while a jobless future remains unlikely, the long‑running balance between labour and capital could continue to evolve as a broader range of tasks are automated.

The conversation explores how combining cognitive and physical automation increases capital intensity and raises the importance of inputs such as electricity and commodities. They also consider how these forces could influence inflation dynamics and interest rates.

As automation spreads into the physical economy, understanding where productivity gains may accrue – and what constrains them – becomes increasingly important. Listen now to hear the full discussion.

Clients can read more on Barclays Live:

•How humanoid robotics matters for macro

•Ten things to know about humanoids

•The decade of the robot belongs to China

•Embodied AI: Wealth creation or economic displacement?

Listeners can also hear more episodes about developments of physical AI:

•Robots deliver dinner and profits

•Rise of the humanoid robots

•AI Revolution: China’s Five-Year Plan

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Global bond yields have been rising sharply, with long-term yields breaking higher across multiple markets - pushing US 30‑year yields above 5%.​

The sell-off was initially triggered by energy-linked inflation resulting from the Iran war, but increasingly reflects a broader, cross‑market re-pricing, with fiscal pressures, shifting rate expectations and signs of bear‑flattening emerging in key markets.​

In this episode of the Barclays Brief, Lucile Flight, Managing Director in Rates Trading, joins Patrick Coffey to examine what’s driving the move in different regions – from political uncertainty shaping UK gilts to changing views on neutral rates in the US and a dialled-back ECB response in Europe. ​

They discuss what could bring yields down again and where investors are seeing the most compelling opportunities across global rates.​

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Markets are facing two competing inflation stories at the same time: a near‑term energy shock pushing inflation risks higher, and the possibility that AI acts as a medium to longer-run disinflationary force.​

In this episode of Barclays Brief, Patrick Coffey, Global Head of the Product Management, sits down with Jon Hill, Head of US Inflation Strategy, to break down how energy price spikes feed into headline versus core inflation, what breakevens and real yields are signalling, and how central banks may respond to energy shocks they can’t control. ​

They also discuss whether core inflation dynamics are drifting back toward a pre‑COVID structure, and how AI could shape the path ahead through productivity, wages and margins.​

​​Listeners can hear more on this topic:​​​

​​Clients can read more on Barclays Live:​​

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Jet fuel shortages linked to the continuing Iran war are dominating headlines, raising questions about whether this poses a genuine risk to global travel or whether markets are getting ahead of the reality.

As the airline industry moves toward the peak summer travel period, Patrick Coffey sits down with our Head of European Transport Equity Research, Andrew Lobbenberg, to dissect what’s happening in aviation fuel markets. They explore the known knowns and the known unknowns at this moment, including why Europe is more exposed than other regions, and who will likely bear the costs if constraints persist.

The episode also examines the realistic scenarios for airlines and passengers, from short‑term disruption to longer-term implications.

Listen now to cut through the headlines and understand what this period of uncertainty means for the aviation sector, its investors and its consumers.

Clients can read more on Barclays Live:

•European Transportation: Airline potential fuel shortages

•European Airlines: Messy uncertain days - March quarter preview

•European Integrated Energy: Assessing the diesel and kerosene shortage risk

•European Lodging - War and Peace: Scenario Analysis on Conflict, Fuel Supply and Oil Prices

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Credit markets often process stress before other parts of the market are able to. During periods of volatility, the signals they send can help investors distinguish between shocks that are likely to prove temporary and those that risk becoming more systemic.​

In this episode of Barclays Brief, Ronnie Wexler, Head of Equities, sits down with Drew Mogavero, Global Head of Credit Products and CEO of Barclays Capital Inc., to explore why credit markets have remained relatively stable during recent periods of stress. They discuss how investment‑grade and higher quality high yield have continued to find support and what this demand reveals about market conditions. ​

The conversation also looks at how credit signals can inform views across equities and rates, where stress tends to emerge first, and what today’s market dynamics reveal about the broader economic backdrop.​

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Food delivery is changing fast, with last-mile autonomous hardware being developed and deployed at pace. In this episode of the Barclays Brief, Patrick Coffey is joined by Guillaume Galland to explore how robots and drones are beginning to reshape food delivery economics around the world.

Drawing on ground‑level observations from cities including Los Angeles, Helsinki, Dublin and Dubai, Guillaume explains why autonomous delivery adoption differs by geography, and why some markets are already seeing meaningful penetration.

The conversation breaks down the two core technologies now in play – aerial drones and ground‑based robots – and they discuss where each are best suited to excel.

The discussion also covers the economics driving momentum in the sector – how autonomous delivery stacks up against human couriers from costs, speed and reliability, and if they offer an enhancement for consumers and restaurants alike. They also look past the exciting developments and look at the hurdles that remain, ranging from regulation and operational complexity.

Crucially, this is not about replacing human riders altogether, as Guillaume explains. Physical AI is a structural lever that will sit alongside traditional delivery models, changing how the last mile works rather than removing people from it.

Listen in to understand where autonomous food delivery is gaining traction, what’s holding it back, and why it matters for platforms, restaurants and investors watching the future of last‑mile logistics.

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Prediction markets are suddenly top of mind for a range of people. From elections and sporting events to pop culture and breaking news, probabilities are flashing across screens in real time. What started as a niche concept is increasingly being treated as a signal for how uncertainty gets processed and priced.​

In this episode of the Barclays Brief, Ronnie Wexler sits down with US Gaming Research Analyst, Brandt Montour, to explore why prediction markets have surged into the spotlight. They dig into how these platforms work, why the “wisdom of crowds” has captured attention across media and finance, and what’s driving the growth in activity and valuations.​

The conversation goes beyond the hype, tackling the growing regulatory pushback, the tension between state and federal oversight, and the key differences between prediction markets and traditional sportsbooks. They also examine who’s winning, who’s losing, and what the rapid shift in capital across the gaming landscape may be signaling for investors thinking about how to position as this market continues to evolve.​

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Quantum computing has long been viewed as a future technology. Now, it’s poised to overtake classical computing systems in specific useful tasks in the next 12-24 months.

In this episode of Barclays Brief, Laia Marin joins Patrick Coffey to discuss why now may be the time for corporates and investors to engage with quantum computing. They break down the fundamentals, including the different modalities, and its potential to solve complex business problems, analysing unstructured data and developing complex optimisation solutions.

Laia also explores the current limitations of quantum systems, the competing qubit modalities racing to scale, and how quantum computing is additive to classical computing infrastructure, potentially allowing companies to integrate quantum capabilities alongside existing systems, rather than replacing them.

This episode offers an accessible overview of where quantum stands today – and how to start preparing for its impact.

Listeners can hear more on this topic:​

•Episode 20: Software: In the AI storm

Clients can read more on Barclays Live:

•Quantum Computing: The race is on

•Quantum Computing: Friend, not foe

•Quantum Computing: Correcting the biggest investor myths around quantum

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In recent months, market narratives have been dominated by geopolitical shocks, energy volatility and higher interest rates. But step back, and a much bigger story is coming into focus.

Advanced economies may be on the cusp of a new, historic investment cycle – one with the potential to rival the great build‑outs of the past, from 19th‑century railroads to the Apollo missions and the information‑technology boom of the 1990s.

While much of the capex narrative has focused on AI and the race by hyperscalers to build faster, more efficient models, this is only one part of the picture. Energy systems, electrification, defence spending and economic resilience are all reinforcing the scale of capital deployment now underway.

In this episode of the Barclays Brief, Patrick Coffey is joined by Christian Keller, Chief Economist at Barclays, to examine how 150 years of investment data show that long periods of under‑investment are often followed by powerful capex cycles and why after two decades of weakness, the latest numbers point to the early stages of one with historic potential.

Listeners can hear more on this topic:​

•Episode 22: Processing uncertainty in real time

•Episode 17: Metals & mining: meltdown or opportunity?

•Episode 7: US dollar & the AI capex cycle

Clients can read more on Barclays Live:

•Supersize me: The coming investment cycle

•Cracks, but not a crater (Q2 Global Outlook)

•Defence Quarterly: a 10-year cycle still to come?

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Markets have been anything but calm lately. Inflation shocks, surging energy prices and the AI narrative have collided to deliver one of the most dramatic periods in rates markets in years, forcing investors to rethink interest‑rate paths in real time.

In Europe and the UK, that reassessment has been especially stark. Expectations for rate cuts have rapidly flipped to pricing further hikes, with the Bank of England at the centre of the storm. Gilt yields have surged to levels last seen during the 2008 Global Financial Crisis, while German yields have climbed to post‑sovereign‑crisis highs. What began as an energy shock has quickly morphed into a bond‑market shock, lifting borrowing costs for households and businesses alike and delivering a renewed wave of financial whiplash for mortgage holders.

Against this already fragile backdrop, markets were whipsawed yet again by a single social‑media post, triggering sharp reversals across rates, equities and commodities in the space of hours.

So how do you trade through volatility of this magnitude? Which signals still matter when headlines dominate price action? And how do inflation risks, AI‑driven narratives and crowded positioning interact in today’s market structure?

To make sense of it all, Patrick Coffey is joined by Hamza Hoummady, Head of EMEA Rates Trading, for a wide‑ranging discussion on what is driving today’s unprecedented moves, how this episode compares with past crises, and what investors should be watching next.

Listeners can hear more on this topic:​

•Episode 23: A bullish view on US equities

•Episode 22: Processing uncertainty in real time

•Episode 16: Forces shaping markets in 2026

Clients can read more on Barclays Live:

•Recovery delayed redux

•On hold, holding on

•Ides of March

•Dueling mandates

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Markets may look relatively steady compared with past oil shocks, but the real story sits in the undercurrents. Despite only a modest pullback in major indices, the Iran‑linked shock has sparked some of the sharpest sector rotations in years as fast‑moving capital unwinds crowded trades and reprices global risk.

In this episode of Barclays Brief, Patrick Coffey isjoined once againby Alex Altmann, Head of Equity Tactical Strategies, to break down what’s really moving markets: crowded international trades unwinding, energy‑importing regions under pressure, and liquidity mismatches accelerating the rotation.

They also dig into the commodity complex, hit hard as investors absorbed significant losses, and explore why structural forces such as US-China decoupling, strategic reserve building, and critical minerals demand still support a compelling multi‑month (and potentially multi‑year) thematic opportunity.

Ultimately, the conversation asks: what are market internals signalling that headline indices fail to show?

From energy‑price anxiety and shifting Fed expectations to private credit concerns, join Patrick and Alex as they assess the pressures facing investors and why strong US corporate margins, healthier private‑sector balance sheets, and powerful AI‑driven capex trends continue to underpin a resilient, fundamentally bullish backdrop for US risk assets.

Listeners can hear more on this topic:​

• Metals & mining: meltdown or opportunity?

• Is US equities exceptionalism finally cracking?

Clients can read more on Barclays Live:

• Framework for Modeling AI Demand & Supply – Capex 'Peak' Likely in 2028

• Energy Sigma - Snowball effect

• Equity Market Review - Waiting for the Trump put

• The Long & Short of It - Conflict hits, conviction slips

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Volatility has returned, and markets are recalibrating risk premia as new sources of uncertainty emerge across oil, inflation expectations, private credit and the AI investment cycle.

In this episode of the Barclays Brief, Ronnie Wexler speaks with Ajay Rajadhyaksha to break down how markets are processing this uncertainty, and the transmission mechanisms that matter most for the medium-term path.

They explore how investors are interpreting elevated oil prices and what sustained higher prices could mean for inflation expectations, as well as why private credit concerns remain slow moving rather than systemic. They also examine the structural tailwinds from AI, where hyperscaler CapEx and breakthrough adoption rates may continue to anchor long run productivity and growth.

As the conversation tracks the market reaction to the escalating conflict in Iran and other recent headline shifts, Ronnie and Ajay focus on the observable indicators and signals shaping the medium-term outlook.

Clients can read more on Barclays Live:

Middle East Escalation Hub

When it rains...

Barclays Equity Factor Insights: March 2026

Takeaways From Anthropic's Enterprise Agent Event

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Weight loss drugs have pushed the obesity therapeutics market to an inflection point, reshaping not only patient behaviour, healthcare spending and investor expectations, but also potentially the global economic outlook, as lower obesity rates could promise higher productivity and reduced long term healthcare costs.

In this episode of the Barclays Brief, Patrick Coffey speaks with Emily Field, Head of US Biopharmaceuticals Equity Research, to break down the forces driving this shift.

They pinpoint the key accelerants: the arrival of oral versions, rapid uptake among consumers, shifting cash‑pay models, intensifying pricing pressure, and fierce competition facing the early leaders.

At the core, the episode answers this question: as these medicines move from specialist treatments to mass‑market consumer products, how will they reshape the market and determine who wins economically?

They also look ahead to the sector’s next phase, from ex‑US adoption and earnings signals to new entrants, combination therapies and future applications in areas such as addiction.

Clients can read more on Barclays Live:

• There’s no place like home; initiating coverage on U.S. Biopharmaceuticals

• Brave New World: Goodbye MFN, Hello Pipeline

• Protein Boom: Be prepared…

Survey source: KFF Health Tracking Poll

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Software equities sit in the eye of the AI storm, caught at a decisive inflection point as AI reshapes the sector and investors grapple with one of the sharpest valuation resets in years. ​

In Episode 20 of the Barclays Brief, Raimo Lenschow, Head of North American Software Research, joins Ronnie Wexler, Global Head of Equities Distribution, to explore what’s driving the sell‑off and why the long‑term software story remains far from written.​

The discussion examines the forces behind the recent repricing, from the arrival of real, market‑ready GenAI products to intensifying concerns around hyperscaler CapEx, overbuild risk and shifting competitive dynamics. While headlines point to sweeping disruption, Raimo argues that AI is not ending software — it’s redefining the stack and reshaping where value accrues.​

At the centre of the episode is a simple but critical question: as AI accelerates change across software, what genuinely matters — and what’s being overstated?​

Raimo and Ronnie also discuss what could shape the sector’s next phase, from how valuations may stabilise to the long, often underappreciated migration timelines that anchor enterprise technology decisions.​

Listen in for a grounded perspective on where fear may be overstated, where selectivity matters most, and how investors can think about durability and opportunity as AI continues to reshape the software landscape​

Listeners can hear more on this topic:​​

Barclays Brief #14 – Rise of the humanoid robots​Barclays Brief #12 – The future of mobility​Barclays Brief #4 – AI revolution: China’s five year plan​

Clients can read more on Barclays Live:​

Software Is Not Dead, Just Changing ​How to play AI dislocation?​Agentic AI Disruption Risk in Focus​

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European Industrials have underperformed for years, but signs of stabilisation are emerging. In Episode 19 of The Barclays Brief, George Featherstone, European Industrials Research Analyst, joins Patrick Coffey to unpack what the next phase of Europe’s Industrial sector could look like – and where early momentum may be building.​

The conversation explores areas of optimism for the sector, from improving consumer spending and housing activity to renewed grid‑infrastructure investment and robust demand for machinery and mining equipment as electrification accelerates.​

Despite early signs of improvement, Europe’s outlook remains constrained by deep‑rooted structural challenges – from elevated energy costs to the AI investment gap and intensifying global competition.​

Listen in for a timely breakdown of the key themes as investors and companies convene at the Barclays 43rd Annual Industrials Select Conference.

Listeners can hear more on this topic:​

Barclays Brief #17 - Mining & metals: Meltdown or opportunity?The Flip Side #80 - Is US equities exceptionalism finally cracking?

Clients can read more on Barclays Live:​

Euro Area Outlook: Europe at Different SpeedsGlobal Industrials: Supply chain reshuffle: what's now and next?European Capital Goods: Year Ahead 2026 - Mean Reversion

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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Japan’s decisive election result is recalibrating market expectations, bringing FX, rates and fiscal policy signals into sharper focus. The LDP’s clear mandate will likely feed through to household demand, BoJ decisions and global moves in rates and FX, with implications for global investors’ near-term portfolio positioning.

In this episode of Barclays Brief, Yun Zhang, Co‑Head of FIC Trading, Asia Pacific and Global Head of MTN & Macro Structured Notes Trading, joins host Patrick Coffey to unpack the market reaction and the indicators to watch.

Listen in to get a clear, actionable view of how Japan’s post‑election landscape is shaping opportunities for global investors. Clients can also join a Japan post-election webinarto hear timely insights from our Research and Markets experts.

Listeners can hear more on this topic:

•Barclays Brief #13 – AI: The macro game changer

•The Flip Side #77 - Is Japan doubling down on Abenomics, or redefining it?

Clients can read more on Barclays Live:

•Japan Economic Update – LDP sweeps more than two-thirds

•Japan FX and Rates Views - LDP landslide victory to stabilize risk premium

•Japan Perspectives - Lower house election preview: Strengthening outlook for LDP landslide

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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Sharp swings across precious metals, especially gold, have thrust the sector into the spotlight, sustaining investor interest and stirring fresh debate over whether a new supercycle is emerging. Amos Fletcher, European Metals & Mining Research Analyst, joins Ronnie Wexler on The Barclays Brief to unpack what’s driving the moves.

A powerful mix of macro and structural forces is at work: shifting Fed rate cut expectations, renewed inflation‑hedging flows, dollar softness and accelerating electrification. Copper sits at the centre of the transition, with EV adoption, renewable build‑out and grid expansion driving demand higher even as supply remains constrained.

Amos breaks down the mechanics behind the latest volatility and explains how tightening supply across both industrial and precious metals could shape the next leg of price action. He also explores why, despite recent sell‑offs, stronger strategic conviction is still fuelling a rise in big‑ticket M&A across the industry.

Get a clear, accessible guide to the forces reshaping metals and mining and why this corner of the market is becoming increasingly difficult for investors to ignore.

Listeners can hear more on this topic:​

Barclays Brief #8 Critical Minerals: the new oilBarclays Brief #7 US dollar: AI & the capex cycleBarclays Brief #2 Gold: Unpacking the rally

Clients can read more on Barclays Live:​

Gold - Pausing for thought26 ‘What ifs’ for 2026European Metals & Mining - What's priced in?

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

Most episodes of The Barclays Brief focus on a single market theme, but this week we have a special episode for you. Adeel Khan, our Global Head of Markets, joined hosts Ronnie Wexler and Patrick Coffey, to give you his insights across the full breadth of macro, equities and credit, bringing you perspectives from Adeel’s unique vantage point.

Adeel outlines why the global backdrop remains more resilient than headlines suggest, buoyed by a powerful US consumer and an AI investment cycle shifting decisively from infrastructure build-out to monetisation. He also explains why inflation could ease back toward 2% by year-end, and how the equity narrative is evolving as the era of beta gives way to alpha in a market that could reward precision, discipline and true stock picking skill.

The discussion then moves through the shifting FX landscape including a multi-year USD correction, low rates volatility and improving emerging market fundamentals. All this before turning to credit, where Adeel highlights why financing conditions remain robust even as dispersion continues to widen.

Looking ahead, he sets out three key predictions and the one risk that ties them all together.

Listen now for a clear cross asset view from Barclays’ Global Head of Markets and what it means for positioning in 2026.

Listeners can hear more on this topic:

•Barclays Brief #14 – Headlines to hedges: Positioning in 2026

•Barclays Brief #13 – AI: The macro game changer

•Barclays Brief #15 – Rise of the humanoid robots

•Barclays Brief #11 – Credit markets: What’s ahead for 2026

Clients can read more from Barclays Research on Barclays Live:

•US dollar: How low can it go?

•Debasement trade & broadening in full swing

•Headline exhaustion

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Humanoid robotics is moving from experimentation and into a true economic inflection point. The market, valued at just $2–3bn today, is projected to expand to ~$40bn by 2035 in the base case*, with upside scenarios approaching $200bn as physical AI scales across labour‑intensive sectors.

In this episode of the Barclays Brief, Zornitsa Todorova, Head of Thematic FICC Research, joins host Patrick Coffey to unpack the shift from software‑driven AI to physical AI - the fusion of cognitive intelligence with advanced electromechanical “brawn” that enables humanoid robots to operate in human‑designed environments.

Together, they break down the macro forces accelerating adoption: ageing populations, tightening labour markets, and demographic mismatches across manufacturing, logistics, agriculture, and healthcare. They also explore how breakthroughs across the “three Bs” — brains, brawn, and batteries — have driven a 30‑fold cost collapse, positioning humanoids as a viable automation solution.

Listen in for the strategic perspective on how this shift could redefine long‑term investment themes.

Listeners can hear more on this topic:​

Barclays Brief #13 – AI: The macro game changerBarclays Brief #12 - Robotaxis: The future of mobilityBarclays Brief #4 - AI Revolution: China’s Five-Year Plan

Clients can read more on Barclays Live:​

The future of work: AI gets physical150 investor trends to 2035: Navigating polarised outcomes

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*Source: AlphaSense, Barclays Research

In just the first two weeks of 2026, investors have had a lot to take in amidst fast-moving headlines and shifting policy signals.​

In this episode of Barclays Brief, Global Head of Macro Distribution Kristen Macleod joins host Patrick Coffey to unpack how investors are navigating a market defined by both optimism and caution. They break down key positioning themes from curve steepeners and real yields in rates to USD‑centric FX trades and selective exposure to commodities. They also examine the defensive side of the market, including long‑duration hedges such as gold. ​

​Listen in to get the strategic view on how macro investors are positioning right now. ​

​Listeners can hear more on this topic:​

Barclays Brief #13 – AI: The macro game changer ​The Flip Side # 79 – Will the US consumer hold up in 2026? ​

​Clients can read more on Barclays Live:​

Macro Outlook: No turning back​Are inflation markets calm or complacent?​Thinking Macro: Eyes on the prize​Trump calls for one-year cap on credit card rates at 10%​Unprecedented times at the Fed​To lower the mortgage rates, think Treasuries

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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While traditional macroeconomic factors such as labour markets, central bank policy and inflation are all important considerations for 2026, the economy is “going to live or die” by what happens with AI, according to Global Chairman of Research Ajay Rajadhyaksha.​

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In the first Barclays Brief episode of 2026, Global Head of the Product Management Group Patrick Coffey welcomes Ajay back to discuss why AI is the dominant force shaping the global economy, and what risks and opportunities investors should watch out for as the story unfolds. ​

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Listen in to get the big picture on what’s shaping markets this year.​

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Listeners can hear more on this topic:​

Barclays Brief #10 – Seismic Shifts: Agentic AI in Energy​Barclays Brief # 11 – Credit markets: What’s ahead for 2026​

Clients can read more on Barclays Live:​

Macro Outlook: No turning back​

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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2026 is expected to be a breakthrough year for the US robotaxi market, as autonomous vehicles shift gears from pilot projects to large-scale deployment across major cities.

Some players are expanding their fleets and coverage, while others are working to remove safety drivers and enter new metro areas. Meanwhile, several ride-hailing companies face strategic challenges as they invest in fleets but lack proprietary AV technology.

In this week’s episode, Senior Research Analyst for the Internet Sector, Ross Sandler, and Global Head of the Product Management Group, Patrick Coffey, discuss the emerging investment themes, from rapid fleet growth to evolving partnerships and the race to improve remote operator ratios for cost efficiency.

Listen in as they map out where the robotaxi journey is headed in 2026.

Listeners can hear more on this topic:

•Flip Side #76 – Is the AI investment cycle a sign of history repeating?

•Barclays Brief #7 - US dollar & the AI capex cycle

Clients can read more on Barclays Live:

•Charts Worth a Look: The US Robotaxi Market Heading into 2026

•Tesla, Inc. - FSD data driving excitement...we see considerations, but narrative remains intact

•What if... robotaxis & ride-hail drive a $42bn alcohol boom in the US?

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If you spent 2025 watching credit and thinking “this feels suspiciously quiet,” you are not alone. Barclays’ Global Head of Research, Brad Rogoff, and Global Head of Equities Distribution, Ronnie Wexler, walk through the late‑cycle credit playbook for 2026: why spreads might finally move, how trillion‑dollar ambitions for AI are colliding with debt markets, and why private credit’s rapid growth brings new complexity and risk.​

They also examine structural credit market shifts, such as portfolio trading and liquidity dynamics, and what they could mean for stability as financing needs expand across public and private markets. Dive into the full conversation to explore where credit markets may go next.​

Listeners can hear more on this topic:​

Barclays Brief Ep. 5: Private credit: Hidden interconnectivity​

Barclays Brief Ep. 6: Hyperscalers: Hypergrowth, higher risk ​

Clients can read more on Barclays Live:​

Not just sunshine and rainbows: https://live.barcap.com/go/publications/link?contentPubID=FP692f6577b7837d79e2140dee&restriction=DEBT​

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Conversations about AI often revolve around the outlooks for the Mag7, capex or the resources required to power the technology. This episode of the Barclays Brief explores agentic AI’s potential for tangible results if applied to the energy industry. Lydia Rainforth, Head of European Energy Equity Research, joins Patrick Coffey to explain how agentic AI, defined as systems that plan, decide and act without human intervention, could unlock $80bn in productivity gains by 2030. ​

The bulk of productivity gains could be realised in upstream – the exploration and extraction of raw oil and natural gas. Lydia breaks down practical use cases from faster seismic interpretation and higher hit rates in exploration to more precise, increasingly autonomous drilling. They also look at the hardware offering innovation in predictive maintenance using drones and robots that could cut downtime and increase output. ​

Listen now to hear the insights and the introduction of Barclays’ AI Readiness framework (BAIR), which allows clients of Barclays Investment Bank to see companies graded by their level of implementation of AI, helping identify potential winners and laggards.

Listeners can hear more on this topic:​

Barclays Brief Ep 6 - Hyperscalers: Hypergrowth, higher risk

Barclays Brief Ep 7 - US dollar & the AI capex cycle

Barclays Brief Ep 8 - Critical minerals: the new oil

Clients can read more on Barclays Live:​

New Horizons – Agentic AI, the $80bn game-changer for energy

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The rise of real-time trading platforms, combined with steady 401(k) inflows, has amplified wealth effects – making retail investors acutely aware that fluctuations in equity markets directly influence their perceived financial well-being, with over 30% of household net worth tied directly to equities*. As Alex Altmann puts it, “the stock market now is the economy”, as market moves have the potential to ripple straight into household spending and sentiment, reshaping the old narrative.

In this week’s episode of the Barclays Brief, Patrick Coffey speaks to Alex to reveal the signals institutional investors should be looking for in 2026, from retail trading cycle when tax returns come due to how commodities aren’t fully appreciated by markets. With US-China talks on the horizon, commodity price surges could not only disrupt supply chains, but impact household budgets.

Tune in for actionable perspectives and the themes investors can’t afford to overlook for 2026.

*Federal Reserve Flow of Funds

Listeners can hear more on this topic:

Barclays Brief ep8: Critical minerals: the new oil

Barclays Brief ep2: Gold: Unpacking the rally

Clients can read more on Barclays Live:

AI and a larger-than-expected commodities cycle

The magnetic pull of rare earths

Mined Matters – From Crypto to Commodities: More Fuel for the Gold Rally

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As technological advancement continues at pace across AI, defence and everything in between, demand for critical minerals such as rare earth elements (REEs) and copper, lithium, aluminium, nickel and cobalt (collectively known as CLANCs) has skyrocketed.  Yet their supply is incredibly concentrated, making access a high stakes priority for many economies. China has invested heavily over recent decades in everything from mineral processing plants to STEM graduates and has become the dominant supplier of critical minerals.

With spot prices recently trebling amidst trade tensions and defence spending increases, countries in the West are balancing the need for immediate access to existing supplies with a strategic, longer-term pivot to build out mine-to-magnet processing.

In this episode of the Barclays Brief, Ronnie Wexler is joined by Zornitsa Todorova, Head of Thematic FICC Research, to discuss why critical minerals are set to become a defining market theme for 2026. They break down why critical minerals are the ‘new oil’, what's driving current market volatility and what the future of supply could look like.

Listeners can hear more on this topic:

Talent and trade: the new battlegrounds in AI

Q1 2026 Global Outlook: As goes AI...

Clients can read more on Barclays Live:

Critical Minerals: the magnetic pull of rare earths

2025 Equity Gilt Study - Minerals and minds

Q1 2026 Global Outlook: As goes AI...

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AI is reshaping corporate investment priorities at breakneck speed, with the US private sector pledging trillions in capital expenditures to power the next wave of innovation. Investment waves have affected currencies before, yet, for now, FX markets remain focused on near-term narratives and tactical considerations. Could this structural shift in AI spending redefine dollar dynamics, while domestic and geopolitical headwinds reinforce sentiments of de-dollarization?

In this episode of Barclays Brief, Patrick Coffey is joined by Research analyst Themos Fiotakis, Global Head of FX and EM Macro Strategy, to explore why currency markets appear to be operating in a parallel universe to equities. They also discuss potential FX upsides for metals exporters if AI-driven investment accelerates as forecast.

Listeners can hear more on this topic:

The Flip Side ep71 | Is this the end of the dollar as we know it?

Barclays Brief ep2 | Gold: Unpacking the rally

Talent and trade: The new battlegrounds in AI

Clients can read more on Barclays Live:

An AI revolution for the dollar - the (AI)lephant in the room

(A)I Owe You: Framing Hyperscaler Financing

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AI, hyperscaler capex, credit markets, and debt issuance: the landscape for big tech funding is shifting fast. In the latest episode of Barclays Brief, Ronnie Wexler is joined by Andrew Keches, Co-Head of US High Grade Credit Research, to unpack how the world’s largest technology companies have recently turned to the credit markets. They discuss how evolving from cash-funded expansion was strategically inevitable, but how a wave of debt issuance has recently overwhelmed credit markets. Together, they explore why this shift is happening now, what it means for both credit and equity investors, and how the risks and rewards are evolving as tech giants become more capital-intensive.

With spreads widening and new funding structures emerging, tune in to hear what investors should consider as the AI buildout accelerates.

Listeners can read more on this topic:

AI revolution: Meeting massive AI infrastructure demands

Clients can read more on Barclays Live:

(A)I Owe You: Framing Hyperscaler Financing

Powering AI Hub

Private Credit Hub

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Recent high-profile bankruptcies have put private credit in the headlines. In this episode, Peter Troisi explains how private credit is weaving itself into the financial system – linking banks, insurers, non-bank financial institutions and business development companies. These connections create new funding channels and opportunities but also introduce potential hidden systemic risks. We break down what these linkages mean for stability, transparency and the future of credit markets.

Tune in to get the brief on why today’s narratives around private credit and comparisons to 2008 deserve a closer look.

Listeners can read more on this topic:

Key Trends in Credit Markets for 2025

Do the risks of NBFI lending outweigh the opportunities?

Five forces reshaping fixed income markets

Clients can read more on Barclays Live:

Private Credit Hub

Taking Fundamental Cues Amid Uncertainty

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Trump-Xi trade talks are expected this week, amidst the recent publication of China’s 15th Five-Year Plan. To get the insights on these headlines and narratives, Kaan Singh from Barclays Equity Tactical Strategies joins Patrick Coffey to discuss China’s evolving economic and tech landscape. Kaan explains how China is building a self-sustaining tech ecosystem, driven by its AI+ industrial policy and rapid advances in physical AI  - especially humanoid robotics. Recorded ahead of our 19th annual Barclays Asia Forum in Singapore, the conversation also highlights China’s centralised model for efficient AI diffusion and explores innovation across both hardware and software layers, setting it apart from the AI pathways being explored by Western economies.

Tune in to get the insight on China’s playbook for exporting their AI innovations to the West, and where the next DeepSeek story could emerge.

Listeners can read more on this topic:

Is the AI investment cycle a sign of history repeating?

Talent and trade: The new battlegrounds in AI

AI revolution: Meeting massive AI infrastructure demands

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With the UK’s Autumn Budget fast approaching, UK Chief Economist Jack Meaning joins Ronnie Wexler on the Barclays Brief to discuss what’s really driving the UK economic outlook. They discuss Jack's latest report published in partnership with The Institute of Fiscal Studies. They explore the short- and medium-term prospects for growth, examine why inflation remains persistent, consider where AI fits into the UK’s plans for prosperity, and assess how tax and spend policy decisions could shape the path to recovery. The episode also examines what recent moves in the gilt market reveal about investor confidence and the political challenges facing the Chancellor this autumn.

Tune in for sharp insights on the UK economy at an important crossroads.

Listeners can read more on this topic:

UK Autumn Budget: A test of credibility

A delicate balancing act for the UK economy

For deeper insight, clients can access related Barclays Research on Barclays Live:

Navigating narrow paths

"If you find yourself in a hole, stop digging"

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Gold’s historic role as a hedge asset is in focus as prices soar past $4,000 an ounce. In this episode of the Barclays Brief podcast, Ajay Rajadhyaksha, Global Chairman of Research, joins Patrick Coffey to unpack the forces driving gold’s rally: from its legacy as a safe haven to the signals it may be sending about how investors regard current fiscal and monetary policy. Is gold’s rally a warning sign, or simply a new chapter in portfolio construction?

Tune in for a sharp look at why this gold rush is different, how gold stacks up against equities, and the future role of precious metals in investment portfolios.

For deeper insight, clients can access related Barclays Research on Barclays Live:

What is gold signalling?

Of gold and other safe havens

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In the debut episode of this new podcast series, Patrick Coffey interviews Ronnie Wexler, Global Head of Equities Distribution in the Markets division. Ronnie lays out a bullish case for markets, driven by a rare alignment of forces: AI innovation, strong nominal GDP, and pro-growth policy working in tandem. From tax incentives and deregulation to real-world AI adoption boosting productivity and earnings, Ronnie argues that the setup is unusually powerful. But risks remain — including geopolitics and consumer resilience — making this a must-listen for anyone navigating today’s market landscape.

Listen to Episode 76 of the Flip Side.

Published by Barclays Investment Bank

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In a world of constant change, Barclays Brief is your weekly source for differentiated perspectives that cut through the noise.

Each bite-sized episode delivers clear insights into the structural trends transforming sectors – from technology and healthcare to energy, industrials and beyond.

Through sharp dialogue and scenario-based analysis, we help you navigate complexity, make meaningful connections and anticipate what’s next –  whether you’re managing a portfolio or leading a business.

Each week we dig deep into a key market theme, spanning equities, macro, credit and more, uncovering the forces shaping tomorrow to help you make smarter decisions today.

Stay sharp. Stay briefed.